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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?