Management and Organizational Studies 2275A/B Lecture Notes - Lecture 7: Lesse, Vise, Personal Property

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Description: personal property: all property other than land and what is attached to it. Tangible property: personal property which is mobile, the value of which comes from its physical form. Intangible property: personal property, value which comes from legal rights. Acquisition of land: land is acquired through purchase or lease, ownership of goods is acquired by purchasing or manufacturing them, insurance coverage is bought by paying premiums and is described in the insurance policy. Possession without ownership: one party gains possession of the property of another with the intent that the possession be returned to the owner. Obligations arising from ownership and possession: owner of property bears responsibility of protection, whoever has ownership of the property gives reasonable care. Personal property issues: goods are portable and hard to track, proof of ownership and valuation can be challenging. Overview: bailment: temporary transfer of possession of personal property from one person to another. Short term rental or long-term lease of vehicle.