MCS 3040 Lecture Notes - Accounts Receivable, Bailment, Common Carrier

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Real property refers to land, whatever is permanently attached to it & its associated legal rights. Personal property: all property, other than land & what"s attached to land that can be identified by its mobility. Tangible property: refers to property of concrete or material. Intangible property: personal property, the value of which comes from legal rights. E. g insurance policies, accounts receivable, bank accounts and customer records. Intellectual property in law are called choses in action and are protected by legislation. Ownership of property is acquired by a business in a variety of ways . Land is acquired through purchase or lease. The ownership of goods in acquired by purchasing/making them. Insurance coverage is bought by paying premiums and described in the insurance policy which gives the customer the right to recover losses in specified circumstances. Accounts receivable are created by delivering goods and services to customers, who pay at a later date.