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Lecture 8

Bus 393 - Lecture 8

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Department
Business Administration
Course
BUS 393
Professor
Colin Hawes
Semester
Fall

Description
BUS 393 November 5, 2010 Lecture 8 Property & Intellectual Property Colin Hawes Real Property  Real Property: Land and things permanently attached to land, immovable and fixed (473)  Right only to own property which is able to be used and occupied, crown has mineral, gas rights  Personal Property  Chattels: Tangible personal property, objects that can be measured and weighed  Chose in Action: Intangible personal property, such as claim for debt, bonds, share certificates, bonds, negotiable instruments  Intellectual Property: Property which is ideas and creative work  Copyright: Gives an author control over the use and reproduction of his work  Patent: Give an inventor the right to profit from his invention  Trade-Marks: Protect the name or logo of a business  Industrial Designs: Protect the distinctive shape or design of an object  Trade Secret: Confidential information which gives businesses a competing advantage Estate in Land (474)  Estate in Land: Right to uninterrupted land for a period of time  Fee Simple: Grants holder an infinite right to use or sell the land, can be inherited  Life Estate: An interest in land granted until death, cannot be inherited  Reversionary Interest: The right of the original owner to take back the property upon death of tenant  Property may then be transferred to third party, called the Remainderman  Leasehold Estates: Lease of land for a set specific amount of time, which then is given back to original owner  Dower Rights: Rights which protect woman who lose any individual claim to property when they are married  Homestead Rights: Rights which give spouse a substantial claim to property if marriage failures Easement (475)  Easement: Gives right to use of land for specific purpose  Right of Way: Grants passage for people to cross another’s land, but cannot stop car or build on the land  Property that has the advantage of the right of way is called the dominant tenement  The property subject to it is called servient tenement  Statutory Easement: Gives utilities or other bodies to run power lines or sewer lines across private property  Licenses: A person is given permission to use another’s land  Easement Acquired by Prescription: Easement granted through uninterrupted use over a long period of time  Adverse Possession: When someone has had possession of land for a significant number of years in an open and publicly known fashion tolerated by the actual owner  Restrictive covenant: Restrictions on the use of the land (restriction runs with land), restriction must be negative to bind future owners (positive restrictions do not bind future owners of land) Tenancy in  Building Scheme: Set of building rules on property of large developments Command and  Tenancy In Common: People own property together, they have an undivided interest in land, but Joint Tenancy may be entitled to a different percentage of proceeds on sale. If one dies, the deceased’s heir inherits (478) his interest  Joint Tenancy: Same as tenancy in common, but if one dies, the other owner inherits everything  Severance: To break the bond of joint tenancy – Party seeking severance can sell his interest to a third party, note that passing or leaving the interest to heirs does not sever the joint tenancy Other Interests in Land (480)  Option Agreement: Option for the offeree to purchase the land at a specified price  Agreement for Sale: A conditional sale of personal property, but property does not change titles until last payment made Transfer and Registration of  Agreement of Purchase and Sale: Interim agreement between vendor and purchaser Interest in Land  Conditions must be written into contract before signing… May be too late if after signing (481)  Deed of Conveyance: The document used to transferred by grant  Registration System: Up to parties to sort out legal relationships derived from those registered documents  Land Titles System: Certificate of title determines the interest of the parties listed on it to the land specified, government handles it  Certificate of Title: Conclusive evidence for the ownership of property Leasehold Estates (485)  Periodic Tenancy: Lease with monthly reoccurring renewals  Leasehold interests run with the land  Term Lease: A lease with a specific period of time  Sublet: Lease by the Leasee to a third party for a time shorter than the leasee’s lease  Notice to terminate is one clear rental period Rights and Obligations (487)  Vacant Possession: Landowner must provide vacancy when agreement happens  Quiet Enjoyment: Landlord must not interfere with the tenant’s use of property  No obligation to Repair  Tenancy at Sufferance: If a lease ends on a specific date, and tenant fails to leave, landlord is entitled to compensation  Tenants must pay rent regardless of any conditions, but can ask for abatement, which reduces the rent to be paid as compensation for th
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