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Chapter 16 Property and Its Acquisition Vocab Revie

AB
PropertyA thing, tangible or intangible that is subject to ownership and a group of related legal rights
Real PropertyLand, buildings, and those things permanently affixed to them
Personal PropertySomething that is either movable or intangible and the right to use such things
Intellectual PropertyPurely intangible personal property that one cannot touch or move
CopyrightProtection for the expression of a creative work
InfringementUnauthorized copying, scale, display, or performance of a work
Fair UseThe very limited use of copyrighted works by critics, researchers, news reporters, and educators
TrademarkA word, mark , symbol, or device that identifies a product of a particular manufacturer or merchant
Service MarkA unique word, mark, or symbol that identifies a service as opposed to a product
PatentThe grant of the exclusive right to make, use, and sell a novel or new, non-obvious, useful product or process
Trade SecretCommercially valuable information that the owner attempts to keep secret
Constructive deliveryA symbol or the subject matter of a gift is substituted in delivery
AccessionThe right of an owner of property to an increase in that property
Lost PropertyProperty which the owner unknowingly leaves somewhere or accidentally drops
Mislaid PropertyProperty intentionally placed somewhere but then forgotten
OccupancyAcquiring title by taking possession of personal property that belongs to no one else
SeveraltyWhen one person owns all of the property involved
Co-ownershipWhen two or more persons have ownership rights in the same property
Rights of partitionAllows any co-worker to legally compel the division of the property among the co-owners
Right of survivorshipIf one of the joint owners dies, the deceased co-owner's interest is divided equally among the remaining joint tenants
Tenancy in commonShare may be unequal and there is no right of survivorship
Community PropertyA form of co-ownership between husband and wife
Tenancy by the entiretiesCan only be entered into by married couples, carries the right of survivorship and one cannot sell or mortgage the subject property without the consent of the spouse.


Business Teacher
Arabia Mountain Academy
Lithonia , GA

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