BLaw 210 1nd Edition Lecture 12 Outline of Last Lecture I Wills II Requirements for Making a Will III Definition of a Contract IV Sources of Contracts Law Outline of Current Lecture I Two definitions of property II Classification of property III Incidents of ownership IV Intangible personal property Current Lecture I II III Two definitions of property a Property is anything that can be owned i Personal ii Real iii Intellectual b Property is anything that a person may possess and use and whose possession and use one person may transfer to another i Land ii Object iii Idea c Property is not the thing used or possesses itself but rather the legal rights to its use possession and transfer Classification of property a Property is usually classified in three ways i By whether it is tangible or intangible ii By whether it is personal or real iii By whether it is public or private Incidents of ownership These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute IV a The incident of property ownership are the rights of possession use and transfer i Possessions the right to physically hold or occupy property ii Use the right to do with property anything allowed by law subject to any limitations the owner may agree to iii The right to transfer property is the right to sell give or otherwise pass the property to someone else Intangible personal property a Property that has no defined location and it cannot be touched i Contractual property a type of intangible personal property since it consists of promises made by one party to perform some duty for another ii Intellectual property a type of intangible personal property since it s a product of the human intellect
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