Management and Organizational Studies 2275A/B Chapter Notes - Chapter 17: Testator, Accounts Receivable, Easement

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

Document Summary

De ning property: what the law counts as property is considerably broader than physical things that can be held. Intellectual property can also be bought from other owners. Obligations associated with real property ownership: ownership might also entail legal obligations, such as paying taxes. The nature and value of the bailed property: the standard of care expected of a bailee will be higher for more valuable property, and the care provided by the bailee should be appropriate for the type of property. Special circumstances in the transaction: where the bailee is instructed by the bailor as to the value of the goods or special storage requirements, this increases the standard of care that the bailee must meet. The expertise of the bailee: a bailee who specializes in a certain type of bailment (such as storage) is expected to take greater care than the ordinary person.