Business Law

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Business Law
2011-04-18 16:16:25
Chapter Fourty Seven

Personal Property and Bailments
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  1. Property with which the owner has voluntarily parted, with no intention of recovering it
    abandoned property
  2. Occurs when an individual adds value to personal property by either labor or materials. In some situations, a person may acquire ownership rights in another's property through ___.
  3. One to whom goods are entrusted by a bailor. Under the Uniform Commercial Code, a party who, by a bill of lading, warehouse receipt, or other document of title, acknowledges possession of goods and contracts.
  4. A possessory lien, or claim, that a bailee entitled to compensation can place on the bailed property to ensure that he or she will be paid for the services provided. The lien is effective as long as the bailee retains possession of the bailed goods and has not agreed to extend credit to the bailor. Sometimes referred to as an artisan's lien.
    bailee's lien
  5. A situation in which the personal property of one person (a bailor) is entrusted to another (a bailee), who is obligated to return the bailed property to the bailor or dispose of it as directed.
  6. One who entrusts goods to a bailee
  7. All forms of personal property
  8. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified
  9. An act equivalent to the actual, physical delivery of property that cannot be physically delivered because of difficulty or impossibility; for example, the transfer of a key to a safe constructively delivers the contents of the safe.
    constructive delivery
  10. A statute defining finders' rights in property when the true owners are unknown.
    estray statute
  11. A thing that was once personal property but that has become attached to real property in such a way that it takes on the characteristics of real property and becomes part of that real property.
  12. Any voluntary transfer of property made without consideration, past or present.
  13. A gift made in contemplation of death. If the donor does not die of that ailment, the gift is revoked.
    gift causa mortis
  14. A gift made during one's lifetime and not in contemplation of imminent death, in contrast to a gift causa mortis.
    gift inter vivos
  15. Property with which the owner has involuntarily parted and then cannot find or recover.
    lost property
  16. Property with which the owner has voluntarily parted and then cannot find or recover
    mislaid property
  17. Property that is movable; any property that is not real property.
    Personal property
  18. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.
  19. Land and everything attached to it, such as foliage and buildings.
    real property
  20. The personal property of a commercial tenant that has been installed or affixed to real property for a business purpose. When the lease ends, the tenant can remove the fixture but must repair any damage to the real property caused by the fixture's removal.
    trade fixture