Business Law - Module 1 Notes.docx - Types of Property...

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Types of PropertyPurchase of PropertyPurchase of property occurs when a buyer compensates a seller for having acquired the seller's rights, possession, and/or control over an object. Upon payment, the seller conveys his interests (rights of property ownership) to the buyer.Property may also be transferred by means of inheritance. One may upon the time of his/her death determine to gift to another, by will, property owned during the lifetime of the giver. Title to said property is transferred only after death and only after the necessary judicial proceedings have occurred after the death.Creation of PropertyIn the instance in which one creates property, the creator acquires ownership of the creation as well as title. Examples include an author writing a book; the author is the creator of the narrative of the book and receives a copyright. The book came into existence from the effort and design of the author, and the law accordingly grants property title, ownership, and possession to the author. This is an instance of creation of an intangible property right and title.Creation of property may also be in the form of a physical entity, such as a painting or sculpture. Again, the

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