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MCS 3040 (228)
Chapter 17

Chapter 17 Summary.docx

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Department
Marketing and Consumer Studies
Course
MCS 3040
Professor
Joseph Radocchia
Semester
Fall

Description
Chapter 17 Summary- Personal Property The different forms of property: -Real property refers to land, whatever is permanently attached to it, and associated legal rights. -Personal property is everything excluded in this definition and has two forms: tangible (concrete or material, portable items- known as chattels) or intangible (personal property with value derived from legal rights). ex of intangible property: an insurance policy: value from right to be compensated. Intellectual property is intangible as well. These intangible property forms are “choses in action”. How ownership and possession of property are acquired: - Ways to acquire ownership: - purchase or lease of land - manufacture or purchase of goods - insurance through premiums - accounts receivable - intellectual property through creation - 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. The obligations and rights associated with property: -someone other than owner with possession is required by law to take reasonable care and pay applicable charges for the property. Applies whether contractual or not. 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. - Rights from Ownership and Possession: the owner who is also in possession is entitled to deal with it as they see fit. - the issue with personal property arises from its portable nature- makes it difficult to track and prove ownership of. The nature of the bailment relationship: - bailment: temporary transfer of possession of personal property from one person to another. This transfer occurs from the owner, the bailor, to the other party, the bailee. The owner is the bailor and the person who stores/uses the chattel/goods is the bailee. Ex. I lend you my textbook: you are the bailee, I am the bailor. [note: found this confusing to keep track of, hence I am repetitive about it here] - there are bailments for value: involves payment for use of property or a service. gratuitous bailment involves no compensation- it is without reward. - who benefits from a gratuitous bailment (could be bailor or bailee) determines who is responsible for the property. - mutually beneficial bailments are most common in business. the contract is central in bailments for value. Contracts usually include description of: services from bailee, prices/payment terms for bailor, liability extent of bailee, and remedies for failire to perform. -limiting liability through standard form agreements is common contract focus in storage industry. ex. limiting compensation for a package to $40. There are many ways these clauses can be challenged. see p 422-423 cases and applications. - warehouseman: a bailee who stores personal property. - other main bailment contract focus: remedies bailee can us to get payment fro
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