Module 5: Property Law

Question 1

real property

Answer 1

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

Question 2

personal property

Answer 2

all property, other than land and what is attached to it

Question 3

tangible property

Answer 3

personal property that is mobile, the value of which comes from its physical form

Question 4

intangible property

Answer 4

personal property, the value of which comes from legal rights

Question 5

bundle of rights

Answer 5

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

Question 6

bailment

Answer 6

temporary transfer of possession of personal property from one person to another

Question 7

bailor

Answer 7

the owner of property who transfers possession in a bailment

Question 8

bailee

Answer 8

the person who receives possession in a bailment

Question 9

bailment for value

Answer 9

bailment involving payment or compensation

Question 10

gratuitous bailment

Answer 10

bailment that involves no payment

Question 11

warehouser

Answer 11

a bailee who stores personal property

Question 12

carrier

Answer 12

a bailee who transports personal property

Question 13

lien

Answer 13

the right to retain posession of personal property until payment for service is received

Question 14

patent

Answer 14

a monopoly to make, use, or sell an invention

Question 15

industrial design

Answer 15

the visual features of shape, configuration, pattern, ornamentation, or any combo of these applied to a finished article of manufacture

Question 16

distinguishing guise

Answer 16

a shaping of wares or their container, or a mode of wrapping or packaging wares

Question 17

trade name

Answer 17

the name under which a sole proprietorship, partnership, or a corp does business

Question 18

cyber-squatting

Answer 18

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

Question 19

moral rights

Answer 19

the author’s rights to have work properly attributed and not prejudicially modified or associated with products

Question 20

fair dealing

Answer 20

a defence to copyright infringement that permits the copying of works for particular purposes

Question 21

fixtures

Answer 21

tangible personal property that is attached to land, buildings, or other structures

Question 22

fee simple

Answer 22

the legal interest in real property that is closest to full ownership

Question 23

tenancy in common

Answer 23

co-ownership whereby each owner of an undivided interest can dispose of that interest

Question 24

joint tenancy

Answer 24

co-ownership whereby the survivor inherits the undivided interest of the deceased

Question 25

registry system

Answer 25

the system of land reg whereby the records are available to be examined and evaluated by third parties

Question 26

land titles system

Answer 26

the system of land registration whereby the administrators guarantee the title to land

Question 27

title search

Answer 27

investigation of the registered ownership of land in a registry system

Question 28

title insurance

Answer 28

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