PROPERTY LAW 1. What is the difference in tangible and intangible property? Give an example of each. Tangible are physical assets such as land, vehicles, equipment. Intangible assets are nonphysical, such as patents, trademarks, franchises. 2. Explain the difference between real and personal property. Anything that can be legally owned may be called property. All property can be grouped into two main categories: real property and personal property. Personal property can be further classified as chattels and intangibles. 3. What is intellectual property? a work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights and for which one may apply for a patent, copyright, trademark, etc. 4. What are the different types of intellectual property? Give a description of each. 5. What does the term infringement mean? Give an example of how this might happen in a high school. 6. There are 7 ways of acquiring ownership and not all give the owner the same amount of rights. What are they? 7. What are the requirements in order for a gift to be binding? 1) an agreement and 2) consideration 8. What is the difference between lost and mislaid property? 9. What do most states say must happen before you can take ownership of found property? 10. What is the difference between severalty ownership and co-ownership? 11. What are the two characteristics of co-ownership? 12. If two or more people are co-owners of a piece of property and one of them dies who does their portion of the property transfer to? What is the legal term for this? 13. In the previous question, what would happen if the owner that died had a will leaving his/her portion of the property to their child? 14. What would happen in the case of a death if the owners had a tenancy in common agreement? The other person owns the land 15. What is a bailment? An act of delivering goods to a bailed for a particular purpose without transfer of ownership 16. What is a fixture? A piece of equipment of furniture that is fixed in position in a building or vehicle 17. What are the 4 types of real property rights? Give a brief explanation of each? 18. Explain the doctrine of capture. 19. What are the 4 legal limitations to property ownership? 20. What is an estate? An area or amount of land or property, particular 21. What are the 3 ways that an estate can be owned? 22. What is eminent domain? The right of a government or its agent to expropriate private property for public use, with payment or compensation 23. What are the different types of tenancy? 24. What are the specific rights of the tenant? Give a brief explanation of each. 25. What are the duties of the tenant? Give a brief explanation of each. 26. What are the rights of the landlord? Give a brief explanation of each. 27. What are the duties of the landlord? Give a brief explanation of each.