PropertyProperty

Business Law IIBusiness Law II

Chapter 19Chapter 19

Mr. KretschmerMr. Kretschmer

Classes of PropertyClasses of Property

What is property? What is property?

Property can either be tangible or Property can either be tangible or intangible. Give some examples of each. intangible. Give some examples of each.

What are the legal rights that property What are the legal rights that property gives the owners? gives the owners?

Classes of PropertyClasses of Property A copyright protects A copyright protects the expression of a the expression of a creative work, such as creative work, such as the work of an author, the work of an author, artist, or composer. artist, or composer.

What exclusive rights What exclusive rights do the owners of do the owners of copyrights have? copyrights have?

Give examples of Give examples of copyrighted works. copyrighted works. Property can be classified Property can be classified as real or personal. as real or personal. Personal property can be Personal property can be either tangible or either tangible or intangible. intangible.

Classes of PropertyClasses of Property Where does property Where does property

extend? How far down into extend? How far down into the earth does real the earth does real property go? property go?

Personal property is also Personal property is also called personalty. Items called personalty. Items of tangible personal of tangible personal property are often called property are often called goods. goods.

What law generally What law generally regulates transactions regulates transactions with the sale of goods. with the sale of goods. Is it usually the same in Is it usually the same in every state?every state?

Classes of PropertyClasses of Property

Give an example of a legal service that Give an example of a legal service that would be considered an intangible good. would be considered an intangible good.

What is a mixed transaction and give an What is a mixed transaction and give an example of one?example of one?

What is property that is purely intangible What is property that is purely intangible and that you cannot touch?and that you cannot touch?

Give examples of intellectual property. Give examples of intellectual property.

Classes of PropertyClasses of Property What government office do you need to What government office do you need to register your copyright with to secure it? register your copyright with to secure it?

What is infringement?What is infringement? Is Mr. Kretschmer allowed to photocopy Is Mr. Kretschmer allowed to photocopy copyrighted work for educational purposes copyrighted work for educational purposes under the fair use policy? Explain. under the fair use policy? Explain.

A word, mark, symbol or device that A word, mark, symbol or device that identifies a product with a particular identifies a product with a particular manufacturer or merchant is called a manufacturer or merchant is called a trademark. Give examples of these. trademark. Give examples of these.

Examples of TrademarksExamples of Trademarks

Classes of PropertyClasses of Property What are the two ways in which an originating What are the two ways in which an originating

company loses its exclusive property right to a company loses its exclusive property right to a trademark? trademark?

1.1. The company permits competitors to refer to similar The company permits competitors to refer to similar products by the unique trademark, orproducts by the unique trademark, or

2.2. The trademark is used generally as a descriptive The trademark is used generally as a descriptive generic term. generic term.

What is the exclusive right to make, use and What is the exclusive right to make, use and sell a novel or new, non-obvious, useful sell a novel or new, non-obvious, useful product or process?product or process?

How long is a patent good for? How long is a patent good for? What is the duration of a copyright? Look at What is the duration of a copyright? Look at

page 285. page 285.

Acquiring PropertyAcquiring Property How do most people acquire How do most people acquire

property?property? There are seven ways to acquire There are seven ways to acquire

property, explain each one property, explain each one below:below:

1.1. Ownership by GiftOwnership by Gift

2.2. Ownership by AccessionOwnership by Accession

3.3. Ownership by Intellectual LaborOwnership by Intellectual Labor

4.4. Ownership by FindingOwnership by Finding- Lost PropertyLost Property- Mislaid PropertyMislaid Property

5.5. Ownership by OccupancyOwnership by Occupancy

6.6. Ownership by InheritanceOwnership by Inheritance

7.7. Ownership by ContractOwnership by Contract

Forms of OwnershipForms of Ownership

What are the two basic ways in What are the two basic ways in which you could own property?which you could own property?

Explain Ownership in SeveraltyExplain Ownership in Severalty Explain Co-OwnershipExplain Co-Ownership

Forms of Co-OwnershipForms of Co-Ownership

1.1. Joint Tenancy Joint Tenancy • Equal co-ownership of the same property with Equal co-ownership of the same property with

the right of survivorship.the right of survivorship.

2.2. Tenancy in CommonTenancy in Common• The shares may be unequal and there is no The shares may be unequal and there is no

right of survivorship.right of survivorship.

3.3. Tenancy by the EntiretiesTenancy by the Entireties• Is limited to married couples, carries the Is limited to married couples, carries the

right of survivorship, and may not be sold or right of survivorship, and may not be sold or mortgaged without the spouses consent. mortgaged without the spouses consent.

4.4. Community PropertyCommunity Property• Each spouse would own one-half interest in Each spouse would own one-half interest in

all of the property. all of the property.

Do you know these Do you know these terms?terms?

AccessionAccession OccupancyOccupancy

Community PropertyCommunity Property Ownership in SeveraltyOwnership in Severalty

Co-OwnershipCo-Ownership PatentPatent

CopyrightCopyright Personal PropertyPersonal Property

Fair useFair use PropertyProperty

InfringementInfringement Real PropertyReal Property

Intellectual PropertyIntellectual Property Right of Right of PartitionPartition

Joint TenancyJoint Tenancy Right of SurvivorshipRight of Survivorship

Lost PropertyLost Property ServicemarkServicemark

Mislaid PropertyMislaid Property Tenancy in CommonTenancy in Common

Tenancy by the entiretiesTenancy by the entireties TrademarkTrademark

Trade SecretTrade Secret

Any Questions?Any Questions?