Module 5: Property Law Flashcards
real property
land and whatever is permanently affixed to it or part of it, such as buildings, mines, and minerals and the legal rights associated with those things
personal property
all property, other than land and what is attached to it
tangible property
personal property that is mobile, the value of which comes from its physical form
intangible property
personal property, the value of which comes from legal rights
bundle of rights
the set of legal rights associate with property, which usually includes the right to exclude, the right to possess and use, and the right to transfer to others or dispose of property
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
the person who receives possession in a bailment
bailment for value
bailment involving payment or compensation
gratuitous bailment
bailment that involves no payment
warehouser
a bailee who stores personal property
carrier
a bailee who transports personal property
lien
the right to retain posession of personal property until payment for service is received
patent
a monopoly to make, use, or sell an invention
industrial design
the visual features of shape, configuration, pattern, ornamentation, or any combo of these applied to a finished article of manufacture
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, partnership, or a corp does business
cyber-squatting
the bad-faith practice of registering trademarks or trade names of others as domain names for the purpose of selling the domain name to the rightful owner or preventing the rightful owner from obtaining the domain name
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 particular purposes
fixtures
tangible personal property that is attached to land, buildings, or other structures
fee simple
the legal interest in real property that is closest to full ownership
tenancy in common
co-ownership whereby each owner of an undivided interest can dispose of that interest
joint tenancy
co-ownership whereby the survivor inherits the undivided interest of the deceased
registry system
the system of land reg whereby the records are available to be examined and evaluated by third parties
land titles system
the system of land registration whereby the administrators guarantee the title to land
title search
investigation of the registered ownership of land in a registry system
title insurance
insurance that covers title-related issues such as fraudulent transfers and mortgages, liens, boundary encroachments, issues related to government regulation, zoning problems, survey defects, and registration issues
