Chapter 17.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2275A/B
Professor
Prof
Semester
Fall

Description
Business Law Chapter Notes 10/22/2013 12:53:00 PM - Context of Personal Property  Description o Personal Property: All property other than land and what is attached to it  Tangible Property: Personal property which is mobile, the value of which comes from its physical form  Intangible Property: Personal property, value which comes from legal rights  Acquisition of Land o Land is acquired through purchase or lease o Ownership of goods is acquired by purchasing or manufacturing them o Insurance coverage is bought by paying premiums and is described in the insurance policy  Gives the customer the right to recover losses in specified circumstances o A/R are created by delivering goods or services to customers who agree to pay at a later date o Certain intellectual property such as copyrights are owned as a result of being created  Possession without Ownership o One party gains possession of the property of another with the intent that the possession be returned to the owner  Obligations Arising from Ownership and Possession o Owner of property bears responsibility of protection o Whoever has ownership of the property gives reasonable care  Rights Arising from Ownership and Possession o Transferring possession of property to buyer o Lease the property to another business with the intent of regaining possession o Use the property to secure a loan, giving the lender the right to seize the property if they borrower defaults o Transfer possession of chattels to another business for storage, repair or transport with the right to regain property  Personal Property Issues o Goods are portable and hard to track o Proof of ownership and valuation can be challenging - Principle of Bailment  Overview o Bailment: Temporary transfer of possession of personal property from one person to another  Short term rental or long-term lease of vehicle  Shipping of envelope  Leaving clothes at a dry-cleaners o Bailor: Owner of property who transfers possession in bailment o Bailee: Person who receives possession in the bailment o Bailments for Value: Bailing involving payment for use of property or a service o Gratuitous Bailment: Bailment that involves no payment  Bailment Contract o Normally Includes  Services to be provided by the bailee  Price to be paid by the bailor and payment terms  Extent to which the bailee is liable for damage or loss  Remedies of the parties for failure to perform o Warehouseman: Bailee who
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