Test Two Key Terms

Test Two Key Terms - Chapter Seven The Property System...

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Chapter Seven – The Property System Accession property acquiring by adding something to an owned object Adverse possession property ownership acquired through open, notorious, actual, exclusive, continuous, and wrongful possession of land for a statutorily prescribed period of time Confusion property ownership that arises when identical masses of objects, such as grain, are mixed together Contract a legally enforceable promise Copyright a statutorily created property in creative expression that protects authors Deed a document representing the tile or ownership of land Eminent domain the government’s constitutional power to take private property for public use upon the payment of just compensation Estate the bundle of rights and powers of real property ownership Fair use a statutorily permitted use of another’s copyright for criticism, comment, news reporting, teaching, scholarship, or research Fee simple the maximum bundle of rights, or estate, permitted by law Fixture personal property that has become real property, generally through physical attachment (annexation) Generic to lose distinctiveness in reference to the source of goods and thus to lose trademark protection Infringement the tort establishing violation of intellectual property rights Intellectual property a type of property in information and its application or expression. Patents and copyrights are examples. Joint tenancy a property ownership that is undivided (common) and equal between two or more owners. Permits survivorship. Leasehold estate the property granted to tenants (lessees) by a landlord (lessor) Life estate a property that grants land ownership for the lifetime of a specified person Mortgage a transfer of an interest in property for the purpose of creating a security for a debt Ownership the property right that makes something legally exclusive to its owner Patent a statutorily created property in inventions Personal property all property that does not involve land and interests in land Private nuisance an unreasonable use of one’s land so as to cause substantial interference with the enjoyment or use of another’s land Real property property in land and interests in land Tenancy in common a property ownership that is undivided (common) but not necessarily equal between two or more owners Title a synonym for ownership. Sometimes represented as a document Trademark a statutorily created property in a mark, word, picture or design that attaches to goods and indicates their source Trademark dilution using someone’s trademark in such a way so as to reduce the value of the trademark’s significance, reputation and goodwill even if the public is not confused by the use Trade secret an formula, pattern, machine, or process of manufacturing used in one’s business that may give the user an opportunity to obtain an advantage over its competitors. Trade secrets are legally protectable
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This note was uploaded on 04/07/2008 for the course LAW 322 taught by Professor Ward-vaughn during the Fall '07 term at Clemson.

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Test Two Key Terms - Chapter Seven The Property System...

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