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12 - Property Law

12 - Property Law - Property Law Property law Definition...

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Property Law
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Property law Definition: collection of rules conferring rights of ownership, possession and transferability over things Types Public property – owned by government Private property – owned by individuals, businesses, organizations Tangible – physical, seen, touched Intangible – Possessions that only represent real value, such as Stock Certificates, Bonds, Promissory Notes and goodwill.
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Property law Real, personal, intellectual Real – immovable, i.e. buildings, land, fixtures Personal – movable tangible goods ( Examples of personal property include vehicles) Intellectual – intangibles, i.e., goodwill, patent, copyright
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Personal property Chattels – movable, tangible property (Some examples of chattel include jewelry, cars, and furniture) The opposite of chattel is immovable property, like real estate and buildings Choses in action – intangible personal property (A chose in action is a comprehensive term used to describe a property right or the right to possession of something that can only be obtained or enforced through legal action). -The right to bring a lawsuit to recover chattels, money, or a debt.
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Bailment Definition: legal relationship arising when personal property borrowed, rented, stored, or found by person other than owner Bail o r – the o wner of the property Bail ee – the person in t e mporary possession
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Bailment A bailment consists of three (3) parts: 1. The delivery of goods by the bailor to the bailee; 2. Possession of the goods by the bailee for a specific purpose; 3. Return of the goods to the bailor at a later time, or delivery of the goods according to the bailor’s directions.
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Bailment Lucrative bailment (bailment for reward) Both bailor and bailee receive a benefit Liability – usually in contract - disclaimer Effect of payment to bailee on standard of care Duty to preserve goods as if owned them
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Bailment The storage of goods for reward is a common business activity . In each case, it represents a bailment if possession and control of the goods passes into the hands of the party offering the storage facility. The storage warehouse that offers to rent space for the storage of goods is a bailee for reward . The liability of a bailee for storage is not absolute . The bailee is generally only liable if the bailee fails to meet the standard of care fixed by the courts for the nature of the business that the bailee conducts. However, the courts are unlikely to hold the bailee responsible in cases where loss or damage could not, or would not , have been foreseen by a careful operator. (see Longley v. Mitchell Fur Co. Ltd., (1983), 45 N.B.R. (2d) 78.)
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Longley v. Mitchell Fur Co. Ltd., (1983), 45 N.B.R.
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