 Hello, it's Waylon Chow and this is Real and Personal Property, Module 6A, Part A. In this part, we will look at the different types of property in law and focus on personal property. In particular, how do you acquire and lose rights over tangible personal property? Let's look at the types of personal property recognized in law. There are two general types, real property and personal property. Real property is considered to be immovable while personal property is movable. Real property is immovable because it is essentially land. A piece of land is where it is, you cannot move it. Also included in real property is anything attached to land which most notably includes buildings and houses. Personal property or movable property includes tangible and intangible property. Tangible property is also called goods or chattels. These are things that you can actually touch and hold like cars, electronic equipment, or even live animals, pets and farm animals. Intangible property has to do with legal rights that you may own. For example, if someone gives you a check, a check is tangible in the sense that it is a piece of paper, but its real value has to do with the legal rights that are attached to having that check, essentially. It gives you a right to go to the bank and exchange that check for cash. Also included most notably in intangible property is any kind of intellectual property which we will deal with in the next module. Things like computer software. While the computer itself is tangible, the software that runs it, the computer code is intellectual property that is owned by someone. Other pieces of intellectual property could be a copyright over music or films or TV shows. All of that is intangible, intangible personal property that someone can have a legal right over. We're going to look at now the various different ways of acquiring and losing ownership or legal rights over tangible personal property. So we have two people. First person is Claire and the other is Bria. Bria is the proud owner of that bike. And Bria wants to sell her bike to Claire for $100. And Claire is very willing to purchase it and hands over $100 to Bria. So because of that exchange, the ownership of the bike has transferred from Bria to Claire. So what's happened here is a purchase by Claire and a sale by Bria through a contract that they've entered into. Let's say now that instead of selling the bike to Claire, Bria wants to just give it to her for free. So she offers the bike for free to Claire and Claire is very willing to take it and is actually very thankful for that. And Bria hands over the bike to Claire. So what has happened here is a gift. The ownership has transferred from Bria to Claire by way of gift. Let's say Bria now absolutely hates her bike and she wants to throw it up. So she picks it up and flings it into the dumpster. So that's called an abandonment. And Claire happens to be walking by the dumpster and sees the bike. And she actually likes the bike and she takes it out and brings it home for her to use. So she's taken possession of the bike and she's become the new owner of that bike. Let's now say that Bria has lost her bike and can't find it. And Claire finds that bike and takes it back home to use as her own. Remember the phrase finders, keepers, losers, weepers? We do know that that phrase might be law on a playground, but is it actual real law? So under property law, Claire as the finder has a right to possess and use that bike over and above anyone else in the world except the actual true owner of the bike which is still Bria. So if Bria finds out that Claire has her lost bike and Bria wants that bike back and Claire legally has to give the bike back to Bria. So the last part of that phrase finders, keepers, losers, weepers? The last part, losers, weepers is not correct law. The Bria as the original owner has a legal right to get the lost property back from Claire. If Bria creates the bike on her own from spare parts, then as the creator she is the first owner of that bike.