Law 2101 Lecture Notes - Lecture 18: Property Law, Personal Property, Accounts Receivable
22 Dec 2019
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Property: property- a legal relationship between people with respect to things. In the law, property and things are distinct: we have property in things. If you have a contract with someone, only you and that person have legal relations under that contract (narrow relationship) If you just say that you own something - it is hard to fully understand what those rights mean (i. e. if you own it, then what does that mean: ex. You can throw parties, run a business, build a shed, etc. Additionally, the municipality has rights, the bank has rights, your neighbour has rights, airplanes have rights, federal government has rights to oil/gas/minerals, Personal property: everything that is not real property, personal property is either tangible or intangible, tangible- things you can see and touch i. e. a pen, a phone, a laptop. Intangible- things you can"t see or touch i. e. intellectual property- shares of a corporation, insurance, accounts receivable, copyrights, etc.
