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Agenda Scholarships Standards EQ Presentation Edmodo
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Scholarships John F. Kennedy Profiles in Courage Essay Contest $10,000
January Deadline 9-12th Graders
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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
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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
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15-1 Types of Property GOALS Define property
Identify the classifications of property
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FOCUS What is your definition of property?
Definition: the right and interests in tangible and intangible things. Title Possession Use Enjoyment Profit or Alienation
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PROPERTY AND ITS CLASSIFICATION
Classifications of property Real property Personal property (tangible and intangible) Intellectual Property
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Real Property Realty Fixture Permanent Surface and below
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Personal Property Tangible or Intangible Physical Form-tangible
Goodwill and rights in intellectual value
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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
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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
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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
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FEATURES OF INTELLECTUAL PROPERTY
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Question 1-9
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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
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Assignment Edmodo Question 1-9, section 15-1
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FOCUS How have you acquired property? Chapter 15
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WAYS OF ACQUIRING PROPERTY
By contract By gift By intellectual labor By inheritance By accession By finding By occupancy Chapter 15
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Name the three most common means of acquiring property.
Chapter 15
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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
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TYPES OF CO-OWNERSHIP Chapter 15
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What are the two basic ways to hold property?
Chapter 15
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