2. Agenda
Scholarships
Standards EQ
Presentation
Edmodo

3. Scholarships John F. Kennedy Profiles in Courage Essay Contest $10,000
January Deadline
9-12th Graders

4. 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

5. 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

6. 15-1 Types of Property GOALS Define property
Identify the classifications of property

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

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

9. Real Property
Realty
Fixture
Permanent
Surface and below

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

11. 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

12. 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

13. 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

14. FEATURES OF INTELLECTUAL PROPERTY

15. Question 1-9

16. 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

17. Assignment
Edmodo
Question 1-9, section 15-1

18. FOCUS
How have you acquired property?
Chapter 15

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

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

21. 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

22. TYPES OF CO-OWNERSHIP
Chapter 15

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