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Business Law Questions and Answers

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3 distinct categories of property Correct Answer Real, Personal, Intangible Real Property Correct Answer Land and everything attached to it. Personal Property Correct Answer Things that can be m... oved. Intangible Property Correct Answer Ideas that have some legal protection (intellectual property, rights, insurance.) Property Law Correct Answer Not really concerned about the actual property (noun). but overall ownership and this is not a thing but a relationship between human-beings and things that are not human, that relationship is negotiated through our legal system. 7 ways for one to become the owner Correct Answer 1. Act of Creation 2. Capture 3. Finding 4. Purchase 5. Gift 6. Confusion 7. Accession Act of Creation Correct Answer If you are the creator of something then you are the owner of it by default, you made it exist. Capture Correct Answer Exists already in the world but if it has no owners , but by capturing it you become the owner of it. Example: fishing, no one owns it but when you caught it, it is now yours. Finding Correct Answer The property found has an owner but we don't know who that is, they aren't present or known. The new owner has claim to what was found to everyone else but the real owner. (Real Bridges v. Hawkesworth) Know difference between mislaid vs lost property. Purchase Correct Answer Exchange of goods or services, another party transfers their ownership right to you. Gift Correct Answer Voluntarily transferring their ownership [Show More]

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