8: The law of property Flashcards
What is the definition of property?
a thing being owned by a person
What is an example of something that is incapable of being property
Air, human being
What two things are property classified into?
Realty and personalty
What is realty
freehold land
What is personalty classified into?
Chattel real and chattel personal
What is chattel real?
Leasehold land
What is chattel personal classified into?
Choses in possession and choses in action
What is an example of chose in possession?
Furniture, hardware, clothing, bottles of wine
What is an example of chose in action
Rights of a debt, shares in a company, goodwill
Which of ‘choses in possession’ and ‘choses in action’ is incorporeal?
choses in action
Remember: choses in action = INtangible = INcorporeal
Which of the intellectual property is only protected if it is registered?
Patents
Name all four of the key types of intellectual property
Patent, Trade mark, Copyright, Designs
What is the name of the dept that deals with registrations of intellectual property? (IPO)
Intellectual property office
which intellectual property cannot be registered?
copyright
how long can registered patents last up to?
20 years (have to renew every 5 years in that time)
how long can registered trade marks last up to?
10 years
Does registration protect it from the whole world? (i.e. all countries)?
No, you may have to register in different countries depending on where you want protected
License is also another form of intellectual property. What can licenses be classified into? (2 things)
exclusive and non excluive license
Franchising is a form of …?
License
identify the difference between possession and ownership
To have possession over property means you are able to exercise control over the property, but not necessarily own the property itself.
For example, if you use your wife’s car to drive to the store, you are in possession of the car but the ownership is with your wife
To have ownership means you enjoy innumerable rights over the property
What does it mean by saying the rights of ownership are divisible?
It means some of the rights may be detached without removing the ownership from the person.
For example, if someone drives your car, you may not be able to exercise the right to drive it. However you still have ownership of the car
where property is owned under joint tenancy, can a co owner separate their equitable interest from the rest of the owners?
If so, how do they do it? and do they need consent from the rest of the owners?
Yes they can by means of a severance
this must be in writing
do not need consent
in a joint tenancy, do the co - owners own shares of the property?
No. The single item of property is owned by two or more persons together
what are the two ways property can be co-owned (in english law)
Joint tenancy and Tenancy in common
main difference between joint tenancy and tenancy in common
tenancy in common have individual shares in the property
