Property lawLesson 1 of 1 in the course Concepts of property

Ownership: Property Rights, Ownership Structures, and Intellectual Property

5 flashcards · 5 quiz questions · 5 match pairs · 4 fill-in sentences · English

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Summary

Ownership shapes who may control property, benefit from it, and decide what happens to it. This lesson introduces the meaning of ownership, the rights that can make it up, and the ways ownership can begin or end.

Ownership is the state or fact of having legal possession and control over property. Property may be tangible, such as a bicycle or building, or intangible, such as certain legal rights or financial assets.

All flashcards

Ownership
Legal possession and control of property, whether tangible or intangible.
Title
The collection of rights associated with property ownership; those rights may be divided.
Ways to acquire property without purchasing it
Examples include receiving a gift or inheritance, finding property, making it, or earning it through work.
Legal shield in group ownership
A separation under which an entity's liabilities are not redistributed among its owners or members.
Idea-expression divide
The distinction between protecting an expression of an idea and protecting the idea itself.

Quiz questions

  1. In a group ownership arrangement, what does a legal shield mean?Answer: The entity's liabilities are not redistributed among its owners or members.
  2. How may a member-focused cooperative distribute a financial surplus?Answer: According to the volume of business each member conducted with it.
  3. What describes the tragedy of the commons?Answer: Unregulated access can lead individuals to exploit a resource while the costs are shared.
  4. What does owning shares in a corporation ordinarily confer?Answer: Rights attached to the shares, not direct title to each corporate asset.
  5. Which item is generally classified as movable personal property?Answer: A detached chair

Based on the Wikipedia article Ownership, licensed CC BY-SA 4.0. Adapted into a summary, flashcards and quizzes.

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