Property Business Law II Chapter 19 Mr. Kretschmer

Classes of Property What is property? Property can either be tangible or intangible. Give some examples of each. What are the legal rights that property gives the owners?

Classes of Property A copyright protects the expression of a creative work, such as the work of an author, artist, or composer. A copyright protects the expression of a creative work, such as the work of an author, artist, or composer. What exclusive rights do the owners of copyrights have? What exclusive rights do the owners of copyrights have? Give examples of copyrighted works. Give examples of copyrighted works. Property can be classified as real or personal. Personal property can be either tangible or intangible.

Classes of Property Where does property extend? How far down into the earth does real property go? Where does property extend? How far down into the earth does real property go? Personal property is also called personalty. Items of tangible personal property are often called goods. Personal property is also called personalty. Items of tangible personal property are often called goods. What law generally regulates transactions with the sale of goods. Is it usually the same in every state? What law generally regulates transactions with the sale of goods. Is it usually the same in every state?

Classes of Property Give an example of a legal service that would be considered an intangible good. Give an example of a legal service that would be considered an intangible good. What is a mixed transaction and give an example of one? What is a mixed transaction and give an example of one? What is property that is purely intangible and that you cannot touch? What is property that is purely intangible and that you cannot touch? Give examples of intellectual property. Give examples of intellectual property.

Classes of Property What government office do you need to register your copyright with to secure it? What government office do you need to register your copyright with to secure it? What is infringement? What is infringement? Is Mr. Kretschmer allowed to photocopy copyrighted work for educational purposes under the fair use policy? Explain. Is Mr. Kretschmer allowed to photocopy copyrighted work for educational purposes under the fair use policy? Explain. A word, mark, symbol or device that identifies a product with a particular manufacturer or merchant is called a trademark. Give examples of these. A word, mark, symbol or device that identifies a product with a particular manufacturer or merchant is called a trademark. Give examples of these.

Examples of Trademarks

Classes of Property What are the two ways in which an originating company loses its exclusive property right to a trademark? What are the two ways in which an originating company loses its exclusive property right to a trademark? 1. The company permits competitors to refer to similar products by the unique trademark, or 2. The trademark is used generally as a descriptive generic term. What is the exclusive right to make, use and sell a novel or new, non-obvious, useful product or process? What is the exclusive right to make, use and sell a novel or new, non-obvious, useful product or process? How long is a patent good for? How long is a patent good for? What is the duration of a copyright? Look at page 285. What is the duration of a copyright? Look at page 285.

Acquiring Property How do most people acquire property? How do most people acquire property? There are seven ways to acquire property, explain each one below: 1. Ownership by Gift 2. Ownership by Accession 3. Ownership by Intellectual Labor 4. Ownership by Finding - Lost Property - Mislaid Property 5. Ownership by Occupancy 6. Ownership by Inheritance 7. Ownership by Contract

Forms of Ownership What are the two basic ways in which you could own property? What are the two basic ways in which you could own property? Explain Ownership in Severalty Explain Ownership in Severalty Explain Co-Ownership Explain Co-Ownership

Forms of Co-Ownership 1. Joint Tenancy Equal co-ownership of the same property with the right of survivorship. Equal co-ownership of the same property with the right of survivorship. 2. Tenancy in Common The shares may be unequal and there is no right of survivorship. The shares may be unequal and there is no right of survivorship. 3. Tenancy by the Entireties Is limited to married couples, carries the right of survivorship, and may not be sold or mortgaged without the spouses consent. Is limited to married couples, carries the right of survivorship, and may not be sold or mortgaged without the spouses consent. 4. Community Property Each spouse would own one-half interest in all of the property. Each spouse would own one-half interest in all of the property.

Do you know these terms? AccessionOccupancy Community PropertyOwnership in Severalty Co-OwnershipPatent CopyrightPersonal Property Fair useProperty InfringementReal Property Intellectual PropertyRight of Partition Joint TenancyRight of Survivorship Lost PropertyServicemark Mislaid PropertyTenancy in Common Tenancy by the entiretiesTrademark Trade Secret

Any Questions?