Business Law Chapter 8 (Property Rights)

Lessors

Persons granting possession and control of real property to another for a temporary period

Intellectual Property

The "intangible" personal property primarily made up of copyrights, trademarks, and patents

Universality

A legal theory that provides that every limited resource is owned by someone

Gift

A transfer of property whereby a donor gives up all dominion over and control of a piece of property top a willing donee for no compensation

Deed

A written document through which ownership and title to real property or an interest in real property is conveyed between parties

Personal Property

All other property that is not real property

Easement

An interest in real property owned by another person which gives its holder the right to use the land for a specific purpose or prevent something from being done to it

License

Contractual tool that grants a licensee the right to use the property of of a licensor for a specific purpose

Leases

Contractual tools used by property owners to transfer the possession and use of a piece of property for a temporary time period

Alienation

Disposal or transfer of property in a manner of the owner's choosing

Zoning

A device used to restrict the types of buildings and the uses available to an owner of a given piece of real property

Real Property

Land, and any property attached to the land

Licensee

Person granted the right to use property of another for a specific purpose for a specific period of time

Licensor

Person granting another the right to use property for a specific purpose for a specific period of time

Bailor

Person granting possession and control of personal property to another for a temporary period

Trademarks

Property rights that protect words, phrases, names, logos, symbols, sounds, or colors that distinguish goods and services from those manufactured or sold by others and to indicate the source of the goods

Public Domain

Property that is no longer protected by intellectual property laws. Anyone is allowed to copy, make use of, or adapt the work

Abandoned Property

Property that is not owned by anyone because its former owner no longer exercises any general incident of ownership of the property

Title

The right to ownership of property and at the same time the written proof of ownership of property

Exclusivity

A legal theory that provides that a property owner has the right to exclude others from the property

Eminent Domain

A procedure whereby the government may take private property for a public use with just compensation

Tenancy by the Entirety

Ownership form closely related to joint tenancy but only available to married couples and only on some states . The property is protected from the debts of one spouse.

Tenancy in Common

Ownership form in which the owners all own equal undivided shares in the entire property unless they specify otherwise. Each owner designates to whom his share should go in the event of his death.

Joint Tenancy

Ownership form in which the owners all own equal undivided shares in the entire property. Each owner's share passes to the remaining owners upon her death

Design Patents

Patents granted to anyone who invents a new, original, and ornamental design for an article of manufacture

Plant Patents

Patents granted to anyone who invents or discovers a new and distinct variety of asexually reproducing plant

Utility Patents

Patents granted to anyone who invents or discovers any new and useful process, machine, article of manufacture, or composition of matter, or any new and useful improvement thereof

Bailee

Person granted possession and control of personal property by another for a temporary period

Lessee

Person granted possession and control of real property by another for a temporary period

Covenants

Promises that are attached to real property and contained in deeds

Patent

Property right that allows the inventor to prevent others from making, using, offering for sale, or selling the inventor's creation

Copyrights

Property rights granted by a government to the author or creator of an original work

Transferability

The ability of an owner of property to convey his property rights to another

Use

The incident of ownership referring to the property owner's right to utilize property as the owner wishes

Donor

The maker of a gift

Benefit

The profits gained by a property owner because of a property's use

Possession

The property owner's right to have and hold property to the exclusion of others

Donee

The recipient of a gift

General Incidents of Ownership

The rights of control of property, which are possession, exclusion, alienation, use, benefit, and destruction

Destruction

The ruination of a property owner's property. This incident of ownership gives property owners the right ti destroy property they own

Exclusion

The state of being kept from using property that the owner holds. This incident of ownership of property gives the property owner the right to exclude others from using the property

Bailments

The willing or unwilling grant of possession and control of personal property by the owner of another property