Questions and Answers
What is the legal definition of personal property?
Anything besides land that may be subject to ownership.
What are the two types of personal property?
What is tangible property?
Personal property that can be physically handled.
What is intangible personal property?
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Real property can be moved, whereas personal property cannot.
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What is a basic assumption about real property?
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What is the difference between real and personal property?
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What are buildings and crops considered as?
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All personal property sales contracts need to be written.
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How is most property acquired?
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What is intellectual property?
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Give an example of intellectual property.
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What is copyright?
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What is a trademark?
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Study Notes
Personal Property
- Personal property refers to anything that can be owned other than land, characterized by its mobility.
Types of Personal Property
- There are two primary categories:
- Tangible property
- Intangible property
Tangible Property
- Tangible property consists of physical items that can be touched and handled, such as clothing, jewelry, and furniture.
Intangible Personal Property
- Intangible property includes non-physical assets, like securities (stocks) and trust funds.
Real Property
- Real property is defined as immovable; it includes land, buildings, and crops.
Value Assumptions in Property
- Commonly, real property is assumed to hold greater value than personal property, although exceptions exist.
Key Differences Between Property Types
- Unlike personal property, real property cannot be relocated or moved.
Acquisition of Property
- Most personal property is obtained through:
- Purchase
- Gifts
- Inheritance
Intellectual Property
- Intellectual property is defined as original creations fixed in a tangible medium, encompassing various forms of creative work.
Examples of Intellectual Property
- Categories include:
- Inventions
- Artistic works
- Software
Copyright
- Copyright grants exclusive rights to authors, composers, photographers, or artists for the reproduction and distribution of their original works.
Trademark
- A trademark is a unique symbol, mark, or slogan that differentiates a business's goods from those of others in the market.
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Description
Test your understanding of personal property in business law with these flashcards. Learn definitions, types, and characteristics that set personal property apart from real property. Perfect for students and professionals in legal studies.
