MCS 3040 Chapter Notes - Chapter 17: Operating Lease, Risk Management, Car Rental

• 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, and associated legal rights. These intangible property forms are choses in action . How ownership and possession of property are acquired: There is no comprehensive system to register personal property. Interests in chattels are registered when property is used as security for credit or collaterals for a loan. Possession without ownership: ex. lease, granting a license to use a logo. set up to meet the needs of both parties in the situation. Someone other than owner with possession is required by law to take reasonable care and pay applicable charges for the property. If in breach of obligation to take reasonable care of chattels, damages are owed. Owner may shift risk of loss to another business through an insurance contract. When there is possession without ownership, whoever bears the risk of loss (as decided between the parties) should pay for the insurance policy.