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Commercial Law > Concepts Of Personal Property > Flashcards

Concepts Of Personal Property Flashcards

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1
Q

If you add real and persona property together what do you get

A

All property you have

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2
Q

What is real property

A

Land and all things built on land

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3
Q

What is meant by personal property being a residual class of property

A

That personal property is what is left after we subtract land and buildings from all propety

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4
Q

What are the differences between real and personal property in the eyes if the law

A

Historically you could inly get back teal property although now it can be a ruling in response to torts for personal as well. Nowadays they mostly differ in the sense that transfer of ownership requires more formality for real property and special performances are more often ordered at contractual breach regarding real property

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5
Q

Into which groups may personal property be divided

A

Chattels real and chattels personal

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6
Q

What is chattels real property

A

Leases of land aka almost real preopety

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7
Q

What is chattels personal property

A

Everything that is not leases of land or other chattels real ptoperty

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8
Q

What are the main types of chattels personal property

A

Tangible movable and intangible movable

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9
Q

What type of property is goods and money

A

Tangible movable chattle personal property

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10
Q

What are documentary intangibles

A

They evidence an underlying right to money, goods or securities and embody that right such as a trade contract or a deed to a house

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11
Q

If you deliver a documentary intangible together with some necessary endorsement what is the result

A

Transfer of ownership

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12
Q

Name some examples of pure intangibles

A

Copyright, debts and good will. Everything that is not a documentary intangible but is still intangible property

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13
Q

Is intellectual property such as patents, copyright and trademarks different from other pure intangibles

A

Yes but the book won’t ho into details

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14
Q

Is property a thing

A

No its a relationship, a right to a thing

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15
Q

Can there be multiple non conflicting claims to an object of property

A

Yes, a house may belong to a person, their spouse, the bank and a land lord at the same time

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16
Q

Does anyone ever fully own something

A

It is rare that people have exclusive legal right to do whatever they want with something

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17
Q

What are the subjects of property

A

The people who owns the object of their property

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18
Q

How has the rights of the subjects if property changed

A

In the past serfs and women have been excluded from property rights, now some people advocate for some disadvantaged groups to gain superior rights to the property they are associated with such as tenants want more power over their apparent and decrease the owners right of eviction

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19
Q

How has the objects of property changed over time

A

Broadly speaking it has become more inclusive. In the past wife’s and slaves were considered property. Nowadays we see a shift from property being the right to exclude to instead become the right to be included in many areas

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20
Q

If you own the distribution rights to an e book and sell that book to Felicia and the to Felice who owns that book

A

Everyone mentioned, you have the distribution rights but the others have the tight of use

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21
Q

What is property

A

The power relation constituted by the states endorsement of private claims to regulate the access of strangers to the benefit of a particular resource

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22
Q

Is something you cannot transfer property

A

No, but often you can transfer things because they are considered property like copyright

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23
Q

What types of property rights does the law recognize

A

Ownership and possession for a limited interest

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24
Q

What are the traditional characteristics of personal property

A

Personal property rights are assignable and enforceable against third parties

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25
Q

how can a creditor loose the right to claim an asset upon insolvency

A

When the insolvents property is recognized as a personal right or when asset in possession of the debtor is owned by another

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26
Q

What are rights in equity

A

Specific rights of a stake holder like the mortgagers tight if redemption or the rights of a beneficiary under a trust

27
Q

What is mere equity

A

The right of one person to set aside, reduce or extinguish an asset owned by another

28
Q

Is legal titles transferred on the sale of goods

A

Yes, i presume that this means that you become the owner after you buy a thing

29
Q

If someone is negligent with an asset that you have a contractual claim to but is not the owner of can you sue them

A

No only the owner can

30
Q

Which are the incidents of ownership

A

Right to possess, to use, to manage, to the income, to the capital, to transmission, to prevent harmful use, liability to execution and reaiduarity

31
Q

Can someone be the owner even if they lack some of the incidents of ownership

A

Yes, as ownership is residual they can still be the owner and transfer some if the tights to other parties

