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Lecture 8

BUSL 2550 Lecture 8: BUSL 2550 Ch. 8

3 Pages

Business Law
Course Code
BUSL 2550

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BUSL 2550 Ch. 8 • Nonhuman animals cannot own property – Can be a beneficiary of a trust in many states • Not everything is subject to ownership – Human body and body parts Property – Virtual stores are not forms of real property – Virtual money, like Bitcoin, can be used to purchase real properties Types of Property  Real property  Personal property  Fixture Properties classified by ownership:  Private property  Public property  Personal property and real property can be private or public Methods of Acquisition of Personal Property  Production  Purchase  Gift Property that someone finds can be classified in several ways  Abandoned property  Lost property  Mislaid property Duties of bailee to the bailor – Taking reasonable care of the property – Gross negligence contributes to liability Types:  Involuntary bailment  Voluntary bailment  A business should be able to disclaim bailment Real Property • Real property can be produced, purchased, inherited, gifted, or acquired through adverse possession • Real property can be produced by: – Building a house, or other permanent fixture onto the land – Planting crops or other plant life provided that the flora remains attached to the land • Ownership rights are transferred by title • Claim in nuisance can be made, if someone substantially interferes with the use and enjoyment of other’s real property Title and Closing • Purchase – Seller transfers the title via deed – Contract related to property must be in writing to be valid against the
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