Business Law Ch. 44

Personal property

All tangible property other than real property

Gift

A voluntary transfer of property from one person to another, without consideration

Donor

A person who gives property away

Donee

A person who receives a gift of property

Inter vivos gift

A gift made during the donor's life, with no fear of impending death

Gift causa mortis

A gift made in contemplation of approaching death

Finding statutes

Laws that govern found property. Also known as estray statutes

Accession

Occurs when one person uses labor, materials, or both to add value to personal property belonging to another person

Bailment

The rightful possession of goods by one who is not the owner, usually by mutual agreement between the bailor and bailee

Constructive bailment

A bailment that occurs without an agreement between the bailor and bailee. Also known as involuntary bailment

Common carrier

A company that transports goods and makes its services regularly available to the general public

Contract carrier

A company that transports goods for particular customers