32
Q

What is the difference between legal and equitable ownership

A

There can be many equitable owners but only one legal owner

33
Q

What is the difference between interest and title of ownership

A

Interests are the rights one has to the property but many can have the same rights so title measures the strength of those rights

34
Q

Who has the highest title to a property

A

The owner, no one can make a claim that supersedes that of the owners

35
Q

Can two people be the legal owner

A

Yes peoples can co own a thing but that makes them in law one person

36
Q

How can you become an owner

A

By taking possession of a thing without an owner, by something new with materials you own, by consensual transfer of ownership (given or sold), by transfer from higher authority and law on death and insolvency

37
Q

How can you acquire equitable ownership

A

By agreement with legal owner, by a defective transfer of legal ownership, by a purported transfer of an after acquired asset, through trust and through transfer from equity owner

38
Q

What is legal posession

A

Controle over an object coupled with the intention to exclude others, so thieves also have legal posession

39
Q

If an object is in premises which are jointly occupied who has possession over that property

A

The owner

40
Q

What is attornment

A

When an attornor like a warehouse worker holds possession of a chatle for themselves and someone else agrees to now hold possession for the one someone else sold it too

41
Q

What is defacto posession

A

Having control but no intention to exclude others

42
Q

What is constructive or symbolic posession

A

Taking control of an object that gives control over a chatle. Like someone possessing the keys to a warehouse has constructive possession over everything therein.

43
Q

What is a bailee

A

A person whom consensually gains possession of a chatle for a limited purpose and who is not a servant

44
Q

What is a bailment

A

When a bailee gains possession of the bailors chattel for a limited purpose that comes to an end where the bailee no longer possesses the asset. Under the duration of the bailment the bailee has an inferior interest in the chattel than the bailor. Furthermore the bailee must consent

45
Q

Can one under law be considered a bailee even if the owner has not consented to the bailment

A

Yes, you have the duties of a bailee even if the owner does not know that you have taken possession of the property

46
Q

Is there a bailment if the bailee is unaware of the existance of the bailor

A

No

47
Q

What is depositum

A

A type of bailment where the bailee keeps the bailors goods for the bailors interest

48
Q

What is comodatum

A

A type of bailment where a friend as a bailee borrows something for the bailor

49
Q

What is locatio et conductio

A

When a bailee or conductor hires some good from the bailor or locator

50
Q

What is a vadium, pawn or pledge

A

When the bailor sends some asset as collateral as the bailee has let the bailor money

51
Q

Is it a bailment if you volunteer to take a cake to grandmother

A

Yes, it is also it if they pay you

52
Q

Is it a bailment if you find and acquire property that is not yourse

A

Yes

53
Q

Can bailment be transferred from one bailee to another

A

Yes

54
Q

Does a baliee have a legal duty to take care if the bailors property

A

Yes

55
Q

What is the difference between negligence and gross negligence

A

They are the same thing

56
Q

What is the difference between contractual and gratuitous bailment

A

Contractual is for reward and gratuitous is not for one. Supply of goods and service act 1982 only applies for contractual bailments and the duties if contractual bailees can be diminished using contracts although disclaimers can reduce the duties of gratuitous ones too. Traditionally courts also look more seriously upon contractual bailments

57
Q

What is a sub bailment

A

When only the bailee has consented to the bailment i think

58
Q

Is the bailees liability to the bailor strict

A

Yes as long as the destruction of property is not an act of god or avoided through contract

59
Q

What can happen if the bailee fails to return the object of bailment

A

The bailor has the right to reposes it and depending on the reason of the failure may charge the bailee för negligence

60
Q

Is an involuntary bailor liable if the bailment is missdelivered

A

Maybe if they are guilty of negligence

61
Q

Can a bailee sue if the bailment has been stolen or destroyed

A

Yes and has the right ti recover its full value that then takes the place of the bailment

62
Q

When can a destroyer of a bailees bailment use title as a defence

A

When the destruction was carried out at the order of the owner with the owners consent or is the owner

63
Q

Does a destroyer of bailment have to pay both bailor and bailee damages

A

No inly one

Commercial Law (8 decks)

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