1. Personal Property and Bailments
Matt M., Kevin P., Robert S., Melissa B.
Chapter 19

2. Personal Property
Personal Property is anything that can be owned other than real estate.
Personal property - property that has substance and can be touched.
Intangible personal property - property that has no substance and cannot be touched.

3. Gifts of Personal Property
Requirements of a completed gift.
Donor must intend to make the gift
Gift must be delivered
Donee must accept the gift

4. Lost Property
Finder of lost property has a legal duty to return the property to the owner if they can be found.
If owner cannot be found, person may keep the property.

5. Local Laws
Come cities have laws that require certain handling of lost & found items.
Like having to turn in found items to the local authorities for the owner to claim.

6. Rewards and Reimbursement
Finders of lost property are entitled to any reward offered.
The finder is entitled to reimbursement of any expenses in the process of returning the property.

7. Misplaced Property
Property is found in a public or semipublic place, it is considered misplaced.
Must be returned to proprietor.
Proprietor must return to rightful owner.

8. Intellectual Property
intellectual property - original work fixed in a tangible medium of expression.
Patents
Copyrights
Trademarks

9. Patents
patent - exclusive right granted by the government to make, use, or sell an invention.
Requirements for a Patent
must consist of a new principal or idea
must be useful and not obvious to skilled people in that field

10. Copyrights
copyright - right granted to exclusively publish and sell artistic or literary work
Copyrights are given to:
Authors
Composers
Photographers
Artists

11. Copyright Cont.
Copyrights good for the life of the author +50 years.

12. Trademarks
trademark - distinctive mark, symbol, or slogan used to identify goods and distinguish them from products by others
Good for 10 years and may be renewed for 10 year periods

13. Trademarks Cont. Established by: Usage State Trademark Laws
Registering with U.S Patent Office

14. Bailments of Personal Property
bailment - agreement created by the delivery of personal property
bailee - have someone else's possessions
bailor- if someone else has your possessions

15. Principal Types of Bailments
Mutual-Benefit Bailments
Service or Repair
Storage
Parking a Car in a Parking Lot

16. Principal Types of Bailments Cont.
Security For a Loan
Renting Goods From Others
Bailments by Necessity
Gratuitous Bailments

17. Mutual-Benefit Bailments
When bailor and bailee receive some benefit.
More common types:
To be serviced or repaired
To be stored
As security for a loan
Out of necessity
Rental or lease agreement

18. Gratuitous Bailments A bailment given free of charge
Two types of bailments:
Bailor lends good to the bailee without charge
Bailee takes possession of goods for bailor for safe keeping for free

19. Rights and Duties in Bailments
Each sides duties are closely related and completely opposite of the other.

20. Rights and Duties of the Bailor
To receive services or money contracted for
Protection of goods by the use of reasonable care
Return of goods when performed and payment tendered

21. Rights and Duties of the Bailor Cont.
Pay for services or storage costs.
Warn Bailee of possible danger
Give notice of special care when needed
Pick up goods within a reasonable time of completion

22. Rights and Duties of the Bailee
If sole benefit of bailee
great care
responsible for slight negligence
If sole benefit of bailor
slight care
responsible for gross negligence

23. Rights and Duties of the Bailee Cont.
Must always exercise reasonable care
Must comply to contract
May put lien on property
may hold property until payment
tortious bailee - one who wrongfully retains possession of lost or stolen property

24. Burden of Proof Plaintiff has burden of proof in bailment cases
must prove defendant was negligent

25. Vocabulary donor bailor bailment intellectual property
tangible personal property
intangible personal property
mutual-benefit agreement

26. Vocabulary Cont.
gratuitous bailment
donee
bailee