Management and Organizational Studies 2275A/B Study Guide - Final Guide: Land Registration, Adverse Possession, Intangible Property

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

Document Summary

Its broader than physical things that can be held and touched. One of the laws of property law is to determine what counts as property and thus can be owned. It also enables owners to protect their rights in relation to their property. Real property: sometimes called immovable and refers to land, whatever is permanently attached to it, and the associated legal rights. Personal property: everything other than what is included as real property. It falls into 2 major categories: tangible: property that is concert or material, intangible: derives its value from legal rights, rather than concrete, physical qualities. Ex: insurance policies, accounts receivable, bank accounts, and customer records. The most obvious way to acquire property is to bring something new into existence. Ownership can also be acquired by finding and taking possession of lost or abandoned personal property- the finder of personal property can assert ownership rights over the found property against everyone except its true owner.