BUSI 2601 Chapter Notes - Chapter 17: Dry Cleaning, Bailment, Lawn Mower
Personal property: all property, other than land and what is attached to it (ownership+possession) Tangible property: personal property which is mobile, the value comes from its physical form. Intangible property: personal property, the value comes from legal rights (ex. insurance policies, bank accounts, intellectual property, etc. ) One party may gain possession of the property of another, often with the intent that possession ultimately be returned to the owner. Ex: leasing trucks/vans over purchasing, renting facilities to store property temporarily, franchise. The law requires that someone other than the owner who has possession of property must take reasonable care of it and pay applicable charges for use of the property. Requirement to take reasonable care applies whether the arrangement is contractual or not. Where property is in possession of someone who is not the owner who purchases insurance must be decided, usually whoever bears the risk of loss should place the insurance policy.