Management and Organizational Studies 2275A/B Lecture Notes - Lecture 7: Property Law, Leasehold Estate, Tangible Property

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

Document Summary

Real property: refers to land, whatever is permanently attached to it, and the associated legal rights: fixtures: tangible personal property that is attached to land (i. e. buildings) Ownership of property is acquired by a business in many ways: purchase or lease of land, purchase or manufacturing of goods, insurance coverage gives right to recover losses, accounts receivables, purchase or registration of intellectual property. Leasing equipment or buildings, usually beneficial to both parties. Owner of property bears responsibility for its protection. Non-owners (people leasing) must take reasonable care while using property or be liable for damages. Right to: sell property, lease property, use property as security for loan, transfer possession to storage facility, repair shop, etc. with intentions of regaining possession. Bailment: temporary transfer of possession of personal property from one person to another. Bailor: the owner of property who transfers possession in a bailment.