MCS 3040 Chapter Notes - Chapter 17: Intangible Property, Tangible Property, Bailment

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Real property: land and whatever is permanently affixed to it or part of it. Personal property: all property, other than land and what is attached to land: tangible property: personal property that is moveable, the value of which comes from its physical form. Intangible property: person property, the value of which comes from legal rights. There is no comprehensive system for publicly registering title to personal property as there is with real property. There are some specialized registries for items such as motor vehicles, patents and trademarks. Ownership can be acquired in a number of ways: land is acquired through purchase or lease, purchasing or manufacturing goods, account receivables are created by delivering goods or services for payment at a later. Insurance coverage bought by paying premiums date: some intellectual property is owned as a result of being created, and some as a result of being used.