Test #3 Study Guide, by Matt Gammariello

Test #3 Study Guide, by Matt Gammariello - LW270 Law...

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LW270: Law & Society I Test #3 – Study Guide, by Matt Gammariello Chapter 47 Define real and personal property. Real Property – Land and everything permanently attached to it Personal Property – Anything that is not real property Define and explain the concept of fixture Fixture – An object which is affixed to real property and thus is a part of it as its removal would cause damage to the real property State and define the methods for acquiring ownership of personal property. Purchasing property is the acquisition most utilized Possession – For example taking control over a wild animal is seen as claiming possession and thus ownership Production – Creating a tangible object like a writing is enough to claim ownership to this property Gift – A voluntary transfer of personal property from one person to another Explain how ownership rights are transferred by inter vivos gift and gift causa mortis. Inter vivos gift – Made during the original owner’s lifetime Gift causa mortis – Made in contemplation of immediate death, but the original owner can recover the property if they recover from the illness that was projected to be their death Describe and apply rules regarding ownership rights in mislaid, lost, or abandoned property. Mislaid property is inadvertently forgotten property The owner of the business who finds this property must use reasonable care to not bring harm to the object Does not retain possession as it is highly likely that the true owner will return in search of the object Property that is involuntarily left is titled as lost property The finder retains possession of the object Can retain ownership to everyone, but the true owner Abandoned Property – Property which the true owner has become discouraged from finding (starts off as lost or mislaid property) Can hold possession and title against everyone, including the true owner List and explain the elements of a bailment. A bailment is a transfer of personal property from one person to another Must involve personal property (Does not include real property) Page 1 of 9
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LW270: Law & Society I Test #3 – Study Guide, by Matt Gammariello Must be delivered (without title) Must agree that the property will be returned to the owner Understand and give examples of the three types of ordinary bailments that are based upon an agreement Bailment for the benefit of the bailor – A gratuitous bailment in that the bailee is looking out for some property of the bailor without consideration or any compensation Bailment for the benefit of the bailee – When the bailor loans an item for the bailee’s use and thus the bailee must use reasonable care to ensure that no damage comes to the object Mutual-Benefit Bailments – Most common bailment which includes using compensation for looking after one’s goods. Must execute reasonable care. Understand the difference between an ordinary bailment based on an agreement
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This note was uploaded on 09/15/2009 for the course LW 270 taught by Professor Wears during the Spring '09 term at Clarkson University .

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Test #3 Study Guide, by Matt Gammariello - LW270 Law...

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