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B LAW402 (43)
Lecture 1

B LAW402 Lecture 1: Chapter 17: Property Law

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Department
Business Law
Course
B LAW402
Professor
Doug Peterson
Semester
Spring

Description
troducti Property La Chapt 7: Property La LEARNING OBJECTIVES Understand the meaning of property Understand the different forms of property Understand how property can be acquired Understand the types ofiegal rights and obligations associated with property Categories of Property Registering Ownership of Personal Property? There is no comprehensive system for publicly registering title to personal property as th real property. There are some specialized registries for ite such as motor vehicles, patents, and trademarks Acquiring Property Rights Ownership can be acquired in a number of ways Land is acquired through purchase or lease. Purchasing or manufacturing goods Insurance coverage bought by paying premiums Accounts receivables are created by delivering goods or services for payment at a Some intellectual property is owned as a result of being created, and some as a result f being Business Application of the Law Can human tissue removed for medical tests become property? Was the tissue removed from Ms. Piljak "personal property ed, wh o ownership and possession became transferred to hospital Legal Rights Associated with Property The Bundle of Rights: Collection oflegal rights associated with property Right to exclude Right to possess and use Right to transfer ordispose Sell the property, transferring ownership, possession Lease property Use property as security for aloan Transfer possession of its chattels to another business Legal Rights Associated with Property The Bund Righ The Rig Th Rig d U Ownership obligations with Real Property Ownership can include legal obligations, such as o Property taxes to fund municipal services d (for oil and g Cooperating Protecting natural features (on environmentally sensitive land, e.g.) pkeep Prop ownership obligations with Personal Property With mobile personal property, owners are not always in possession, so certain rules d to be used Ownership Obligations with Personal Property BAILMENT: temporary transfer of possession from bailor to bailee. BAILOR-owner of property who transfers possession in a bailment BAILEE P bail Bailment A temporary transfer ofpossession ofpersonal property fr one person Examp Lend friend your car Leave car at garage for repairs Pay storage company to store your car Types of Bailment BAILMENTFORVALUE-Bailment involving payment for use of property or ervice. Must ask: For whose benefit is the bailment? GRATUITOUS BAILMENT Bailment that involves no payment troducti Property La Chapt 7: Property La LEARNING OBJECTIVES Understand the meaning of property Understand the different forms of property Understand how property can be acquired Understand the types ofiegal rights and obligations associated with property Categories of Property Registering Ownership of Personal Property? There is no comprehensive system for publicly registering title to personal property as th real property. There are some specialized registries for ite such as motor vehicles, patents, and trademarks Acquiring Property Rights Ownership can be acquired in a number of ways Land is acquired through purchase or lease. Purchasing or manufacturing goods Insurance coverage bought by paying premiums Accounts receivables are created by delivering goods or services for payment at a Some intellectual property is owned as a result of being created, and some as a result f being Business Application of the Law Can human tissue removed for medical tests become property? Was the tissue removed from Ms. Piljak "personal property ed, wh o ownership and possession became transferred to hospital Legal Rights Associated with Property The Bundle of Rights: Collection oflegal rights associated with property Right to exclude Right to possess and use Right to transfer ordispose Sell the property, transferring ownership, possession Lease property Use property as security for aloan Transfer possession of its chattels to another business Legal Rights Associated with Property The Bund Righ The Rig Th Rig d U Ownership obligations with Real Property Ownership can include legal obligations, such as o Property taxes to fund municipal services d (for oil and g Cooperating Protecting natural features (on environmentally sensitive land, e.g.) pkeep Prop ownership obligations with Personal Property With mobile personal property, owners are not always in possession, so certain rules d to be used Ownership Obligations with Personal Property BAILMENT: temporary transfer of possession from bailor to bailee. BAILOR-owner of property who transfers possession in a bailment BAILEE P bail Bailment A temporary transfer ofpossession ofpersonal property fr one person Examp Lend friend your car Leave car at garage for repairs Pay storage company to store your car Types of Bailment BAILMENTFORVALUE-Bailment involving payment for use of property or ervice. Must ask: For whose benefit is the bailment? GRATUITOUS BAILMENT Bailment that involves no paymentThe Contract of Bailment he services to be provided by the bai The p to be paid by the b and paym The ext to which the bail liable for damag the parties for fail perfo Liability of Bailee Bailees are expected to exercise reasonable care in all circumstances, which includes: ho benefits from the bail If the bail is gratuitous and for the benefit of ilor, the standard If the bailment is gratuitous and for the benefit of the bailee, the standard ry high. Other circumstances will include nd val the property -The bail tandard is high valuable property. o whether payment is involved -A bailee for reward must show greater care than a gratuitous bailee. of th tract -The the standard of wed by the bail bility -Th the standard rdinary tract dilig it th damages for which the ba y b
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