Week 6: Real and Personal Property

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Question description

Week 6: Real and Personal Property

Just as laws have been enacted to protect creditors, debtors, investors, and agents, legislation also protects the rights of ownership. Whether it's the home you live in or the furniture inside, specific rules and guidelines outline the rights of ownership. As the owner, you have the right to use, sell, lease, transfer ownership, or even discard or destroy your property, within reason. The term property covers a wide gamut, from real estate to commodities, to intellectual ideas.

This week you will examine the different classifications of property and their legal definitions. You will review both the rights of ownership and the liabilities. You will also take an in-depth look at the Uniform Commercial Code (UCC) which was designed and developed to standardize legislation covering the right to sell or lease personal or real property.

Learning Objectives

Students will:
  • Classify real and personal property according to their characteristics
  • Articulate the rights of ownership, use, and transfer for both real and personal property, including the role of deeds in transferring real property
  • Evaluate other property issues, including degrees of ownership, co-ownership, and fixture concepts
  • Analyze the overall purpose, structure, goals, and primary detailed rules of the sales Article 2 of the Uniform Commercial Code
Photo Credit: [Westend61]/[None]/Getty Images

Learning Resources

This page contains the Learning Resources for this week. Be sure to scroll down the page to see all of this week's assigned Learning Resources. To access select media resources, please use the media players below and/or the course DVD (as applicable).

Required Readings

Miller, R. (2014). Business law today: The essentials (10th ed.). Mason, OH: Cengage Learning.

  • Chapter 10, "Sales and Lease Contracts"
  • Chapter 11, "Performance and Breach in Sales and Leases Contracts"
  • Chapter 23, "Personal Property, Bailments, and Insurance" (pp. 660–668 only)
  • Chapter 24, "Real Property and Environmental Law" (pp. 687–7 00 only)
  • Chapters 10 and 11 discuss sales and leases. The main focus of Chapter 11 is the establishment of the Uniform Commercial Code (UCC), and in particular Article 2, which deals with sales of goods and Article 2-A with governs contracts for the lease of goods. Chapter 11 continues on the topic of sales and leases, focusing on the obligations of the seller or lessor and recourses for breach of contract. The selection in Chapter 23 discusses the definition of personal property, how it can be acquired or transferred, and laws dealing with mislaid, lost, or abandoned property. Chapter 24 deals with the concept of real property, also called real estate and the laws governing ownership and transfer of ownership of property.

Required Media

Week 6 Overview

Note: The approximate length of this media piece is 14 minutes.








1. Discussion 1: Identifying Fixtures

As a real estate transaction occurs, one of the areas to be agreed upon by the parties is the designation of fixtures on the property in question. Toilets and light fixtures are generally considered by law to be a fixture that remains with the property, but what about appliances? Clarification must be made as to what each party is labeling as a fixture.

Consider the following scenario:

Assume that the owner of a restaurant business leases the space for the restaurant from the building's owner. Business for the restaurant has grown, and the owner of the business plans to move to a new location when the current lease expires.

After reviewing the scenario and the Resources for this week, respond to the following:

  • Which items might there be an issue over whether or not they have become fixtures?
  • What are the primary factors that the courts use in determining if a particular item is a fixture?
  • In what circumstances other than a lease situation can it be important to identify why a particular item is considered to be a fixture? Give examples.

With these thoughts in mind:

By Day 3

Post an initial statement that expresses your thoughts on the role of fixtures and property rights. The length of your response(s) should be a minimum of 150 words.


2. Discussion 2: Transfer of Real Property

Transfer of property is another area of real property where specific legal requirements have been enacted. The goal is to protect both parties in the transaction, as well as ensure that all necessary steps and conditions have been fulfilled.

Consider the following scenario:

    John and Mary have recently celebrated their 50th anniversary, which has made them think about the vacation retreat that they have near a Colorado ski resort on the bank of a river. They have spent many happy hours and created lasting family memories. Now, as they are getting older, the couple would like to transfer ownership of the home to their three adult children before the couple passes away, rather than as part of a will. The parents want to restrict their children from being able to sell the property.

You know the following:

  • They have three adult children as follows:
  • Ann: 45, married, with three children, ages 12 and 10
  • Barb: 42, married, with three children, ages 15 and 12 (from first marriage), and age 3 (from current [second] marriage)
  • Charlie: 39, divorced, no children
  • Ann's marriage seems stable after 21 years
  • Barb has been married 5 years to her second husband; her marriage seems less stable than Ann's
  • Barb and her first husband have a difficult time working together raising the two children from that marriage
  • Charlie has had a number of girlfriends over the years. He got married at age 32 after dating his wife for 5 years, but once married, their relationship rapidly deteriorated and they were divorced within 2 years of getting married.
  • The property is worth approximately $1 million, and there is a mortgage loan on the property which has a remaining balance of $120,000 and 8 years remaining, with payments of $1,600 per month.
  • The house has four bedrooms and a sleeping loft that can sleep six in bunk beds.

