Ch 17/18 - Property Law Flashcards
Personal Property
all property, other than land and what is attached to it
tangible property
personal property which is mobile, the value of which comes from its physical form
intangible property
personal property, the value of which comes from legal rights
bailment
temporary transfer of possession of personal property from one person to another
bailor
the owner of property who transfers possession in a bailment
bailee
person who receives possession in a bailment
bailment for value
bailment involving payment for use of property or a service
gratuitous bailment
bailment that involves no payment
warehouseman
a bailee who stores personal property
carrier
a bailee who transports personal property
innkeeper
someone who offers lodging to the public
Chattel lease
a contract where a lessee pays for the use of a lessor’s tangible personal property
operating lease
a lease where the property is returned to the lessor when the term is up
financing lease
lease that enables the lessee to finance the acquisition of tangible personal property
lien
the right to retain possession of personal property until payment for service is received
intellectual property
the results of the creative process, such as ideas, the expression of ideas, formulas, schemes, trademarks, and the like; also refers to the protection attached to ideas through patent, copyright, trademark, industrial design, and other similar laws
patent
monopoly to make, use, or sell an invention
patent agent
a professional trained in patent law and practice who can assist in the preparation of a patent application
specifications
the description of an invention contained in a patent
claims
the exclusive rights of patent
industrial design
the visual features of shape, configuration, pattern, ornamentation, or any combination of these applied to a finished article of manufacture
trademark
a word, symbol, design, or any combination of these used to distinguish the source of goods or services
distinguishing guise
a shaping of wares or their container, or a mode of wrapping or packaging wares
trade name
the name under which a sole proprietorship, a partnership, or a corporation does business
cyber-squatting
the bad-faith practice of registering trademarks or trade names of others as domain names for purpose of selling the domain name to the rightful owner or preventing the rightful owner from obtaining the domain name
copyright
the right to prevent others from copying or modifying certain works
moral rights
the author’s rights to have work properly attributed and not prejudicially modified or associated with products
fair dealing
a defence to copyright infringement that permits the copying of works for limited purposes
confidential business information
information that provides a business advantage as result of the fact that it is kept secret
assignment
the transfer of a right by an assignor to an assignee
licence
consent given by the owner of rights to someone to do something that only the owner can do
Anton Pillar order
a pretrial order allowing the seizure of material, including material that infringes intellectual property rights
foreclosure
the mortgagee’s remedy to terminate the mortgagor’s interest in the land
deficiency
the shortfall between the outstanding mortgage balance and the proceeds from sale of the land
tenant
the party in possession of land that is leased
landlord
owner of land who grants possession tot he tenant
lease
contract that transfers possession of land from the landlord to the tenant in exchange for the payment of rent; also refers tot he tenant’s interest in land
exclusive possession
the tenant’s right to control land during the term of a lease
