Chapter 36

Chapter 36 - Chapter 36 Personal Property and Bailments...

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Chapter 36 Personal Property and Bailments - What is real property? What is personal property? - What does it mean to own property in fee simple? What is the difference between joint tenancy and tenancy in common? - What are the three elements necessary for an effective gift? - What are the three elements for an effective bailment? - What are the basic rights and duties of the bailee? The Bailor? Introduction - Definition: Property consists of legally protected rights and interests a person has in anything with an ascertainable value that is subject to ownership. o Difference between Real and Personal Property. o Ownership Rights in each. - Acquiring Ownership of Personal Property. - Laws Governing Mislaid, Lost, or Abandoned Property. Property Ownership - Property ownership is viewed as a “bundle of rights,” including the: o Right to possess. o Right to sell. o Right to give. o Right to lease. o Right to destroy. Fee Simple - Owns the entire “bundle of rights.” - Fee simple gives the owner the maximum possible estate or right of ownership of real property, continuing forever. Concurrent Ownership
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This note was uploaded on 04/20/2008 for the course BUS 200 taught by Professor Eidson during the Spring '08 term at Quincy.

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Chapter 36 - Chapter 36 Personal Property and Bailments...

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