Business Law Chapter 48
fixture
an item attached to the property/realty
constructive delivery
does not confer actual possession of the object in question, only the right to take actual possession. Symbolic delivery.
requirements for a gift
donative intent on the part of the donor, delivery, acceptance
estray statutes
encourage and facilitate the return of property to its true owner and reward the finder for honesty if the property remains unclaimed.
bailment
formed by the delivery of personal property, with or without transfer of title, from one person (bailor) to another (bailee)
gift inter vivos
gift made during the donor's lifetime
gift causa mortis
gift made in contemplation of imminent death. Must meet the three requirements to be effective.
lost property
involuntarily left somewhere. Someone who finds this can claim title, but the true owner's title is still better.
confusion
mixing of goods to such an extent that one's personal property can't be distinguished from someone else's. Happens often with fungible goods.
dominion
ownership rights
trade fixture
personal property installed for a commercial purpose by a tenant (person who rents real property from the owner/landlord)
elements of a bailment
personal property, delivery of possession without title, and agreement that the property will be returned to the bailor or otherwise disposed of according to its owner's directions.
personal property
property capable of being moved
abandoned property
property that has been discarded by the true owner, who has no intention of reclaiming title to it.
mislaid property
property that has been voluntarily placed somewhere by the owner and then inadvertently forgotten. Someone who finds this does not obtain the title to the goods.
accession
something added. When someone adds value to an item of personal property either through labor or materials.
real property
the land and everything permanently attached to it
gift
voluntary transfer of property ownership for which no consideration is given