Section 17: Property Law & Intellectual Property Rights

Question 1

Real Property

Answer 1

Property that is fixed to one specific location

Ex: Land and buildings

Question 2

Personal Property

Answer 2

Furniture, equipment, cars, and intangibles like patents, receivables, stock, and royalty rights

Question 3

Ownership of Personal Property

Answer 3

• Take possession
• Production
• Receive as gift
• Obtain through will or inheritance
• Accession - property is imoroved or added to
• Confusion - identical goods commingled
• Adverse Possession - holds it for statutory period
• Easements - same fashion as adverse possession

Question 4

Ownership of Real Property

Answer 4

• Deed
  
  • Names of Grantor and Grantee
  • Intent
  • Description
  • deed must be delivered to the purchaser
  • Grantors signature

Question 5

Quitclaim Deed

Answer 5

“As Is”

no warranties whatsoever

Question 6

Grant Deed

Answer 6

transferor warrants that they have done nothing to create any impairments of title during their period of ownership

Question 7

Warranty Deed

Answer 7

Transferee is guaranteed full rights of use and enjoymeny of the property

Question 8

Title Insurnance

Answer 8

policy compensates the insured if a defect existed at the date the transferee acquired the property

Insurance company will perform a title search prior to issuing such a policy

Question 9

Tenancy in Common

Answer 9

• Refers to 2 or more persons with separate interests in the same property
  
  • Death of one owner, their interet will be distributed to their based on their will
  • Owners can sell interest w/o consent from others

Question 10

Joint Tenants

Answer 10

• More restrictive, includes Right of Survivorship
• Interst must be equal to Time, Title, Interest, and Possession
• Death of owner, interest is distributed in equal shares to other tenants
• Can transfer w.o consent but right of signature ends

Question 11

Tenancy by the Entirety

Answer 11

• Joint interest held by a husband and wife
• Each spouse has a right of survivorship
• Divorce, death, or mutual agreement severs right of survivorship

Question 12

Copyright

Answer 12

• an exclusive right to reproduce and distribute a creative work
• Valid for the life of creator plus 70 years

Question 13

Utility Patent

Answer 13

• Granted to one who invents or discovers a “new and useful” process, machine, or item to be manufactured or an improvement to one
• Valid for 20 years

Question 14

Design Patent

Answer 14

• Granted to one who invents a “new, original, and ornamental design” for an item to be manufactored
• Valid for 14 years

Question 15

Plant Patents

Answer 15

• Granted to one who discovers and reproduces a distinct new plant variety
• Valid for 20 years

Question 16

Trademark

Answer 16

• Distrinctive sign
• Valid for 10 yrs
  
  • in 6th year, holder must indicate the trademark is still in use
  • Can be renewed for 10 year increments indefinetely

Question 17

Trade Secrets

Answer 17

Valid indefinetely