1. Classes of Property LESSON 19-1
CHAPTER 19
2/9/2018
LESSON 19-1
Classes of Property
Distinguish between real, tangible personal, and intangible personal property
Determine what body of law governs transactions for the purchase of goods and services
Discuss the types of intellectual property

2. WHAT IS PROPERTY? According to the law, property is
1. a thing, tangible or intangible, that is subject to ownership and
2. a group of related legal rights

3. CLASSIFICATIONS OF PROPERTY
Real property
Tangible personal property
Intangible personal property
Copyright
Trademarks and servicemarks
Patents
Trade secrets

4. COPYRIGHT What is protected? Fixed expressions of creativity
Registration
Not required, but recommended
Duration
70 years past the death of the creator
Examples
Novels, poems, songs, photographs

5. PATENT What is protected?
Ideas, designs, or processes that are novel, non-obvious, and useful
Registration
Required
Duration
17 years
Examples
Industrial chemical manufacturing processes, prescription drugs

6. TRADEMARK What is protected?
Distinctive mark, word, or symbol associated with a particular product
Registration
Not required, but recommended
Duration
Indefinite
Examples
Logos, emblems, catch phrases

7. Acquiring Property LESSON 19-2
Discuss seven ways of acquiring property
Distinguish between mislaid and lost property
Identify some of the legal limitations on the use of property

8. HOW IS PROPERTY ACQUIRED?
By contract
By gift
By accession
By intellectual labor
By finding
By occupancy
By inheritance

9. LIMITATIONS ON OWNERSHIP
An owner of property is not permitted to use that property in an unreasonable or unlawful manner that injures another.
The government may adopt laws to protect the public health, safety, morals, and general welfare.

10. Forms of Ownership LESSON 19-3
Distinguish between the two basic ways to own property
Describe the features of each form of co-ownership

11. PROPERTY OWNERSHIP Ownership in severalty Co-ownership Joint tenancy
Tenancy in common
Tenancy by the entireties
Community property

12. TENANCY IN COMMON May any number co-own? Yes Must interests be equal?No
Is consent of co-owners required for sale? No
Is there a right of survivorship? No
Must co-owners be married? No
Can a will replace survivorship?
N/A

13. JOINT TENANCY May any number co-own? Yes Must interests be equal? Yes
Is consent of co-owners required for sale? No
Is there a right of survivorship?
Yes
Must co-owners be married? No
Can a will replace survivorship? No

14. TENANCY BY THE ENTIRETIES
May any number co-own?
No, just 2
Must interests be equal?
Yes
Is consent of co-owners required for sale?
Yes
Is there a right of survivorship?
Yes
Must co-owners be married?
Yes
Can a will replace survivorship? No

15. COMMUNITY PROPERTY May any number co-own? No, just 2
Must interests be equal?
Yes
Is consent of co-owners required for sale?
Yes
Is there a right of survivorship?
Yes
Must co-owners be married?
Yes
Can a will replace survivorship?
In some states