Questions for property and acquisiton (Chapter 15)

The ability to profit from real property is a property right. True or False?

True

Intellectual property is…

• (a) tangible

• (b) intangible

• (c) not capable of ownership

(b) Intangible

To be protected by law, a trade secret…

• (a) must be copyrightable

• (b) must be patentable

• (c) must be commercially valuable (d) must have had efforts to keep it secret

• (e) both c and d

(e) both c and d

Under current law, a book written in 1980,

whose author died in 2000, would no longer

be protected after the year…

• (a) 2000

• (b) 2030

• (c) 2050

• (d) none of the above

None of the above

Patents are only available for new, useful, non-obvious products or processes. True or False?

True

Which of the following is not a property right?

• (a) use

• (b) possession

• (c) alienation

• (d) all of the above are property rights

(D) All of the above are property rights

The donee must accept the gift for it to be

legally complete. True or False?

true

The right of an owner of property to all that

property produces or to a significant increase in

that property is…

Right of accession

A gift of an engagement ring would typically be a…

• (a) gift causa vivos

• (b) gift causa mortis

• (c) gift inter vivos

• (d) none of the above

c) gift inter vivos

Who has the right to possession of lost property

when the true owner cannot be found?

• (a) the owner of the place where the property is found

• (b) the finder

(b) the finder

If you were sailing off the coast of California and

left a fishing line streaming behind the boat for

three hours, and then you hooked a tuna and

reeled it in, under which legal process would you become the owner of the fish?

• (a) accession

• (b) gift

• (c) occupancy

• (d) intestacy

Occupancy

When there is only one owner of property, that

person is said to own it in…

Severalty

Which form(s) of co-ownership have the right of

survivorship?

• (a) tenancy in common

• (b) joint tenancy

• (c) tenancy by the entireties

• (d) b and c

(D) B and C - Joint tenancy and tendency by entireties

The right of survivorship allows property to pass

on an owner’s death to co-owners without a

will. True or False?

True

Which form(s) of co-ownership require that the

co-owners be married?

• (a) tenancy in common

• (b) joint tenancy

• (c) tenancy by the entireties

• (d) b and c

(C) Tenancy by the entireties

Co-ownership of property without the right of survivorship

Tenancy in Common

Ownership of property by one person alone

severalty

Right of an owner of property to an increase in the property

Accession

Exclusive, monopolistic right to make, use, and sell a novel, non-obvious, useful product or process

Patent

Rights and interests in land, buildings, and fixtures

Real property

Co-ownership of property with the right of survivorship available to persons who are not husband and wife

joint tenancy

Very limited utilization of copyrighted material allowed in

certain circumstances

fair use

Unique word, mark, or symbol that identifies a service of a particular company or person

Service mark

Rights and interests in tangible and intangible things

personal property

Unique word, mark, or symbol that identifies a product

Trademark

Legal ability of a co-owner to require the physical or financial

division of the property among the co-owners

Right of partition