1. Law for Business and Personal Use © Thomson South-Western CHAPTER 15 Property and Its Acquisition 15-1Types of Property 15-2How Property Is Acquired and Held

2. Law for Business and Personal Use © Thomson South-Western Chapter 15 Slide 2 15-1 15-1 Types of Property GOALS Define property Identify the classifications of property

3. Law for Business and Personal Use © Thomson South-Western Chapter 15 Slide 3 FOCUS What is your definition of property?

4. Law for Business and Personal Use © Thomson South-Western Chapter 15 Slide 4 PROPERTY AND ITS CLASSIFICATION What is property? Classifications of property Real property Personal property Copyrights Trademarks and service marks Patents Trade secrets

5. Law for Business and Personal Use © Thomson South-Western Chapter 15 Slide 5 FEATURES OF INTELLECTUAL PROPERTY

6. Law for Business and Personal Use © Thomson South-Western Chapter 15 Slide 6 What are the two main classifications of property?

7. Law for Business and Personal Use © Thomson South-Western Chapter 15 Slide 7 15-2 15-2How Property Is Acquired and Held GOALS State the different ways of acquiring property Differentiate the various ways of holding ownership to property

8. Law for Business and Personal Use © Thomson South-Western Chapter 15 Slide 8 FOCUS How have you acquired property?

9. Law for Business and Personal Use © Thomson South-Western Chapter 15 Slide 9 WAYS OF ACQUIRING PROPERTY By contract By gift By intellectual labor By inheritance By accession By finding By occupancy

10. Law for Business and Personal Use © Thomson South-Western Chapter 15 Slide 10 Name the three most common means of acquiring property.

11. Law for Business and Personal Use © Thomson South-Western Chapter 15 Slide 11 HOW IS OWNERSHIP OF PROPERTY HELD? Ownership in severalty Co-ownership Joint tenancy Tenancy in common Tenancy by the entireties Community property Limitations on ownership

12. Law for Business and Personal Use © Thomson South-Western Chapter 15 Slide 12 TYPES OF CO-OWNERSHIP

13. Law for Business and Personal Use © Thomson South-Western Chapter 15 Slide 13 What are the two basic ways to hold property?