Module 5: Property Law Flashcards Preview

MOS 2275: Business Law > Module 5: Property Law > Flashcards

Flashcards in Module 5: Property Law Deck (28)
Loading flashcards...
1

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

2

personal property

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

3

tangible property

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

4

intangible property

personal property, the value of which comes from legal rights

5

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

6

bailment

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

7

bailor

the owner of property who transfers possession in a bailment

8

bailee

the person who receives possession in a bailment

9

bailment for value

bailment involving payment or compensation

10

gratuitous bailment

bailment that involves no payment

11

warehouser

a bailee who stores personal property

12

carrier

a bailee who transports personal property

13

lien

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

14

patent

a monopoly to make, use, or sell an invention

15

industrial design

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

16

distinguishing guise

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

17

trade name

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

18

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

19

moral rights

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

20

fair dealing

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

21

fixtures

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

22

fee simple

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

23

tenancy in common

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

24

joint tenancy

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

25

registry system

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

26

land titles system

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

27

title search

investigation of the registered ownership of land in a registry system

28

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