Management and Organizational Studies 2275A/B Chapter Notes - Chapter 17: Bailment, Intangible Property, Personal Property
Document Summary
Property law consists of rules and laws that govern our relationship with things that can be owned. A major role of property law is to determine what counts as property and thus can be owned. Property law allows for owners to protect their rights in relation to their property. Real property land and whatever is permanently attached to it, and the associated legal rights: sometimes is called immovable property, even a crop would constitute real property until it is harvested/unattached to the land, personal property. Personal property all property, other than land and what is attached to it: has to main categories tangible and intangible. Tangible property personal property that is mobile, the value of which comes from its physical form: examples furniture, office supplies, equipment. Intangible property personal property, the value of which comes from legal rights: examples insurance policy, accounts receivable, bank accounts. Most common way to acquire property is to bring something new into existence.