Personal Property-Business Law

Copyright

A right granted to an author, composer, photographer, or artist to publish and sell an artistic or literary work.

Intellectual Property

An original work fixed in a tangible medium of expression

Trademark

Distinctive Mark, Symbol, or Slogan used by a business to identify and distinguish its goods from products sold by others.

True/False All personal property sales contracts need to be written.

False

Intangible personal property

Intangible personal property is property that can't be physically handled, such as stocks, trust fund accounts, etc.

Example of Intellectual Property

Inventions, Works of Art, Software

Difference between real and personal property

Real can't be moved

Buildings and crops are considered as...

Real property

Tangible property

Tangible property is personal property that can be physically handled, such as clothes, jewelry, furniture, etc.

The two types of Personal Property are:

Tangiblie+Intangible

Personal Property

The legal definition of personal property is "anything besides land that may be subject to ownership". Thus, the main characteristic of personal property is that it is movable, unlike real property or real estate.

basic assumption about real property

basic assumption that most real property has a higher value than personal property (though this certainly isn't always the case).

Most Property is acquired by:

purchase gift inheritance

real property

real property can't be moved, whereas personal property can't be moved.