BUSN 323 Lecture Notes - Lecture 4: Fee Simple, Life Estate, Easement
Document Summary
Real property: land and everything permanently attached to it, anything bolted in - mounted microwave. Extent of land ownership: surface rights, airspace, water rights, mineral rights (subsurface rights) Personal property: all property that is not land or not permanently affixed to land, mobile homes bolt in ground (real) and then drive somewhere else (personal) Types of personal property: tangible, property identified by the senses, furniture and automobiles. Intangible: property not identified by the senses, bank accounts and stocks. Voluntary transfer of property: purchase: buyer gives consideration to seller in exchange for title to property, gift: donee gives no consideration to donor in exchange for title to property. Elements required for valid gift: delivery, donative intent, acceptance. I lost my and forgot where i put it someone picked it up, its theirs. Intellectual property (ip: property that comes from creativity (brain) Types of intellectual property: trademarks, trade dress, copyrights, patents, trade secrets.
