Property Law- McDonald Flashcards
What type of property can there be?
Tangible: physical
Intangible: nonphysical (copyrights, leases)
Real vs. Personal
Real: land and all interest therein
Personal: all other ownable interest or things
Are trade fixtures personal property?
Trade fixtures are personal property as long as their removal will not cause material damage to the real property.
What are tenants in common?
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.
What are the 4 unities that are required to sustain a joint tenancy?
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.
What are the rights of survivorship in joint tenancy?
Property passes to surviving tenants.
What is tenancy by the entirety?
Neither spouse may transfer interest and neither of the spouse’s creditors may attach the property. Must be husband and wife.
What are easements?
A right that allows limited use of another’s property. Like running utility lines through your property.
What is a deed?
Written instrument used to transfer the property.
What type of deeds are there?
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.
What happens at a closing?
Deed is delivered
Contract is signed
Mortgage is finalized
Title insurance
What should be recorded?
Deeds
Mortgages
Easements, or other encumbrances on the property.
Recording is not required, but extremely important.
What is is Race Statute?
First to record has priority.
What is the difference between assignment and sublease?
Assignment must be for the entire remaining term or it is a sublease.
Who does the sublessee owes duty to?
Sublessee only owes duty to sublessor, not to landlord.
What is a trademark?
A distinctive mark, word, letter, number, design, picture, symbol, or combination that a manufacturer of seller uses to identify their goods.
What is required to register a trademark?
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.
How long is the registration good for a trademark?
Registration lasts for 10 years with unlimited 10 year renewals.
After not using a trademark for how many year is it considered abandoned?
Must use the trademark or trademark protection is lost. 3 years of nonuse is considered abandonment.
What is an infringement?
When another entity uses a mark, without authorization, that is likely to cause confusion, mistake or deception.
What are the potential remedies for trademark infringement?
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.
What is a patent?
A grant of a monopoly to an inventor to make, use, or otherwise sell an invention.
Inventions must be:
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.
What inventions are not patentable?
Naturally occurring substances
Ideas
Fundamental laws, truths, principles, methods of calculation.
What must a registration of a patent consist of?
Registration needs to contain a specification and claims.
Grant of a patent gives inventor exclusive rights to the invention for how long?
20 years from the date of application.
Remedies for infringement if a patent generally include:
Damages
Costs
Treble damages and attorney’s fees in exceptional cases
What are copyrights?
Protection for original expressions of ideas, it is not the ideas, but rather how they are expressed that is copyrighted.
Is a registration necessary for a copyright?
Registration is not necessary for protection but necessary to sue to enforce those protected rights.
How long is a life of a copyright?
Life of the author plus 70 years.
