Management and Organizational Studies 2275A/B Lecture Notes - Lecture 4: Tangible Property, Fee Simple, Air Canada
14 Jun 2018
School
Department
Professor
PROPERTY is a relationship between people with respect to things.
The scale of property relations is different, having property means against everyone I have property,
• In contract law there are only two parties, in tort law again there is a very narrow relationship
but in asserting property rights, I am asserting them against everybody, so the scale of
relationship is larger. This is significant.
• Legal harater of this propert la relatioship? Oig soethig does’t ea ou hae all
the rights about it, I own my house, do I have rights in my house: YES, the right to live, have
party, invite people, etc. do other people have rights with respect to my house YES like a bank
(mortgage) can force me to take insurance etc., rights of neighbours, rights of city (prevent me
from running from restaurants etc.), Canada post has right to come with mail, air Canada (can fly
across), federal govt has rights (can dig to find something etc. ) need to determine who have
what rights, so that we know what we can do actually,
• Bundle of rights theory: ex: giant bundle of all possible rights with respect to my house, we
parcel them out from this bundle to certain parties, these rights can move between parties,
espeiall he ou a’t see or touh our propert this is very important
• REAL PROPERTY is land and buildings and anything attached to them.
• REAL PROPERTY is fixed and not moveable.
• PERSONAL PROPERTY is everything that is not real property.
• PERSONAL PROPERTY is either tangible or intangible.
1. Stuff you can touch or a’t touh
2. Intangible: shares, intellectual property, copyrights, insurance, trademarks, accounts
receivables,
3. Must be either real or personal property
• FIXTURES are goods that are attached to real property. are in between, lights in our building are
fixtures, speakers are personal property and not fixtures
o Light i eilig is peraet s speakers are ot peraet, reoig it ould’t ause a
damage neither would it take a lot of time so the degree of attachment matters in
deteriig if it’s a fiture or not
o If the degree to which the asset is interfering with the building is substantial, if it would take
days to remove, then it can not be fixtures
• PROPERTY RIGHTS are not absolute.
o PROPERTY LAW involves answering:
▪ Who has rights to the property?
▪ What rights do they have?
o real propert does’t hage er uh, REAL PROPERTY is land and buildings and anything
attached to them. REAL PROPERTY is fixed and not moveable.
• Possessory Interests in Land
o Fee Simple: denotes the best private property interest in land
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Property is a relationship between people with respect to things. The scale of property relations is different, having property means against everyone i have property, In contract law there are only two parties, in tort law again there is a very narrow relationship but in asserting property rights, i am asserting them against everybody, so the scale of relationship is larger. If the degree to which the asset is interfering with the building is substantial, if it would take days to remove, then it can not be fixtures: property rights are not absolute, property law involves answering: What rights do they have? real propert(cid:455) does(cid:374)"t (cid:272)ha(cid:374)ge (cid:448)er(cid:455) (cid:373)u(cid:272)h, real property is land and buildings and anything attached to them. Real property is fixed and not moveable: possessory interests in land, fee simple: denotes the best private property interest in land.
