Business law chapter 16
joint tenancy
co-ownership of property with equal internist and the right of survivorship
how would you protect a an original song you wrote?
copyright
the right of an owner of property to all that property produces or to a significant increase that property is __?
accession
occupancy
acquisition of total by taking possession of personal property that belongs to no one else
right of partition
attribute of co-ownership which allows any co-owner to require the division, usually financial, of the property among the co-owners
explain how the patent office distinguishes patentable and non-patentable inventions
basic knowledge cannot be patented novel non-obvious and utility
Intellectual property is ?
intangible
co-ownership
ownership existing when two or more persons have the same property
service mark
work, mark or symbol that identifies a service as opposed to a product
How long is a patent good for?
20 years
T or F joint tenancy can only be served with consent of all joint tenants
false
tendency in common
form of co-ownership in which the shares may be unequal and there is no right of survivorship
Alienation
getting rid of
patent
government grant of exclusive right to make, use, and sell a product or process which is a novel, non-obvious, and useful
describe the right of suvivorship in joint tenancy
if one joint owner dies the remaining owner(s) still retain their own right to the whole property unless stated in a contract.
intellectual property
intangible property created by the intellect and includes copyrights, service marks and trademarks, patents, and trade secrets
The three elements of a successful gift are:
intent, delivery, and acceptance
which form(s) of co-ownership have the right of survivorship?
joint tenancy and tenancy by the entries
How long is a copyright good for?
life of author plus 70 years
under current law, a book written in 1980, whose author died in 2000, would no longer be protected after the year ...
must be commercially valuable and must have had efforts to keep it secret
personal property
not real property
if you were sailing off the coast of California and left a fishing line streaming behind the boat for three hours and then hooked a tuna and reeled it in under which legal process would you become the owner of the fish?
occupancy
severalty
ownership of all property rights by oneself
severalty
ownership of of all property rights by oneself
name three most common means of acquiring property
property is most frequently acquired by contracting donation to privet individuals or charities and inheritance
community property
property owned equally by spouses
mislaid property
property that is intentionally placed somewhere but then forgotten
lost property
property that the owner unknowingly leaves somewhere or accidentally drops
copyright
protects the expression of creative work, such as the work of an author, artist or composer
what are the two main classifications of property?
real and personal property
Right of Survivorship
right of one joint tenant to ownership of property when the other joint tenant dies
real property
rights and interest in land, buildings, and those things permanently affixed to them (fixtures)
what are two basic ways two basic ways to hold property?
severality or by co-ownership
when there is only one owner of property, that person is said to be in___?
severalty
Which form(s) of co-ownership require that the co-owners be married?
tenancy by entries
who has the right to possession of the lost property when the true owner cannot be found?
the finder
accession
the right of an owner of property to all that property produces
property
the rights and internist in tangible and intangible things
infringement
the unauthorized coping, sale, display, or performance of a copyright protected work
T or F The ability to profit from real property is a property right.
true
T or F the right of survivorship allows property to pass on an owners death to co-owners without a will.
true
trade secret
unpatented formula or process not known to others and which is valuable for business
Name three property rights
use, possession, and alienation
tendency by the entireties
usual form of co-ownership between husband and wife, carrying equal intrist and the right of survivorship
trademark
a word, mark, symbol, or device by which the products of a particular manufacture or the commodities of a particular merchant are distinguished as to their origin, are guaranteed for quality or are marketed.
Think about the item in your room at home and name three things that are real property and personal.
Real property items include, curtains, doors, TV mount. Personal property items include posters, clothes, and decor.
what are the types of co-ownership's?
The types of co-ownerships include tenancy in common, joint tenancy, tenancy by the entireties, and community property. In a tenancy in common, any number may own, interest does not have to be equal, consent of co-owners is not required for sale, it is so right of survivorship, co-owners do not have to be married, and it is unclear if a will can replace a survivorship. In joint tenancy any number may co-own, the interests must be equal, consent of co-owners is not required for sale, there is a right of survivorship, co-owners do not have to be married, and a will can not replace survivorship. IN tenancy by the entireties, just two can co-own, interests must be equal, consent of co-owners is required, there is a right of survivorship, co-owners must be married, and will not replace a survivorship. In community property only two can co-own, interests must be equal, there is a right of survivorship in some states a deceased spouse's one-half interest in community property passes automatically to the surviving spouse but in other states it can pass via a will to someone other than the surviving spouse; however if there is no will, it then passes to the surviving spouse. Community property can also replace a will in some states.
fair use
a doctrine that lessens the consequences of infringement