Chapter 3 - Determining Property Ownership & Responsibility

Question 1

Title

Answer 1

Legal ownership of property

Question 2

Intellectual Property Right are usually governed by

Answer 2

Federal Law (Not State)

Question 3

What is the highest right to property a person can acquire?

Answer 3

Title

Question 4

Physical custody or control of properly is known as having

Answer 4

Possession

Question 5

Copyrights apply to creative works - examples

Answer 5

Books, musics and movies

Question 6

How many years after your death does a copyright last for?

Answer 6

70

Question 7

Tradesmarks are used for:

Answer 7

Branding and marketing like logos for products

Question 8

Examples of Trade Secrets

Answer 8

Secret recipes, special in-house computer algorithms

Question 9

Patents

Answer 9

Issued by the Government and relate to inventions

Question 10

How long do patents last for?

Answer 10

17 years

Question 11

Are patents renewable?

Answer 11

No

Question 12

What is accession?

Answer 12

The value of something going up due to a natural or man-made process

Question 13

Confusion - what is the outcome of an intentional error?

Answer 13

Innocent party gets title to wrongdoers share and theirs

Question 14

Accidental
/ Innocent confusion - how is this approached by the courts?

Answer 14

Both parties would own the entire mass but a proportional amount according to their original share

Question 15

Gift - Three key elements of a gift

Answer 15

1. Present and immediate donate intent
2. Owner delivers property and relinquishes control
3. Acceptance by the recipient, along with any burdens that come with the gift.

Question 16

Bailments

Answer 16

Giving someone temporary possession of your property

Question 17

Bailment Party - Owner of the property is called the:

Answer 17

Bailor

Question 18

Person with temporary possession of the property is called the …

Answer 18

Bailee

Question 19

What would a storage place be classed as…

Answer 19

Bailee

Question 20

3 key elements for a bailment

Answer 20

1. Transfer of property without transfer of title
2. Bailee accepts bailed property
3. Bailee agrees to return bailed property or deliver to a designated 3rd party

Question 21

Bailment - level of care

Slight care

Answer 21

Bailee is doing the bailor a favour. Only obligated to protect again foreseeable or preventable

Question 22

House-sitting for a friend would be classed as only needing slight care

Answer 22

You can check the house but you wouldn’t have the right to use their home as you wish

Question 23

Bailment - benefit to the baileee only

Answer 23

Extraordinary care required and you can only use the property as per the Bailor’s rules

Question 24

Reasonable level of care

Answer 24

Both Bailee and Bailor benefit - usually means one person is using something and the other is making money from hiring the property out

Question 25

Bailment - what is a possessory lien?

Answer 25

Gives the bailee the right to keep the property into the bailor pays what is due

Question 26

Bailment - what is a possessory lien?

Answer 26

Gives the bailee the right to keep the property into the bailor pays what is due