In addition, John and Mary also desire the following:

  • They want to be sure that the property does not get out of the family.
  • They want to get this taken care of before they die so that their children don't have to worry about it.
  • They want to continue to have priority to use it when they want to. They use it less often than in the past, but nonetheless want to have first option to use it for any particular time, such as, for example, the third week of October.
  • All of the grandchildren like visiting the property, so John and Mary want to be sure that the house belongs to the grandchildren when their parents (Ann, Barb and Charlie) are deceased.
  • Because they are not otherwise making their children pay for the property, John and Mary would like their three children to assume the payments on the loan.

After reviewing this information, respond to the following:

  • Discuss the ways that John and Mary could accomplish their goals.
  • Discuss the advantages and disadvantages of different approaches; as well as risks that the goals might not be reached.
  • Discuss any additional information that would be helpful in deciding the best alternative.

With these thoughts in mind:

Post an initial statement that expresses your thoughts on pursuing bankruptcy. The length of your response(s) should be a minimum of 150 words.



Welcome to the Week 6 podcast for the course Advanced Business Law. This week’s topic is “Real and Personal Property.” Just as laws have been enacted to protect creditors, debtors, investors, and agents, legislation also protects the rights of ownership. Whether it’s the home you live in or the furniture inside, specific rules and guidelines outline the rights of ownership. As the owner, you have the right to use, sell, lease, transfer ownership, or even discard or destroy your property, within reason. The term property covers a wide gamut, from real estate to commodities, to intellectual ideas. This week, you will examine the different classifications of property and their legal definitions. You will review both the rights of ownership and the liabilities. You will also take an in-depth look at the Uniform Commercial Code (UCC) which was designed and developed to standardize legislation covering the right to sell or lease personal or real property. By the end of this week you will be able to: • Classify real and personal property according to their characteristics • Articulate the rights of ownership, use, and transfer for both real and personal property, including the role of deeds in transferring real property • Evaluate other property issues, including degrees of ownership, coownership, and fixture concepts • Analyze the overall purpose, structure, goals, and primary detailed rules of the sales Article 2 of the Uniform Commercial Code Let’s look at an overview of the resources that you’ll be using this week. This week’s topic is “Real and Personal Property.” Read Chapter 11, titled “Sales and Leases: Formation, Title, and Risk”; Chapter 12, titled “Sales and Leases: Performance and Breach”; Chapter 23, titled “Personal Property, Bailments, and Insurance”; and Chapter 24, titled “Real Property and Environmental Law,” from the course text Business Law Today: The Essentials. Chapters 11 and 12 discuss sales and leases. The main focus of Chapter 11 is the establishment of the Uniform Commercial Code (UCC), and in particular Article 2, which deals with sales of goods and Article 2-A with governs contracts for the lease of goods. Chapter 12 continues on the topic of sales and leases, focusing on the obligations of the seller or lessor and recourses for breach of contract. The selection in Chapter 23 discusses the definition of personal property, how it can be acquired or transferred, and laws dealing with mislaid, lost, or abandoned property. Chapter 24 deals with the concept of real property, also called real estate and the laws governing ownership and transfer of ownership of property. This week, you will participate in two Discussions. Here is the prompt for the first topic, “Identifying Fixtures”: As a real estate transaction occurs, one of the areas to be agreed upon by the parties is the designation of fixtures on the property in question. Toilets and light fixtures are generally considered by law to be a fixture that remains with the property, but what about appliances? Clarification must be made as to what each party is labeling as a fixture. Consider the following scenario: Assume that the owner of a restaurant business leases the space for the restaurant from the building’s owner. Business for the restaurant has grown, and the owner of the business plans to move to a new location when the current lease expires. After reviewing the scenario and the Resources for this week, respond to the following: • For which items might an issue arise over whether or not they have become fixtures? • What are the primary factors that the courts use in determining if a particular item is a fixture? • In what circumstances other than a lease situation can it be important to identify why a particular item is considered to be a fixture? Give examples. With these thoughts in mind: Post an initial statement by Day 3 that expresses your thoughts on the role of fixtures and property rights. The length of your response should be a minimum of 150 words. Read a selection of your colleagues’ postings. Respond by Day 5 to two or more of your colleagues' postings in Discussion 1 in one or more of the following ways: • Ask a probing question. • Share an insight from having read your colleague’s posting. • Offer and support an opinion. • Make a suggestion. • Expand on your colleague’s posting. Return to this Discussion in a few days to read the responses to your initial posting. Note what you learned and the insights you gained as a result of the comments your colleagues made. Be sure to support your work with specific citations from the Learning Resources and any additional sources. Here is the prompt for the second Discussion topic, “Transfer of Real Property”: Transfer of property is another area of real property where specific legal requirements have been enacted. The goal is to protect both parties in the transaction, as well as ensure that all necessary