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final exam study guide

final exam study guide - AEM 3200BUSINESS LAW FINAL EXAM...

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AEM 3200—BUSINESS LAW FINAL EXAM October 27 th , 2010 Property Law Topics that we will cover in this section of the course: o Forms of personal property o Bailments and documents of title o Nature of real property o Forms of property ownership o Acquiring property o Rights of real property owners o Limitations on property rights o Liability of real property owners Quick starting point: o Property rights are sometimes esoteric and hard to define. There is an analogy that commentators often use, thinking of property rights as a bundle of sticks. A person can own a bundle of sticks and make a decision of what to do with them, such as sell some, rent some, give them away, etc. Real Property v. Personal Property o Anything that isn’t real property is personal property o Textbook defines real property as land and anything attached to land, (but this is simplistic) Example: Apple on an apple tree. While it is attached, is it then real property? o Another difference is that contracts involving personal property fall under the UCC and its provisions, while real property contracts do not. o Another example: Statute of Frauds rules. Any contract concerning an interest in land MUST be in writing to be enforceable, (so for real property the Statute of Frauds rules would apply to all cases, as opposed to personal property where you would need the personal property dealt to be of certain minimum threshold value). Forms of Personal Property o Tangible assets Most obvious form of personal property Major problem area: animals UCC Article 2—defines animals as goods UCC Article 9—not as clear. This deals with secured transactions where you use property as collateral for security. One of the key factors here is that a nature of a collateral is what will determine who has priority in that collateral if the
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debtor does not pay. Can you make the collateral a horse? Would a horse be characterized as a farm asset? Other example: Example of an old case from the intermediate appellate court in NY. An older woman has a beloved pet—a dog. The dog dies and she is very upset and arranges to have a funeral for her deceased pet. There is a dog and cat hospital that makes the arrangements for this. The lady comes with her human friends and goes to the open casket to pay respects to the deceased god, and they see a strange cat there. The lady got very upset because she finds out that her dog was cremated. The hospital pays for the damages of what she paid to get the funeral done, but that is not good enough for her. She sues for emotional sufferings also, as consequential damages. Can she recover for her damages for emotional distress?
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