February 07, 2012
Understanding Tangible Property
This week team discussion involves understanding the tangible property right of a business. The business rights depends in the field of industry that companies conducts its businesses in. Some tangible are similar while others pertain uniquely to its industry. Discussion amongst the team member lead to the decision to undertake the retail industry such as Wal-Mart, Target, Best Buy and other major retailer organization in the country. The paper will bring about an identification of its tangible assets and the company needs to consecutively protect and identify these properties. Cheeseman stated that “Tangible properties have physical characteristics, such as building, goods, animals, and minerals” (Business Law, 2010, p. 739). Big retail stores like Wal-Mart, Best Buy, and Target suffers from theft and shoplifting on a daily basis in its daily operations. These thefts take in numerous forms, shoplifting of clothing from a department store, eating a grape from a grocery store, or purchasing stolen property is considered tangible. Theft of tangible property from any of these mentioned retailers is infringing on property rights. Retailers and grocery chains industries implement security measures to protect their profits and consumers, however; these measures cost the retailer industries millions of dollars in operation cost each year. Statistics figures from these companies states that “shoplifting occurs 330-440 million times per year at a loss of $10-13 billion dollars” (McGoey, 2011, p. 1). Additionally, retail giants like Wal-Mart, Target and Best Buy makes large investment to extend a comprehensive training of their managers and employees to protect its establishments from shoplifters and organize group that specializes in theft in big stores. These continuous training provides managers measures to stop these dilemmas so that it...