AFM231 Chapter Notes - Chapter 17: Bailment, Personal Property, Easement

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM231
• Professor: Darren Charters

Document Summary

Real property: land and whatever is permanently affixed to it or part of it, such as buildings, mines, and minerals, and the legal rights associated with those things. Personal property: all property, other than land and what is attached to it. Tangible property: personal property that is mobile, the value of which comes from its physical form. Intangible property: personal property, the value of which comes from legal rights. Bundle of rights: the set of legal rights associated with property, which usually includes the right to exclude, the right to possess and use, and the right to transfer to others or dispose of property. Easement: the right to use the land of another for a particular purpose only. Lease: a contract that transfers possessio n of land or personal property in exchange for a fee. License: consent given by the owner of rights to someone to do something that only the owner can do.