Intellectual property consists of the rights to an intangible creation made by a human mind that is protected under the law. Intellectual property issues have to deal more with trademarks, patents, and copyright concerns. The intangible nature of intellectual property makes it easier for individual to steal or counterfeit these creations through cyberspace. For example the rising crime of cyber piracy especially when it comes to copyrights of music or films is always a consistent threat to companies. Personal property can be tangible and moveable for instance a radio or intangible, for example accounts with access to monetary obligations. Some issues that occur when individual may acquire personal property is purchasing it through unsecured credit. A creditor can provide unsecure credit to the debtor or purchaser to obtain personal property.
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The creditor is not concern to guarantee a secure loan but makes the decision to extend the credit on the credit status of the debtor. The creditor has the right to sue the debtor if he or she fails to pay back the loan in order to recuperate the unpaid loan total. On purchases of great monetary amounts the purchaser can utilize personal property as collateral for a loan making it a secured credit. If the debtor evades paying back the loan the creditor has the right to recover the collateral under a legalized foreclosure action. Real property consists of actual land and anything permanently attached to the land or buildings on it. Fraud is a huge issue for real property especially when it comes to the concept of contracts.
According to the Statue of Frauds an agreement transfer of rights to a real property must always be in writing to be upholding by the law. The contract should be signed by the parties the terms and agreements are implemented on and a glossary defining these terms should be present in the written agreement. If the parties turn the contract into a lawsuit and there is no glossary present the courts can apply “standards of interpretation.” (Cheeseman, 2013)
Cheeseman, Harry R. (2013) Business Law: Legal Environment, online commerce, business ethics and international issues. 8th edition.