steps and conditions have been fulfilled. Consider the following scenario: John and Mary have recently celebrated their 50th anniversary which has made them think about the vacation retreat that they have near a Colorado ski resort on the bank of a river. They have spent many happy hours and created lasting family memories. Now, as they are getting older, the couple would like to transfer ownership of the home to their three adult children before the couple passes away, rather than as part of a will. The parents want to restrict their children from being able to sell the property. You know the following: • They have three adult children as follows: • Ann: 45, married, with three children, ages 12 and 10 • Barb: 42, married, with three children, ages 15 and 12 (from first marriage), and age 3 (from current [second] marriage) • Charlie: 39, divorced, no children • Ann’s marriage seems stable after 21 years • Barb has been married 5 years to her second husband; her marriage seems less stable that Ann’s • Barb and her first husband have a difficult time working together raising the two children from that marriage • Charlie has had a number of girlfriends over the years. He got married at age 32 after dating his wife for 5 years, but once married, their relationship rapidly deteriorated and they were divorced within 2 years of getting married. • The property is worth approximately $1 million, and there is a mortgage loan on the property which has a remaining balance of $120,000 and 8 years remaining, with payments of $1,600 per month. • The house has four bedrooms and a sleeping loft that can sleep six in bunk beds. In addition, John and Mary also desire the following: • They want to be sure that the property does not get out of the family. • They want to get this taken care of before they die so that their children don’t have to worry about it. • They want to continue to have priority to use it when they want to. They use it less often than in the past, but nonetheless want to have first option to use it for any particular time, such as, for example, the third week of October. • All of the grandchildren like visiting the property, so John and Mary want to be sure that the house belongs to the grandchildren when their parents (Ann, Barb and Charlie) are deceased. • Because they are not otherwise making their children pay for the property, John and Mary would like their three children to assume the payments on the loan. After reviewing this information, respond to the following: • Discuss the ways that John and Mary could accomplish their goals. • Discuss the advantages and disadvantages of different approaches; as well as risks that the goals might not be reached. • Discuss any additional information that would be helpful in deciding the best alternative. With these thoughts in mind: Post an initial statement by Day 5 that expresses your thoughts on transferring ownership. The length of your response should be a minimum of 150 words. Read a selection of your colleagues’ postings. Respond by Day 7 to two or more of your colleagues' postings in Discussion 1 in one or more of the following ways: • Ask a probing question. • Share an insight from having read your colleague’s posting. • Offer and support an opinion. • Make a suggestion. • Expand on your colleague’s posting. Return to this Discussion in a few days to read the responses to your initial posting. Note what you learned and the insights you gained as a result of the comments your colleagues made. Be sure to support your work with specific citations from the Learning Resources and any additional sources. This week, you will complete two Application Assignments. The topic of the first assignment is “Bankruptcy Negotiations Group Simulation.” The final submission of the overall plan for the bankruptcy is due by Day 4. Your written assignments must follow APA guidelines. Be sure to support your work with specific citations from this week’s Learning Resources and additional scholarly sources as appropriate. Save your Application as a “.doc” or “.rtf” file with the filename “APP6A+last name+your first initial”. For example, Sally Ride’s assignment filename would be “APP6ARideS”. Use the Submit an Assignment link, choose the Week 6: Application 1 Dropbox, and then add your Application as an attachment. Submit your Application Assignment to the Dropbox by Day 7. The topic of the second Application Assignment is “The Uniform Commercial Code.” The Uniform Commercial Code (UCC) of the United States was first enacted in 1952 to conform and regulate sales and commercial transactions across all 50 states, the District of Columbia, and U.S. territories. Probably the most referenced sections of the UCC are Articles 2 and 2a which deal with sales and leases and what constitutes a binding legal contract. After reviewing your resources for this week, prepare a 1- to 2-page response to the following: • What are the general goals and purposes of Article 2 of the UCC? • What is the greatest impact of the UCC on business in the United States? • Why is it important that contract law for the sale of goods be the same in every state? • How are contracts easier to form under the UCC than under the common law of contracts? • What is needed to create an irrevocable offer? Your written assignments must follow APA guidelines. Be sure to support your work with specific citations from this week’s Learning Resources and additional scholarly sources as appropriate. Save your Application as a “.doc” or “.rtf” file with the filename “APP6B+last name+your first initial”. For example, Sally Ride’s assignment filename would be “APP6BRideS”. Use the Submit an Assignment link, choose the Week 6: Application 2 Dropbox, and then add your Application as an attachment. Submit your Application Assignment to the Dropbox by Day 7. This week, you will complete a Tutorial Quiz. It is recommended that you complete the Tutorial Quiz by Day 7 of the week. Congratulations! You have completed the course, Advanced Business Law. Remember to submit the Course Evaluation by Day 7.

Tutor Answer

Robert__F
School: UC Berkeley

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Anonymous
Good stuff. Would use again.

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