Chapter 8 Flashcards
Property is categorised in to 2 categories - what are they>
Realty (freehold) & Personalty (all other property)
What are the sub-categories of personalty
Chattels real (leasehold land) and chattels personal ( choses in possession & Choses in action)
What are choses in possession?
Tangible movable property
What are choses in action?
Intangible property
What does it mean for property to be fungible?
An item of property is fungible where it is made up of individual units where each unit is identical to every other unit and the item of property is dealt in without identifying the particular units involved
What are patents?
Monopoly rights over inventions - only protected if registered
What are trade marks?
Monopoly rights in a sign (eg design / names / words) - unregistered may still be corrected
What is copy right?
Anti-copying rightist an author’s literary, artistic, musical and other works - Can’t be registered
How many years are registered patents protected for?
20
How many years are registered trade marks protected for
10
How many years is copyright protected for?
Depends on its nature - 70 yrs for literary or artistic works
What is a licence in respect of intellectual property
It’s an agreement that the owner of intellectual property will not sue another for use of the licensor’s intellectual property
What is franchising?
It’s a form of licence whether the franchisor authorises the franchisee to carry on business under a clearly identifiable business format
Property can be co-owned in 2 ways, what are they?
Joint tenancy (recognised by common law & equity - the whole property is owned by 2 + people - not divided) and tenancy in common ( each own individual owns and undivided share)
Which rules determine where property is located?
Lex situs
True or false
As to whether persons have acquired property as tenants in common is usually a question of fact
True
