Business Law 2 – Personal Property ; Bailments (Ch. 48) – Flashcards
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What does Property consist of?
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legally protected rights & interests a person has in anything with an ascertainable value that is subject to ownership.
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Real Property
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includes land everything permanently attached to it.
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Personal Property
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both tangible (touchable) and intangible (untouchable).
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Fixture
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Personal property that becomes permanently affixed to real property. (Ex. attaching but not taking)
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Role of Intent
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key to determine whether a fixture is personal property or real property.
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Trade Fixture
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installed for commercial purposes by a tenant. (Remains property of tenant & can be removed when tenant leaves, as long as tenant repairs any damages caused by removal) (Ex. Attaching but able to remove)
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Possession
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-Capture of wild animals. (wild animals belong to NO ONE) -Finding of abandoned property. (something thrown on the curb) -Adverse Possession.
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Production
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Writers, inventors, manufacturers, & others who produce personal property acquire title to it. (Once you make something that ends up being yours.)(Ex. If I wrote or invented it, it's mine)
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Gifts
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voluntary transfer of property ownership from Donor (Owner) to Donee (recipient) for no consideration.
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Donative Intent (Element 1 of Gifts)
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based on circumstances, or relationship between the parties.
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Delivery (Element 2 of Gifts)
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Actual (handing it over) or "constructive" (Donor must give up complete control or dominion. Delivery by a third party is okay) (Ex. keys to car - not handing over the actual car by handing over the keys?!)
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Acceptance (Element 3 of Gifts)
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Gifts Intervivos & Gifts Causa Mortis. -Intervivos: While the donor is living. -Mortis: While the donor is living but made with an expectation of imminent death. Gift is revocable if donor lives.
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Accession
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Some value added to another's personal property by use of either labor or materials. With or Without owners consent.
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Mislaid Property
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Voluntarily placed somewhere, then inadvertently forgotten. Finder is caretaker or true owner. (Ex. Put item somewhere but forgot where, the first person to claim it becomes the owner)
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Lost Property
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Involuntarily left. Property owner acquires title against whole world, except for true owner.
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Conversion of lost property
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finder my be liable
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Estray Statutes
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find things of value & report it
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Abandoned Property
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discarded by owner with no intention of recovering
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Trespassers
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No Title
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Treasure Trove
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Title against all world except true owner
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Bailment
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the delivery of personal property, without transfer of title, by one person (bailor) to another (bailee), usulaly under an agreement for a particular purpose. (borrowing/lending)
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Sole benefit of the Bailor
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Bailee owes Bailor a low duty of care, liable only for gross negligence
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Sole benefit of the Bailee
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Bailee owes Bailor a high duty of care & is liable for even slight negligence
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Rights of the Bailee
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-Possession -Use Bailed Property -Compensation: gratuitous bailment, bailee's lien -Limit Liability
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Duties of the Bailee
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-Duty of care -Duty to return Bailed Property (Bailee may be liable for breach of contract, conversion, negligence)
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Duties of the Bailor
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-Duty to reveal defects = (Mutual Benefit Bailment: bailor must notify bailee of all known defects that he knew or could have discovered) -Warranty Liability for Defective Goods.
