BUS LAW Week 4 Disc 1

Week 4 - Discussion Forum 1 List two characteristics of natural, intellectual, and personal property . Real Property: 1. Including tangible and immovable properties, such as brick-and- mortar structures and buildings. 2. Generally, it involves ownership of physical assets attached to the land. Intellectual Property: 1. A non-tangible and intellectually produced item, such as a patent, copyright, trademark, or trade secret. 2. Creates and protects original ideas, inventions, creative works, and branding. Personal Property: Characteristics: 1. Movable assets, such as vehicles, jewelry, money, and stocks, can be tangible or intangible. 2. A transfer of ownership or property sale can easily be accomplished. Explain the rights that owners of real, intellectual, and personal property have under the law. As an owner of real property, you have rights, including the right to possess the property and occupy it and the right to use, lease, sell, or transfer the property, subject to applicable zoning and land use laws. Recording ownership through a deed is generally necessary, and the requirements vary from jurisdiction to jurisdiction. As the intellectual property owner, you are entitled to rights such as the exclusive right to use, reproduce, distribute, and license your intellectual creations. You are also entitled to enforce these rights against your intelligent products' unauthorized use, distribution, and licensing. Among the rights of personal property owners are the rights to use and possess the property and the right to sell, transfer, or dispose of it by their wishes. List how each type of property is treated under the law. It is common for real property to be treated differently than other types due to their permanent location and significant impact on local communities. For orderly development to take place and protect public interests like safety and the environment, zoning, and land use regulations are essential. It is common for real property to be governed by complex laws regarding ownership, use, and transfer. Typically, the request is recorded through

deeds, but regulations differ by jurisdiction. In recognition of its role in promoting creativity and innovation, intellectual property is given unique legal protection. Creating new ideas and works in return for exclusive rights benefits society through technological advancements, artistic expression, and economic growth while benefiting the community as a whole as a whole. Intellectual property law consists of several laws, including patents, copyrights, trademarks, and trade secret laws. Protection is usually granted for a limited period of time. The flexibility of personal property laws results from the fact that movable assets can change owners frequently. Individual autonomy takes precedence over economic transactions in personal property law. It is possible to establish ownership through titles, deeds, or contracts, and some laws govern contracts, sales, and transactions concerning private property. Explain whether it is in the best interest of society to treat these types of property the same or differently. Because each of these classifications is vastly different, they should be viewed differently. The ownership, rules, and legality of all three have all separate aspects and it would not make sense to classify them together. Reference Rogers, S., & Seaquist, G. (2023). Essentials of business law (2nd ed.). The University of Arizona Global Campus.