B LAW 210 1st Edition Lecture 8 Outline of Last Lecture 1 Strict Liability 2 Intellectual Property a Copyright b Trademarks c Patents Outline of Current Lecture I Properties in Law a Real Property b Personal Property c Commercial Property Current Lecture Real Property o Land and anything that s permanently attached to the land o Includes subsurface rights and air rights o If personal property is affixed with the property it becomes a fixture permanently affixed EX Ceiling fan Built in bookcases Transfer of real property has to be in writing to be legal house deed etc o Fee Simple owning 100 of the property Lease A document giving possession to someone else for a period of time License A document giving temporary possession of a property for a limited purpose o Transfer Selling money involved a property Gifting donative intent no money a property giving up 100 of rights o Life Estate Keeps possession of the property for the rest of their lives Personal Property o Movable property something you can pick up and take o Transfer of property is less formal than Real Property o Bailment Temporary right to use personal property lend EX Roommate lending car to other roommate 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 If it is broken damaged THEY are responsible for fixture of item Commercial Property o Trade fixture type of property that needs to be used for business you have the right to remove but you must pay for the remodel Eminent Domain Government has the ability to take property from people for public use but must give compensation o EX Expanding roads in a rural farm area o Under the 5th amendment
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