Property and Its Acquisition vocab (Ch.15)

Real Property

Land and anything permanently attached to it (Ex.Buildings or trees).

Personal Property

Movable items not attached to land (like tools, furniture, or vehicles).

Acquisition

The way someone gains ownership of property.

Occupancy

Taking possession of something that has no owner (Ex. Wild animals/Hunting)

Finding

Taking possession of lost or misplaced property.

Abandonment

Taking property that the previous owner intentionally gave up

Confusion

Mixing goods so they aren´t separated (usually by accident or agreed upon).

Accession

Adding value to property through labor or new materials.

Mislaid Property

Property intentionally set down and then forgotten.

Lost Property

Property accidentally left behind.

Joint Tenancy

Co-ownership with right of survivorship (ownership passes to surviving owner).

What is real property?

Anything permanently attached, including land. (Ex.Tree, buildings)

What is personal property?

Everything that is movable (Ex. Chair, saw)

Acquire Personal Property by finding

Can keep lost property unless the original / true owner is found.

Acquire Personal Property by occupancy

You gain ownership of unowned property

Acquire Personal Property by gift

And the three Requirments:

When someone gives you something with the intent to transfer/give ownership.

1. Intent to give

2. Give item

3. Aceptance

Acquire Personal Property by perchase

You buy and own the item.

Acquire Personal Property by production/accession

You create or add value to property.

Tenancy in Common

Each co-owner has a separate interest; it can be sold or inherited.

Legal Consequences

• Using someone else’s property (even if accidentally) can lead to lawsuits.

• Improvements made in good faith might not give full rights to the improved property.

Ownership in Severalty

Ownership by one person only.

Community Property

Property owned equally by both spouses if acquired during marriage (only in some states).

Copyright

Legal protection for creators of original works like books, music, or art

Trade Secret

Business information kept secret to have an advantage (like a recipe or process).

Acquire by contract

Transferring property through a binding legal agreement.

Acquire by Inheritance

Property received from someone who has died, either through a will or by law.

Acquire by Intellectual Labor

When you create something original (like a song, invention, or brand), you may gain legal ownership by:

• Copyright (creative works)

• Trademark/Service Mark (symbols or slogans)

• Patent (inventions)

• Trade Secret (confidential know-how)

Fair use

Very limited utilization of copyrighted material allowed in certain circumstances

Intellectual property

creations of the mind, like inventions, literary and artistic works, designs, and symbols, names, and images used in commerce