Management and Organizational Studies 2275A/B Chapter Notes - Chapter 17: Personal Property, Accounts Receivable, Intangible Property

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

Document Summary

Land is acquired through purchase or lease: ownership of goods is acquired by purchasing or manufacturing them. Possession without ownership: one party may gain ownership of the property of another with the intent that it be ultimately returned to owner. Principles of bailment: bailment a temporary transfer of possession of personal property from one person to another, bailor owner of property who transfers possession in a bailment, bailee person who receives possession. Helps determine the bailee"s responsibility: bailments that benefit both parties are most common commercially, and usually involve bailments of value. Liability of bailors: bailors warrant that goods used by their bailees are fit for purpose they are intended, may be liable if they are unfit and cause harm. Lease: common law-implied term leased property will be reasonably fit for its intended use. Innkeepers responsibility similar to common carriers: must take great care of guest"s property and are responsible for theft or loss.