Management and Organizational Studies 2275A/B Study Guide - Tangible Property, Bailment, High Standard Manufacturing Company

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

Document Summary

Real property land and what is permanently attached to it (and associated legal rights) Personal property all property, other than land and what is attached to it. Tangible property property that is concrete or material (chattels) Intangible property property that derives value from legal rights (ex. Different assets have different ways of acquiring ownership (ex. land leased vs. goods made) No registration system for most personal property b/c easily moved. The value of some personal property may not justify the cost of registering it. Interests in chattels (tangible property) are registered when used as security in a purchase. Ex. leasing, letting customers use storage facilities, allowing another to use its name/logo. Owner of property bears ultimate responsibility for its protection. Someone other than the owner who has possession must take reasonable care of it and pay applicable charges for use of the property. Requirement to take reasonable care applies whether agreement is contractual or not.