The word property has a variety of meanings. It may refer to an object such as a building, or it may refer to legal rights connected with an object such as are found in the lease of a building, giving the tenant the right to occupy and use the building. However, the word property can also refer to legal rights that have economic value but are not connected with an object. A patent is an example of this kind of property. When we talk about ownership of property, we are talking about a bundle of legal rights recognized and enforced by society. For example, ownership of a building includes the exclusive right to use, enjoy, sell, mortgage, or rent the building. If someone else tries to use the property without your consent, you can use the courts and legal procedures to eject the person. Ownership of a patent includes the rights to sell it, to license others to use it, or to produce the patented article personally.

STEP ONE:

ASSIGNED READING:Read Chapters 33, 34 and 37 of Law for Business (Barnes, 2012)

STEP TWO:

CHAPTER 33:

1) Differentiate personal property from real property.

2) List the primary ways to acquire ownership of personal property.

3) Explain how the rights of finders of abandoned, lost, and mislaid property differ.

4) List and discuss the elements that are necessary for making a valid gift of property.

5) List the three essential elements of a bailment.

CHAPTER 34:

6) List and describe the various kinds of interests that can be created in real property.

7) List and discuss the seven types of co-ownership of real property recognized in the United States.

8) Discuss the steps in the sale and purchase of real property.

9) Explain the difference between a quitclaim deed and a warranty deed.

CHAPTER 37:

10) Explain the liability of an insurer under a liability insurance contract.