1. CONSUMER LAW

2. Previously…  Elements of a Contract  The Need for Contracts  Breaching a Contract  Negotiating an Agreement  Writing a Contract

3. Today’s Objectives  Distinguish between the rights & responsibilities of landlords versus tenants.  Distinguish between real and personal property.  Identify the purpose of copyright and patent laws.  Evaluate the functions of different types of insurance.

4. Landlords & Tenants

5. Landlord-Tenant Relationship  If you rent real property, such as an apartment or a house, you are a tenant.  If you own real property and rent it to someone else, you are a landlord. T ENANT L ANDLORD A lease is the contract between a tenant and a landlord. In a lease, the lessee is the tenant and the lessor is the landlord.

6. The Lease  Written agreement (contract) between lessor and lessee  Creates landlord- tenant relationship

7. Welcome to the courtroom, Honorable Judge (YOU) presiding! Landlord vs. Tenant

8. The Court Room  Count of in groups of 4’s

9. Members of the Courtroom  Judges  Tenants  Landlords  Jury

10. Landlord-Tenant Disputes  Judges and Jury can decide:  In favor of the Landlord  In favor of the Tenant  Can decide to make both parties responsible to take some action

11. To avoid potential problems  Know your rights and  Responsibilities

12. The Tenant  Peaceful possession  Continued occupancy  Payment of Rent  Abide by Terms of the Lease  Avoid Waste R IGHTS R ESPONSIBILITIES

13. The Landlord  Receive payment of rent  Possession of the property in good condition at the term’s end  Refrain from Discrimination  Maintain the Premises  Peaceful Possession R IGHTS R ESPONSIBILITIES

14. Other Terms in a Lease  Security Deposit  Assignment & Subletting  Option to Renew

15. Eviction Can happen if you do not pay your rent!

16. Real vs. Personal Property

17. Real Property  The ground and everything permanently attached to it  Includes buildings, fences, trees, soil, rocks, minerals, etc.

18. Personal Property  Everything other than real property that can be owned  Includes moveable objects and intangible property Laws are different for real vs. personal property!

19. Would you sign this lease?

20. Intellectual Property

21.  An original work fixed in a tangible medium of expression  Examples include:  Inventions  Works of art  Software  Logos

22. Patents  A grant giving an inventor the exclusive right to make, use, or sell an invention for a certain period of time (usually 20 years)  Device must be useful and consist of a new principle or idea

23. Copyrights  A right granted to an author, composer, photographer, or artist to exclusively publish and sell an artistic or literary work  Protected for the lifetime of the author plus 70 years  Includes printed items, computer software, graphic arts, architectural designs, motion pictures, and sound recordings

24. Trademarks  A distinctive mark, symbol, or slogan used by a business to identify and distinguish its goods from products sold by others  May consist of a word, name, symbol, or other device  Exclusive right to use the particular word, name, or symbol for 10 years and may be renewed  Indicated by the ® symbol

25. Insurance is an agreement in which one party (insurer) compensates another party (insured) for any losses. Purpose – protect individuals and businesses against losses by spreading the risks of loss among a large number of people Types of Insurance

26. Insurance Basics  Insurance Policy – written contract between the buyer of insurance (insured / policy holder) and the insurance company (insurer)  Premium – amount of money the policyholder pays for insurance coverage; usually a monthly fee  Proceeds – payments by the insurer for losses covered in a policy  Beneficiary – person named to receive the proceeds

27. Property Insurance  Covers damage or destruction of property  Types of insurance include:  Car  Home  Boat  Personal items

28. Automobile Insurance  Drivers are legally required to carry liability insurance  Liability insurance covers claims for damages or injuries made against a policyholder

29. Homeowner’s / Renter’s  Protects against loss of both real and personal property  Includes fire, wind, vandalism, burglary, and injuries suffered by others while on the property  Usually does not include flood damage

30. Life Insurance  Provides compensation for losses due to a person’s death  Cost of insurance is based on risk

31. Health Insurance  Basic health insurance provides for inpatient & outpatient hospital care, physician care, surgery, and prescription drugs  Most people receive group insurance from their employer

32. Government Health Care  Medicare is a federally funded health insurance program for people who are covered by Social Security.  Medicaid is a health care plan for low- income people.

33. Disability Insurance  Pays benefits if the policyholder cannot work because of a disability  Many employers provide basic disability insurance  Short-term and long- term plans available

34. Medical Directive  A Medical Directive is a set of written instructions that specify what actions should be taken for a person’s health if they are no longer able to make decisions due to illness or incapacity.

35. Rights & Responsibilities of Landlords and Tenants Real vs. Personal Property Purpose of Copyright and Patent Laws Types of Insurance Summary