tailieunhanh - Lecture Dynamic business law (3/e) - Chapter 48: The nature of property, personal property, and bailments

Chapter 48 - The nature of property, Personal property, and bailments. After studying this chapter you will be able to understand: What are the classifications of property? How is personal property transferred? What are the rights and responsibilities of parties to a bailment? | Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 48: The Nature of Property, Personal Property, and Bailments 48- Categories of Property Real Property: Land and anything permanently attached to it (fixtures) Personal Property: Property not attached to land, or movable property The legal concept of property includes real property and personal property. Real property includes land and anything permanently attached to it. Personal property includes property not attached to land, or movable property. 48- Transfer of Personal Property Voluntary Transfer: Sale and Purchase: Acquiring party gives consideration (value) to seller in exchange for title to property Gift: No consideration given to transferor (donor) by transferee (donee) Involuntary Transfer: Abandoned Property: Property that original owner has discarded Lost Property: Property that true owner has unknowingly/accidentally dropped/left somewhere Mislaid Property: Property owner has intentionally placed property somewhere, but has forgotten its location Personal property can be transferred either voluntarily or involuntarily. Voluntary transfer of personal property includes sale and purchase, when the acquiring party gives something of value to the seller in exchange for title to the property, and a gift transaction, when the donee gives no consideration to the donor for the property. Involuntary transfer of personal property includes the following: abandoned property, property that the original owner has discarded; lost property, when the true owner has unknowingly or accidentally left property somewhere; and mislaid property, when the property owner has intentionally placed property somewhere, but has forgotten its location. 48- Elements Necessary For A Valid Gift Delivery of property (from donor to donee) . | Chapter 48 The Nature of Property, Personal Property, and Bailments Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 48: The Nature of Property, Personal Property, and Bailments 48- Categories of Property Real Property: Land and anything permanently attached to it (fixtures) Personal Property: Property not attached to land, or movable property The legal concept of property includes real property and personal property. Real property includes land and anything permanently attached to it. Personal property includes property not attached to land, or movable property. 48- Transfer of Personal Property Voluntary Transfer: Sale and Purchase: Acquiring party gives consideration (value) to seller in exchange for title to property Gift: No consideration given to transferor (donor) by transferee (donee) Involuntary Transfer: Abandoned Property: Property that original .