Book Opener

CHAPTERASSESSMENTSection 17.1 Personal Property● Personal property is divided into two categories:tangible, which can be touched; and intangible,which cannot be touched. Examples of tangibleproperty include CD players, vehicles, and food.The right to receive money owed to you is anexample of intangible property.● A gift is completed after three requirements aremet: (1) the donor must intend to make a gift;(2) the gift must be delivered; and (3) the doneemust accept the gift. After a gift is completed, theoriginal owner cannot take it back.● Lost property must be returned to the owner ifthe owner can be found. Misplaced property isproperty unintentionally left in a public or semipublicarea, which must be turned over to theproprietor of the place where it is found. Abandonedproperty is property that has been intentionallydiscarded by the owner and may be keptby a finder.● A thief does not acquire good title to items that arestolen and consequently cannot convey good titleto others. Even if a person innocently purchasesstolen goods from a thief or other party, therightful owner still retains title to the goods.● A patent gives an inventor the exclusive right tomake, use, or sell an invention for 17 years. Acopyright is a right granted to an artist toexclusively publish and sell an artistic or literarywork for the life of the artist plus 70 years.Copyrighted material may be reproduced withoutpermission in some instances. The amount anduse of the material must be reasonable and notharmful to the copyright owner. Copying isallowed for literary criticism, news reporting,teaching, school reports, and other research.Trademarks are distinctive marks, names,slogans, and symbols that identify and distinguisha product from other products. A trademarkowner has the exclusive right to use thetrademark for 10 years. A trademark registrationmay also be renewed for additional 10-yearperiods.Section 17.2 Bailments● A bailment occurs when someone transferspossession and control of personal property toanother with the intent that the same propertywill be returned later.● The main types of bailments are: (1) bailmentsfor the sole benefit of the bailor; (2) bailmentsfor the sole benefit of the bailee; and (3) mutualbenefitbailments. The first two types of bailments,bailments for the sole benefit of the bailorand bailments for the sole benefit of the bailee,are called gratuitous bailments.● If an item that was in the possession of a baileebecomes damaged, lost, or stolen, most courtsshift the burden of proof to the bailee, the onewho is in the best position to know whathappened, to prove lack of negligence.● Hotel keepers are required to accept all guestsunless there are no vacancies. They must usereasonable care in protecting guests from harm,and they must respect their guests’ rights ofprivacy. With some exceptions, hotel keepers areliable as insurers of guests’ property, up to anamount set by state statute.● Common carriers of goods must accept withoutdiscrimination all goods offered to them forshipment. Common carriers are liable as insurersof the goods they ship, regardless of whetherthey have been negligent. They are not responsible,however, for damages caused by certaincircumstances beyond their control.● Common carriers of passengers must accept allpersons who seek passage, and they must usereasonable care in protecting their passengers. Inaddition, a carrier is an insurer of checkedluggage, but not carry-on items.380 Unit 3: Understanding Consumer Law