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Summary Canadian Business Law, chapter 10, ISBN: 9781772552812 BUSI2601
Summary Canadian Business Law, ISBN: 2812 BUSI2601 Summary of Chapter 10
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CANADIAN BUSINESS LAWPROPERTY LAW
● Property law is a collection of rules that confer rights of ownership, possession, and
transferability over things
● Property - something in which one has a legal interest with right to possess or use it to the
exclusion of others
● Right to: possess & use property, prevent others from possessing it & transfer property rights
to others
Public Property - things owned by the government for the benefit of society
Private Property - Things owned by individuals, businesses, or other organisations
Types of Property
1. Real property - immovable things (i.e. real estate), including land and buildings that includes
any attachments to land or buildings
2. Personal property - tangible (chattels) and intangible items (choses in action)
a. Tangible property includes real property and things relating to personal property that
are movable
b. Intangible property - things that one has the right to but that has no physical substance
i. Its value is not present in the physicality, including goodwill - a business’
good reputation with customers and negotiable instruments
3. Intellectual Property - rights that arise from the product of a person’s mental efforts and
come in forms of copyright, patents, trademarks, and trade secrets
Importance of property law
Property law helps manage risk and offers advantage of:
1. Defining areas where the business may be vulnerable to loss
a. It defines the rights of both the business and the customers in relation to the property,
and the extents of requiring protection
2. Allows ownership and possession to be split
3. Promotes the lending and borrowing of money, as ownership of land, machinery and
inventory facilitates borrowing. For land, the security is called mortgage and for machinery
and inventory its called security interest
4. Allows innovation to flourish. Protects creators from having their work misappropriated by
others.
Personal Property
Bailment - legal relationship that arises when personal property is borrowed, rented, stored, or found
by a person other than its owner
● Addresses important legal obligations as the storage and movement of goods from
manufacturer to the end user, and the rightful possession for purpose of service or repair
● Owner is the bailor and the person in temporary possession is the bailee
● Bailor can sue the bailee for tort of negligence if good is damaged in their care
● To avoid liability, the bailee has to prove they exercised due diligence with respect to the
goods
● Bailor has duty of take to ensure the goods don't harm the bailee and must warn of any defect
, Lucrative bailment
● Most common type of bailment, where both the bailor and bailee receive a benefit from
bailment
● Includes transactions such as renting storage units or warehouse space, leasing vehicles or
equipment and using mail or couriers
● Bailment for repair service
● Consignment - act of giving over possession of used goods to another but retaining legal
ownership in them, until they are sold - ex. Shop gets commission for selling clothes of
another owner
● Parking lots - ex. Valet parking or parking space rental by hour. Parking lot operators use
exemption clauses to limit their liability for any damages to the vehicles
Liability for lucrative bailment
● A contract dictates the terms of bailment relationship, where the parties will resort to common
law bailment rules only if the contract is silent on an issue
● Commercial storage of goods will use exemption clauses
Effect of payment to bailee on standard of care
● If a bailee receives payment to possess the bailed goods, the bailee has a duty to preserve the
value of the goods, and the more valuable the item, the higher the standard of care.
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