business law chapter 23 outline

business law chapter 23 outline - Chapter 23 Personal...

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Unformatted text preview: Chapter 23 Personal property and Bailments I. Nature of Property A. Property Something that is capable of being owned. It is also used to refer to a right or interest that allows a person to exercise dominion over a thing that may be owned or possessed. B. Property Ownership We are speaking of a bundle of rights that the law recognizes and enforces. Example: ownership of a building includes the exclusive right to use, enjoy, sell, mortgage, or rent the building. If someone tries to use the property without the owners consent, the owner may use the courts and legal procedures to eject that person. Ownership of patent includes the rights to produce, use and sell the patented item, and to license others to do those things. Private ownership of property is protected by the constitution. These right are not unlimited, a person cannot use property in an unreasonable manner that injures others. The state has police power through which it can impose reasonable regulations on the use of property, tax it, and take it for public use by paying the owner compensation for it. I. Classifications of Property A. Personal Property versus Real Property 1. Real Property : is the earths crust and all things firmly attached to it. a) Example: land, office, buildings, and houses 2. Personal property: defined by process of exclusion, Personal property is used in contrast to real property. Ex. books, clothing, and stock in corporation. 3. Real property may be turned into personal property if it detached from the earth. Personal property if attached to the earth becomes real property. a) Example: when marble is quarried, it becomes personal property, but if it is used in constructing a building, it becomes real property again. 4. Fixture: When personal property is attached to, or used in conjunction with, real property in such a way as to be treated as part of the real property. B. Tangible versus intangible personal property Tangible property : can be physical existence. Examples: cars, animals, and computers. Intangible property: property that has no physical existence. Examples: rights under a patent, copyright, or trademark....
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business law chapter 23 outline - Chapter 23 Personal...

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