Property Law- McDonald

Question 1

What type of property can there be?

Answer 1

Tangible: physical
Intangible: nonphysical (copyrights, leases)

Question 2

Real vs. Personal

Answer 2

Real: land and all interest therein
Personal: all other ownable interest or things

Question 3

Are trade fixtures personal property?

Answer 3

Trade fixtures are personal property as long as their removal will not cause material damage to the real property.

Question 4

What are tenants in common?

Answer 4

Undivided interest in the whole estate and equal rights of possession.
Interest is transferable
No right of survivorship: thus the property will pass to the heirs of the deceased tenant.
May have unequal ownership interest.

Question 5

What are the 4 unities that are required to sustain a joint tenancy?

Answer 5

Time: interest of tenants must best the the same time
Title: Acquire title via the same instrument
Interest: Must be identical among the tenants.
Possession: Equal rights of possession and enjoyment.

Question 6

What are the rights of survivorship in joint tenancy?

Answer 6

Property passes to surviving tenants.

Question 7

What is tenancy by the entirety?

Answer 7

Neither spouse may transfer interest and neither of the spouse’s creditors may attach the property. Must be husband and wife.

Question 8

What are easements?

Answer 8

A right that allows limited use of another’s property. Like running utility lines through your property.

Question 9

What is a deed?

Answer 9

Written instrument used to transfer the property.

Question 10

What type of deeds are there?

Answer 10

Quit claim deed: seller is only transferring any interest that s/he might have
Warranty deed: the seller is guaranteeing that s/he has valid title to the property that s/he is selling.

Question 11

What happens at a closing?

Answer 11

Deed is delivered
Contract is signed
Mortgage is finalized
Title insurance

Question 12

What should be recorded?

Answer 12

Deeds
Mortgages
Easements, or other encumbrances on the property.
Recording is not required, but extremely important.

Question 13

What is is Race Statute?

Answer 13

First to record has priority.

Question 14

What is the difference between assignment and sublease?

Answer 14

Assignment must be for the entire remaining term or it is a sublease.

Question 15

Who does the sublessee owes duty to?

Answer 15

Sublessee only owes duty to sublessor, not to landlord.

Question 16

What is a trademark?

Answer 16

A distinctive mark, word, letter, number, design, picture, symbol, or combination that a manufacturer of seller uses to identify their goods.

Question 17

What is required to register a trademark?

Answer 17

Mark must be distinctive and either have actually used the mark in commerce or demonstrate intent to use the mark and actually use it within 6 months.

Question 18

How long is the registration good for a trademark?

Answer 18

Registration lasts for 10 years with unlimited 10 year renewals.

Question 19

After not using a trademark for how many year is it considered abandoned?

Answer 19

Must use the trademark or trademark protection is lost. 3 years of nonuse is considered abandonment.

Question 20

What is an infringement?

Answer 20

When another entity uses a mark, without authorization, that is likely to cause confusion, mistake or deception.

Question 21

What are the potential remedies for trademark infringement?

Answer 21

Injuntive relief: ordering the infringing party to stop using the infringing mark.
An accounting for profits: injured party is entitled to profits from the infringing party’s sales.
Damages
Destruction of infringing articles
Costs
Attorneys’ fees, but only in exceptional cases.

Question 22

What is a patent?

Answer 22

A grant of a monopoly to an inventor to make, use, or otherwise sell an invention.

Question 23

Inventions must be:

Answer 23

Novel: new, not in conflict with any other patents
Useful: Specific and substantial purpose
Non obvious: not obvious to a person of ordinary skill in the area.

Question 24

What inventions are not patentable?

Answer 24

Naturally occurring substances
Ideas
Fundamental laws, truths, principles, methods of calculation.

Question 25

What must a registration of a patent consist of?

Answer 25

Registration needs to contain a specification and claims.

Question 26

Grant of a patent gives inventor exclusive rights to the invention for how long?

Answer 26

20 years from the date of application.

Question 27

Remedies for infringement if a patent generally include:

Answer 27

Damages
Costs
Treble damages and attorney’s fees in exceptional cases

Question 28

What are copyrights?

Answer 28

Protection for original expressions of ideas, it is not the ideas, but rather how they are expressed that is copyrighted.

Question 29

Is a registration necessary for a copyright?

Answer 29

Registration is not necessary for protection but necessary to sue to enforce those protected rights.

Question 30

How long is a life of a copyright?

Answer 30

Life of the author plus 70 years.