Contracts and Property Law
Team A
LAW/531
December 03, 2013
Contracts and Property Law
Today in global business, law contracts and property law are fundamentally responsible for shaping the overall success and market saturation of companies, regardless of their size and other environmental factors. More specifically, “business contracts are the basis of many daily activities and they provide the means for individuals and businesses to sell and otherwise transfer property, services, and other rights, without these forcible contracts commerce will inevitably collapse” (Cheeseman, 2013, pg.168). The focus of property law highlights various types of tenancy and ownership issues within personal and real property, which the common law legal system involves, so the brief below will distinguish and elaborate on the essential concepts of both to consider.
The three types of property are personal, real, and intellectual, which all have unique components that provide protection to the owner or business. “Property designates those things that are commonly recognized as being the possessions of a person or group” (Sinha, 2014). In today’s society, the idea of personal property is well known and more important in the economic arena, as personal property is movable and tangible functioning as an asset that can go with you from place to place.
Real property is a fixed asset. A person’s rights to personal property are more constricting than a person’s rights to real property. The law sanctions shorter limitations on personal property as they are intangible assets. Real property rights are imposable for a longer period.
Intellectual property is property created by the human mind. It can belong to one of two categories to include; industrial property, which encompasses patents, trademarks, and service marks or copyrights for artistic, scientific or literary works. Intellectual law governs some aspect of state law but mainly by federal law.
Appropriate...