Legal Terms Chapter 22 - Personal Property and Bailments Flashcards
Abandoned property
Personal property that the owner has intentionally discarded; the finder is the new owner.
Assignee
One to whom contract rights or property is transferred.
Assignor
One who transfers contract rights or property to another.
Auction sale
A sale of property to the highest bidder.
Auction without reserve
An auction in which the auctioneer must sell the goods to the highest bidder after one bid has been placed; offerer is the person placing the item up for bidding; also called absolute auction.
Auction with reserve
An auction in which the auctioneer may withdraw the goods without accepting the highest bid, if the bids fail to reach the stated reserve price; the offerer is the bidder.
Bailee
One who transfers goods to another temporarily.
Bailment
The relationship that exists when possession (but not ownership) of personal property is transferred to another for a specific purpose.
Bailment for the sole benefit of the bailor
A gratuitous bailment benefitting only the bailor.
Bailment for the sole benefit of the bailee
A gratuitous bailment benefitting only the bailee.
Bailor
One to whom goods are transferred temporarily.
Bidder
Offerer.
Causa mortis
Because of death.
Chattels
Another word for personal property.
Chose in action
A property right or a right to possess something only obtainable by a legal action.
Consignee
A party to whom goods are shipped under a bill of lading.
Consignee
A party shipping goods under a bill of lading.
Donee
The recipient of the gift.
Donor
The giver of the gift.
Fixture
Personal property that is physically attached to real property and becomes part of the real property.
Gift causa mortis
A gift made in contemplation of impending death; automatically revoked if the donor doesn’t die from that which was contemplated by the donative intent.
Gratuitous bailment
A bailment for the sole benefit of either the bailor or bailee, in which no consideration is given by one of the parties in exchange for the benefits bestowed by the other.
Independent contractor
One who performs services for others, but who is not under the others’ control.
Intangible personal property
Property that is not perceptible to the senses and that cannot be touched.
Intellectual property
The result of one’s intellectual activities such as trademarks, patents, and copyrights.
Inter vivos gift
A legal term referring to a transfer or gift made during one’s lifetime as opposed to a gift that takes effect at death.
Lost property
Personal property that is accidentally separated from its owner; finders own it except with respect to the original owner.
Mislaid property
Personal property that is temporarily separated from its owner because of oversight or mistake; finders own it except with respect to original owner.
Mutuum
A loan of goods, on the agreement that the borrower may consume them, returning to the lender an equivalent in kind and quantity.
Mutual benefit bailment
A bailment in which both the bailor and the bailee receive some benefit.
Personal property
Also called chattels and personalty.
Shop right doctrine
A doctrine that gives an implied license or some ownership interest to the employers of those employees who invent patentable items in the course of their employment.
Tangible personal property
Property that has substance and can be touched.
Tortious bailee
A person who is wrongfully in possession of another’s personal property.
Trade fixture
Personal property, necessary to carry on a trade or business, that is physically attached to real property, but does not become part of the real property.
Personal property
Anything that is the subject of ownership other than real property; also called chattels and personalty.
