15. The distinction between freeholds and leaseholds.

English-speaking jurisdictions generally distinguish between real property and personal property. Real property is a general term for land, tenements and hereditaments. On the other hand, personal property refers to everything which does not fall under the heading of real property. This brief summary addresses key terms in relation to real property.

Real property can be divided into freehold estates and leaseholds. Freehold estates are those whose duration is not determined. By contrast, the duration of a leasehold is fixed or capable of being fixed. Essentially, there are four types of freehold estate: the fee simple, the fee tail, the life estate and the estate pur autre vie.

As its name suggests, a fee simple refers to a whole interest in a piece of real property and may pass through sale. inheritance or reversion, i.e. when the owner dies and there are no persons alive who have the right of inheritance. the property reverts to the State. Reversion is also referred to as an escheat. A fee tail is an inheritable estate which lasts as long as the original grantee or any of his descendants live. A life estate is an estate granted only for the life of the grantee. When the life tenant dies, the remaindermen take possession, or the land reverts (see above). An estate pur autre vie is similar to a life estate, except that the estate is granted for the life of someone other than the grantee.

A leasehold is generally created through what is referred to as a lease, which is a contract for exclusive possession, generally for a term of years, usually for a specified rent or compensation. A leasehold should not be confused with a licence. The crucial test for determining whether a lease or a licence has been created is whether there is exclusive possession. If there is no exclusive possession, there is no leasehold. A good example of this is where the property remains in the control of the grantor, such as in the case of a hotel room or dormitory.

Generally speaking, the Statute of Frauds requires that agreements regarding the sale of or interests in land must be in writing to be enforceable. In respect of leases, the Statute of Frauds for a particular jurisdiction will specify that leases for more than a certain number of years must be in writing to be enforceable, e.g. three years in England. For land sales, the Statute of Frauds requires a formal writing.

There are numerous other areas of real property law which commercial lawyers deal with on a day-to-day basis. Real property law includes such things as easements, usufructs, mortgages and other financing measures.

16. The major types of Intellectual Property Law.

Intellectual property is an expansive and rapidly changing area of the law which deals with the formulation, usage and commercial exploitation of original creative works. A majority of the issues that arise within this area revolve around the boundary lines of intangible property rights and which of those rights are afforded legal protection. The abstract quality of the property rights involved presents a contrast to other areas of property law. Furthermore, the rapid changes occurring in this field raise topical debates over such things as gene patenting. Genetically modified food and peer-to-peer networking (e.g. music piracy on the Internet).

Traditionally, intellectual property rights are broken down into three main areas: patents, trademarks and copyrights. Other areas which warrant mentioning are trade secrets, design rights and the concept of passing off.

A patent is a monopoly right in an invention. Patent law is regulated in various jurisdictions through legislation. A patent must be granted pursuant to the relevant legislation in order to create the monopoly in the invention. Once the patent is granted, the protection remains in force for a statutory period of years, e.g. 20 years in the UK. Most patent legislation requires that a patentable invention: 1) is novel; 2) involves an inventive step; 3) is useful or capable of industrial application; and 4) is an invention or, in the US, non-obvious. Many things are excluded from patentable subject matter due to unsuitability, public policy and morality.

A registered trade mark is similar to a patent in that it provides the holder with an exclusive right to use a 'distinctive' mark in relation to a product or a service. A common aspect of applicable legislation is that the mark must be distinctive. In other words, it must be capable of functioning as an identifier of the origin of the good and thereby avoid confusion, deception or mistake. Deception has been deemed to include. for example, the use by another of a domain name that is substantially similar to the trade mark, so-called cybersquatting.

Copyright is a right subsisting in original literary, dramatic, musical and artistic works and in sound recordings, films, broadcasts and cable programmes, as well as the typography of published editions. Copyright holders possess economic rights associated with their works, including the essential right to prohibit unauthorised use of the works. The most common requirements for copyright protection are that the work must be in material form (I.e. not just an idea) and it must be original in the sense that the work 'originates' from the relevant author. Copyright only provides a partial monopoly in a work, as various rules provide exceptions by which a work may be copied without infringing on the rights of the author. A good example of such an exception is the right of fair use recognised in the United States.