Property | Ownership | Intellectual property | Wills | Bonus Questions |
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What is property?
Tangible and intangible things and their corresponding legal rights
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What is accession?
Right of an owner of property to an increase in that property
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What is intellectual property?
Purely intangible personal property that one cannot touch or move
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What is an asset?
Property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies
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What is a testament?
A person’s will, especially the part relating to personal property
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What is real property?
Land, water, and minerals in the earth; airspace above the land; and things permanently attached to the land
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What is co-ownership?
Ownership existing when two or more persons have the same ownership rights in the same property
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What is copyright?
Protects the expression of a creative work, such as the work of an artist, author, or composer
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What is liability?
The state of being responsible for something, especially by law
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What is a Patent Troll?
Someone who gains patents for the sole purpose of suing people who infringe on their patents instead of making something
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What is personal property?
Tangible, movable property and intangible property
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What is right of partition?
Attribute of co-ownership which allows any co-owner to require the division, usually financial, of the property among the co-owners
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What is infringement?
Unauthorized copying, sale, display, or performance of a copyrighted work
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What is a legacy/bequest?
An amount of money or property that is left to someone in a will
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What is community property?
Property owned equally by spouses
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What is lost property?
Property that the owner unknowingly leaves somewhere or accidentally drops
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What is severalty?
Ownership in which one person owns all of the personal or real property involved
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What is fair use?
Limited use of copyrighted works by critics, researchers, news reporters, and educators
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What is joint tenancy?
The holding of an estate or property jointly by two or more parties, the share of each passing to the other or others on death
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What is a trade secret?
Unpatented formula or process not known to others and which is valuable in business
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What is mislaid property?
Property that is intentionally placed somewhere but then forgotten
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What is right of survivorship?
Right of one joint tenant to ownership of property when the other joint tenant dies
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What is trademark?
A unique word, mark, symbol, or device that identifies a product of a particular manufacturer or merchant
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What is residuary estate?
Assets in a deceased person’s estate after all gifts are bequeathed and debts, taxes, administrative costs, probate fees and court costs are paid
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What is per capita?
The share of any beneficiary that precedes you in death is shared equally among the remaining beneficiaries
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