Please be thorough and brief with your answers and no copy and paste sentences or paragraphs from other sources ( and please no copy and paste excerpts from other sources), please. Please simplify as much as you can (in other words it is understandable).

PERSONAL PROPERTYis everything that isn't land (or a fixture)!

What is the legal term for tangible personal property? (chattel)

Explain the difference between tangible personal property and intangible personal property.

INTELLECTUAL PROPERTYrights seek to financially reward authors/inventors/creators while balancing the interests of increasing the IP that ends up in the public domain.

What is intellectual property? What are the three main types of intellectual property? (Copyright, Patents and Trademarks)

How does copyright arise? What must an author do to get copyright?

How do patents arise? What can be patented?

What is an industrial design? What does it protect?

What is a trade secret? How are Trade Secrets protected?

Sale of Goods

What is the purpose of the Sale of Goods Act? Can you contract out of the Sale of Goods Act?

What is a "good" for the purposes of the Sale of Goods Act? What types of property are not covered by the Sale of Goods Act?

Will the Act apply to the sale of a mixed good and service?

Why does it matter who has title? How does the Sale of Goods Act imply who has title? What are the 5 rules to determine who has title?

What is an unascertained good?

What are some implied terms of the Sale of Goods Act?What are 2 warranties in the Sale of Goods Act?

If you bought a good by description, does the good actually have to match that description? What if you bought the good because you like the sample? Do the goods have to match the sample?

Priority of Creditors

What is the difference between a secured creditor and an unsecured creditor? What is a preferred creditor?

What is collateral?What is a security interest?

Who is the secured party? What is a debtor? What is a creditor?

What is a security agreement?

What remedies does a secured creditor have?What remedies does an unsecured creditor have?

How is the priority of secured creditors in LAND determined? How is the priority of secured creditors in PERSONAL PROPERTY determined?

What is "perfection" in relation to creditor and debtor law?

Where should you register a security interest in personal property? Where should you register a security interest in real property?

What kind of priority does a Purchase Money Security Interest (PMSI) have?

Are all security interests in personal property required to be registered at the Personal Property Registry? What happens to the priority of a creditor who doesn't register their security interest at the PPR?

What remedies are available for creditors in "consumer type situations"? What remedies are available for creditors in "commercial type situations"?

Guarantees: Written commitments where a guarantor agrees to pay the debtor's debt if he/she defaults. To be enforceable in AB, the guarantee must be in writing; the guarantor must appear before a notary public and acknowledge that he/she signed the guarantee and he/she must sign a certificate which is then attached to the guarantee.

What's the difference between a guarantor and a co-signer? A co-signer is a debtor and a party to the contract (privity of contract). A guarantor is not a party to the contract.The Guarantor's responsibilities for the debt are conditional and arise only in the event of default by the debtor.

What are commercial and consumer proposals? How could they help a debtor stay out of bankruptcy?

What is the job of the trustee in bankruptcy?

What are the two ways that a debtor can go into bankruptcy? (voluntarily by assignment, or involuntarily by petition)

What is the purpose of the Bankruptcy and Insolvency Act? Is bankruptcy the same all across Canada?

What is the priority of creditors in bankruptcy? (secured, preferred then unsecured)

What/who is a preferred creditor?

Is a bankrupt allowed to transfer property to another person in order to avoid losing the property to creditors?

What debts survive (are not discharged by) bankruptcy?