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Agenda Scholarships Standards EQ Presentation Edmodo

Scholarships John F. Kennedy Profiles in Courage Essay Contest $10,000 January Deadline 9-12th Graders http://www.jfklibrary.org/Education/Profile-in-Courage-Essay-Contest.aspx

CHAPTER 15 Property and Its Acquisition 4/14/2019 CHAPTER 15 Property and Its Acquisition 15-1 Types of Property 15-2 How Property Is Acquired and Held

Example: Needing a vacation after finishing a new edition of his book, Jon rented a house in Beach Haven, NJ, for a couple of weeks. He looked forward to relaxing and getting away from it all during that period. Did Jon acquire property under the lease? Chapter 15

15-1 Types of Property GOALS Define property Identify the classifications of property

FOCUS What is your definition of property? Definition: the right and interests in tangible and intangible things. Title Possession Use Enjoyment Profit or Alienation

PROPERTY AND ITS CLASSIFICATION Classifications of property Real property Personal property (tangible and intangible) Intellectual Property

Real Property Realty Fixture Permanent Surface and below

Personal Property Tangible or Intangible Physical Form-tangible Goodwill and rights in intellectual value

Intellectual Property Copyrights (expression: authors, artists) Life + 70 (1/1/78) Fixed and original No need to register Infringement: unauthorized use Fair Use Chapter 15

Intellectual Property Classifications of property Trademarks and service marks Word, mark, symbol Distinctive Don’t need to register Lose if: Allow competition Used in generic descriptive: Aspirin Patents Trade secrets

PROPERTY AND ITS CLASSIFICATION Classifications of property Patents Novel, new, non-obvious, useful product/process Make, use, import, sell or offer 20 years Must register Fed Patent and trademark office Trade secrets

FEATURES OF INTELLECTUAL PROPERTY

Question 1-9

15-2 How Property Is Acquired and Held GOALS State the different ways of acquiring property Differentiate the various ways of holding ownership to property Chapter 15

Assignment Edmodo Question 1-9, section 15-1

FOCUS How have you acquired property? Chapter 15

WAYS OF ACQUIRING PROPERTY By contract By gift By intellectual labor By inheritance By accession By finding By occupancy Chapter 15

Name the three most common means of acquiring property. Chapter 15

HOW IS OWNERSHIP OF PROPERTY HELD? Ownership in severalty Co-ownership Joint tenancy Tenancy in common Tenancy by the entireties Community property Limitations on ownership Chapter 15

TYPES OF CO-OWNERSHIP Chapter 15

What are the two basic ways to hold property? Chapter 15