LAW 603 Chapter Notes - Chapter 17: Subrogation, Property Insurance, Standard Form Contract
22 Jul 2016
School
Department
Course
Professor
Document Summary
Law603 chapter 17 notes personal property: bailment and insurance. Tangible property: is a thing that can be touched (goods or chattels) Intangible property: is a thing that cannot be touched (intellectual property, patents, copyrights etc) Usually acquired through the intention of one or more people. Purchasing vs buying: you receive a smaller package of right when you rent. Property rights are not always acquired through contract (sometimes you can get something for nothing, like a gift) Sometimes things have no owner, and you can acquire ownership of the thing by taking possession of it with the intention of controlling it for yourself (finders keepers) If you find property that someone else lost, you acquire the rights that are effective against everyone except the true owner. Some rights can be acquired through an act of creation (author enjoys copyrights and book s/he wrote, owner of cow has rights to calves that are born)
