Test #3 Study Guide, by Rob Luker

Test #3 Study Guide, by Rob Luker - LW270: Law &...

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Study Guide, By Rob Luker Key: “ – “ (dash): Chapter objectives assigned by Prof. Wears Bold, Size 12, Times New Roman font: Vocabulary word Chapter 47 - Define real and personal property. Real: the land and everything permanently attached to it. Personal: Everything else not attached; anything capable of being moved - Define and explain the concept of fixture Personal property that is attached to the Real property. Ex: the sale of a house includes the garage, cabinets, plumbing, windows, etc. These would be included in the sale unless noted otherwise. - State and define the methods for acquiring ownership of personal property. 1. Inheritance – through a will 2. Purchase 3. Possession – killing a wild animal gives you ownership. Exceptions: a. If trespassing, the animal belongs to the landowner b. Violation of game statues, animal belongs to the state 4. Production 5. Gift – must have intent, delivery, and acceptance - Explain how ownership rights are transferred by inter vivos gift and gift causa mortis. Inter vivos: gift made during the donors lifetime. Intent, delivery, acceptance. Causa Mortis: gift made after a donors lifetime. Still need Intent (in the will), Delivery (by the estate), and Acceptance (by the done). Causa Mortis gifts can be revoked any time up to death and is automatically revoked if the donor recovers. - Describe and apply rules regarding ownership rights in mislaid, lost, or abandoned property. Mislaid: Intentionally placed, then forgotten. Property owner has caretaker rights, but the true owner still owns the property. Lost: Unintentionally placed, then forgotten. The true owner still owns the property, but the finder has possession over everyone else. Finder has to attempt to contact the true owner, or go through certain steps to obtain true ownership. Abandoned: Intentionally discarding, true owner gives up on looking for property. The finder acquires the title to this, and therefore owns the property. - List and explain the elements of a bailment. Bailment: The delivery of personal property by the bailor without transfer of the title to the bailee. Ex: Loaning or leasing the property. Three elements must be present: 1. Personal Property 2. Delivery of possession (without the title) 3. Agreement on disposing or returning of the property after its use. Page 1 of 6
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Study Guide, By Rob Luker Special Bailment: Same thing as a bailment, but loss or damage to the goods results in a pre-agreed absolute penalty to the bailee. - Understand and give examples of the three types of ordinary bailments that are based upon an agreement 1. Bailment for the sole benefit of the bailor. Example: John (bailee) allows Rob (bailor) to store his golf clubs in
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Test #3 Study Guide, by Rob Luker - LW270: Law &...

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