Property 1 - PROPERTY OUTLINE I. PROPERTY A. Property is a...

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PROPERTY OUTLINE I. PROPERTY A. Property is a group of rights that shrinks or expands as changed circumstances give rise to adoption, revision or repeal of legislative, judicial and administrative pronouncements B. It is a bundle of rights of what can be done with a thing , not the thing itself C. It is legal – legal relations between persons with respect to a thing D. An expectancy is not property, chance of winning is property Ex. Inheritance is not property, circumstances may change to prevent you from getting the property Ex2. lottery ticket is property E. Problems involving what is taxable as property 1. Blood transfusions and Organ transplants a) Is the party furnishing blood performing a service for a fee, selling a product or goods, or merely undergoing depreciation? b) What are the income tax and sales tax consequences of such activity? c) If A makes a contract to sell his blood to B for ten years for a certain amount of money and in the second year B figures out how to clone A’s blood and so stops paying A, A must show the money he has received thus far to get damages. B could revoke because the contract is like a license. GREEN: can one who is losing minerals – depletion – by donating blood plasma be compensated for such depletion? (no) The court ruled that the activity of donating blood plasma is a trade or business and expenses incurred while carrying on such business may be deducted. GARBER: In ruling that the plaintiff was not liable for failing to report her income from the sale of blood plasma the court ruled that the law on the issue was so obscure that no one would have known the law. Establishes the rule that sale of blood is taxable income. 2. Landlord v. Tenant prerogatives a) A case between two tenants is not binding on the landlord because he was not a party. Likewise, a case between a
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tenant and a landlord would not be binding on other tenants. b) When a lease is breached, the landlord does not have to mitigate damages or cover the lease (housing shortage now, landlords can get higher rent from the next tenant) c) One tenant cannot enforce another’s lease LOUISIANA LEASING CO.: Court ruled that the tenants were there first, and the new tenants should have taken the time to find out if their neighbors above were noisy. Modern apartments create auditory intimacy. The former issue is irrelevant; if there is too much noise, it doesn’t matter who came first, tenants just should not be making the noise. There is a statute not brought up by anyone that criminalizes the denial of a lease to a tenant w/ children. d) At-will lease: day to day, week to week, etc. In many respects at-will tenants have the same rights as regular tenants. The amount of notice is the amount of time reserved in the lease.
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Property 1 - PROPERTY OUTLINE I. PROPERTY A. Property is a...

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