B_LAW 210 – 1st Edition Lecture 8 Outline of Last Lecture 1. Strict Liability2. Intellectual Property:a. Copyrightb. Trademarksc. PatentsOutline of Current Lecture I. Properties in Lawa. Real Propertyb. Personal Propertyc. Commercial PropertyCurrent 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 theright 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
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