Management and Organizational Studies 2275A/B Chapter Notes - Chapter 17: Canadian Transport Commission, High Standard Manufacturing Company, Bailment

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Frederick King

Document Summary

Atlantic storage ltd. faces several disputes with customers over its lack of care when it comes to storing the products. Customers are complaining that their products are being damaged. Property is a relationship between people with respect to things: the relationship is between a person and the rest of the world, property rights are not absolute. Real property is land and buildings and anything attached to them. Personal property is everything that is not real property. Is either tangible or intangible: tangible property refers to property that is concrete or material, for a company like asl, their trucks, forklifts, furniture etc. are considered (cid:862)(cid:272)hattels(cid:863) Intangible property personal property, the value of which comes from legal rights: examples include: insurance policies, accounts receivable, bank accounts, and customer records. Ownership of property is acquired by a business in a variety of ways: land is acquired through purchase or lease, the ownership of goods is acquired by purchasing or manufacturing them.