Business Law Chapter 16 Property and Acquisition

The ability to profit from real property is a property right.

• True

• False

Intellectual property is

• tangible

• intangible

• not capable of ownership

To be protected by law, a trade secret

• must be copyrightable

• must be patentable

• must be commercially valuable

• must have had efforts to keep it secret

• Both c and d

Under current law, a book written in 1980, whose author died in 2000, would no longer be protected after the year

• 2000

• 2030

• 2050

• none of the above

A novel, non-obvious, and useful idea can be patented.

• True

• False

Which of the following is not a property right?

• use

• possession

• alienation

• all of the above are property rights

The three elements of a successful gift are intent, _______________, and acceptance.

• delivery

• occupancy

• tenancy

• severalty

The right of an owner of property to all that property produces or to a significant increase that property is

• occupancy

• accession

• tenancy

Joint tenancy can only be severed with consent of all joint tenants.

• True

• False

Who has the right to possession of lost property when the true owner cannot be found?

• the owner of the place where the property is found

• the finder