| Types of Property | Acquired and held property | Bailments | Ownership and transfer of real property |
|---|---|---|---|
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What is property?
It is a tangible or intangible that is subject to ownership.
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What is Co-ownership?
When two or more partners have ownership rights in the same property.
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What is a bailer?
Is the party that gives up possession of the property.
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What is Personal Property?
Anything that is not real property.
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What is lost property?
When the owner does not know when or where it disappeared from.
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What is bailment?
The transfer of possession and in control of personal property due to an agreement to deliver to a third party.
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What describes real property?
Land, buildings, and airspace.
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How is real or personal property most commonly acquired?
Contract, gift, or inheritance.
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What type of care is called with involuntary bailments?
Minimal care.
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Compare Real and Personal Property?
Real property is permanently fixed and personal property can be either tangible or intangible.
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Can cities enact laws that prohibit the keeping of livestock or animals?
Yes
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What happens when only one of the parties benefits from the bailment?
A gratuitous bailment
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Who creates intellectual property?
The intellect.
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What is the difference between lost property and mislaid property?
Lost is where a owner does not know when or where it disappeared, and mislaid is placed intentionally somewhere but than forgotten.
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What is a constructive bailment?
responsibility for borrowed private property.
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