Management and Organizational Studies 2275A/B Chapter Notes - Chapter 1: Bailment, Intangible Property, Personal Property

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

Document Summary

Real property: land , whatever is permanently attached to it, and the associated legal rights. Personal property: includes everything other than what is included under real property. There are tangible (chattels ) and intangible property. e examples of intangible property are insurance policy, accounts receivables, bank accounts, and customer records. Possession without ownership: one party may gain possession of the property of another, often with the intent that possession ultimately be returned to the owner. Obligation arising from ownership and possession: the owner of property bears ultimate responsibility for its protection. Since the owner of property is the one who ordinary bears the risk of loss from its damage or destruction, the owner may take steps to shift the risk to another business by such means as an insurance contract. Personal property issues: tangible personal property, goods or chattels are by definition portable and therefore more difficult to track than real estate. Proof of ownership and valuation can be a challenge.