Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western

CHAPTER 15Property and Its Acquisition

15-1 Types of Property

15-2 How Property Is Acquired and Held

Chapter 15Slide 2

Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western

15-115-1 Types of Property

GOALS Define property Identify the classifications of property

Chapter 15Slide 3

Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western

FOCUS

What is your definition of property?

Chapter 15Slide 4

Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western

PROPERTY AND ITS CLASSIFICATION

What is property? Classifications of property

Real property Personal property Copyrights Trademarks and service marks Patents Trade secrets

Chapter 15Slide 5

Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western

FEATURES OF INTELLECTUAL PROPERTY

Chapter 15Slide 6

Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western

What are the two main classifications of property?

Chapter 15Slide 7

Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western

15-215-2 How Property Is Acquired and Held

GOALS State the different ways of acquiring

property Differentiate the various ways of

holding ownership to property

Chapter 15Slide 8

Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western

FOCUS

How have you acquired property?

Chapter 15Slide 9

Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western

WAYS OF ACQUIRING PROPERTY

By contract By gift By intellectual labor By inheritance By accession By finding By occupancy

Chapter 15Slide 10

Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western

Name the three most common means of acquiring property.

Chapter 15Slide 11

Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western

HOW IS OWNERSHIP OF PROPERTY HELD?

Ownership in severalty Co-ownership

Joint tenancy Tenancy in common Tenancy by the entireties Community property

Limitations on ownership

Chapter 15Slide 12

Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western

TYPES OF CO-OWNERSHIP

Chapter 15Slide 13

Law for Business and Personal UseLaw for Business and Personal Use© Thomson South-Western

What are the two basic ways to hold property?