Management and Organizational Studies 2275A/B Chapter Notes - Chapter 17: Operating Lease, List Of Former State Highways In South Dakota, Bailment

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

Document Summary

Real property: land, whatever is permanently attached to it, and the associated legal rights. Personal property: all property, other than land and what is attached to it. Has two major categories: tangible and intangible. Tangible property: property that is concrete or material e. g. , asl uses forklifts, trucks and other portable items not attached to land or a building these are known as chattels . Intangible property: the value of which comes from legal rights e. g. , a/r, insurance policies, customer records, intellectual property: e. g. , fire insurance value not based on paper describing terms of coverage rather, value. What often drives temporary split of ownership and possession is that it meets business needs of both parties in each situation. Overview two aspects of involvement with personal property: ownership and possession. Bailment: temporary transfer of possession of personal property from one person to another. Bailor: owner of property who transfer possession in a bailment.