Law for Business, 15e by Ashcroft Chapter 14: Nature of Personal Property Law for Business, 15e, by Ashcroft, © 2005 West Legal Studies in Business, a Division of Thomson Learning

14.2 Chapter 14 Objectives  Discuss the types of property and how it can be acquired.  Explain the difference between lost and abandoned property.  Define and give examples of a bailment.  Distinguish among the three types of bailment.

14.3 Classes of Personal Property Tangible  Property that can be seen, touched, possessed.  Includes animals, merchandise, furniture, clothing, etc. Tangible  Property that can be seen, touched, possessed.  Includes animals, merchandise, furniture, clothing, etc. Intangible  Evidences of ownership of rights or value.  Cannot be seen or touched.  Includes stocks, contracts, copyrights. Intangible  Evidences of ownership of rights or value.  Cannot be seen or touched.  Includes stocks, contracts, copyrights.

14.4 Acquiring Personal Property Explain each of the following methods of acquiring personal property: Activity  Purchase  Will  Descent  Gift  Accession  Confusion  Creation  Abandonment

14.5 Acquiring Personal Property Purchase - buyer pays the seller and seller transfers property to buyer Will - someone dies and leaves a written statement on how they want their property conveyed Descent - someone dies without a will and leaves heirs to receive property Gift - transfer made without consideration in return Accession - acquiring property of another Confusion - inseparable mixing of goods of different owners Creation - bring property into existence Abandonment - discarding property with no intention of retrieving it Activity

14.6 Bailment  Typical bailment transactions include:  A motorist leaves a car with a garage for repair.  A family stores its furniture in a storage building.  A vacationer leaves a pet with a friend.  A student borrows a tuxedo.

14.7 Types of Bailments  Bailments for the sole benefit of the bailor  Bailments for the sole benefit of the bailee  Mutual-benefit bailments

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