consists of legally protected rights and interests a person has in anything with an ascertainable value that is subject to ownership. 

Real property  

includes land everything permanently attached to it

Personal property 

is both tangible and intangible. 

A fixture 

is personal property that becomes permanently affixed to real property. 

Production: 

Writers,inventors, manufacturers, and others who produce personal property acquire title to it. 

Gifts:  

voluntary transfer of property ownership from Donor (owner) to Donee (recipient) for no consideration. 

Mislaid Property: 

Voluntarily placed somewhere, then inadvertently forgotten. 

Lost Property: 

Involuntarily left. 

Abandoned Property: 

Discarded by true owner with no intention of recovering. 

Common Carriers. 

Publicly licensed to provide transportation services to general public. 

Developing: 

Legislation Prohibiting Takings for Economic Development. 

RestrictiveCovenants: 

aprivate restriction on the use of land and is generally binding on the purchaser of the land because it “runs with the land” as stated in the deed. 

Inverse Condemnation. 

Government takes land without paying compensation at all. 

Risk.

Prediction concerning potential loss based

on known and unknown factors. 

Risk Management: 

Involves the transfer of certain risks from the individual to the insurance company by a contractual agreement. 

Property Insurance: 

insured derives a pecuniary benefit from preservation and continued existence of certain property. 

• Bilateral  

• Offeree must only promise to perform (“promise for a promise”). 

• Offeree can accept the offer only by completing the contract performance (“a promise for an act”). Irrevocable: Offer cannot be revoked once performance has begun. 

• Executed 

• A contract that has been fully performed on both sides. 

• Executory  

• A contract that has not been fully performed on either side. 

Valid: 

agreement, consideration, contractual capacity, and legality. 

Void:

no contract.

• “Plain Meaning” Rule: 

•  courts will enforce contracts whose meanings are clear from the face of the instrument. 

• Agreement  

• offer and acceptance. 

Contract is judged by what a reasonable person in the Offeree’s position would conclude about the offer. 

Irrevocable Offers. 

Courts are generally unwilling to allow revocation when offeree has changed position based on justifiable reliance on the offer. 

Counteroffer by the Offeree. 

• Rejection of original offer and the

  simultaneous making of a new offer. 

• Mirror Image Rule 

• At common law, any change in terms automatically terminates the offer and substitutes the counteroffer. 

Bilateral Contract:  

Communication of acceptance is necessary because of mutual exchange of promises.

Unilateral Contract 

acceptance is

evident, notification not necessary. 

General Rule: 

acceptance is effective when offeree uses authorized means of acceptance.