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

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

Document Summary

Land and whatever is permanently affixed to it or part of it. All property, other than land and what is attached to land. Personal property that is moveable, the value of which comes from its physical form. Personal 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. Accounts receivables are created by delivering goods or services for payment at a later date. Some intellectual property is owned as a result of being created, and some as a result of being used. The bundle of rights: collection of legal rights associated with property. Use property as security for a loan. Transfer possession of its chattels to another business.