2750achapter15notes - Chapter 15 Personal and Real Property...

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Chapter 15: Personal and Real Property Introduction: Real property refers to land and things permanently attached to the land, such as building (fixed and immovable) Chattels (or goods) are tangible personal property, consisting of movables that can be measured and weighted. An intangible right is a claim one person has against another, such as a claim for debt, and is called a chose in action , which is, in effect, a right to sue A special category of intangible personal property is now called intellectual property, copyright give an author control over the use and reproduction of his or her work, patents give an inventory the right to profit from his or her inventions, trademarks protect the name of logo of a business, industrial designed, confidential information and trade secrets are other examples of intellectual property Personal Property: Chattels: o “the test is whether the purpose of that attachment was (a) to enhance the land (which leads to the conclusion that a fixture exists) or (b) for the better use of the chattel as a chattel” Finders Keepers: o If the goods are found on private property, however, the owner of that property normally has a right to them o If the finder is an employee of the restaurant, the employer gets the item subject to a claim by the original owner Bailment: o Exists when one person takes temporary possession of personal property owned by another. The owner giving up possession is called the bailer and the person acquiring possession the bailer o “bailment’s require a transfer of possession and a voluntary acceptance of the common law duty of safekeeping, while licenses amount to no more than a grant of permission to the user of the chattel to leave it upon the licensor’s land on the understanding that neither possession shall be transferred, not reasonability for guarding the chattel acceptance” o With bailment, the possession is to be only temporary, with the chattel to be returned at the end of the bailment period o Fungibles such as timber oil and wheat, are placed in the care of a bailee, they can become indistinguishable from similar items being stored for others Bailment for value: o bailor pays the bailee to repair, store, or transport the goods care required with bailment for value: o duty may be determined by contract or common exemption clause: o exculpatory clause may limit liability Common carriers: o A common carrier offers general transport services to the public and understand the standard of an insurer, which means that if the goods are damaged or destroyed while in its care, the carrier is liable even when the goods are damage was not cause by its negligence www.timetocram.com
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Innkeepers liability: o Most jurisdictions have significantly reduced the innkeepers liability by statue so that they are liable only when it can be proven that they or their employers were at fault Gratuitous bailment: o A gratuitous bailment occurs when only one side receives a benefit
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This note was uploaded on 11/09/2010 for the course BUSINESS 2257 taught by Professor Iandunn during the Fall '10 term at UWO.

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2750achapter15notes - Chapter 15 Personal and Real Property...

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