{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Ch. 7 - Chapter 07 The Property-Based Legal System ANSWERS...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 07 - The Property-Based Legal System ANSWERS TO REVIEW QUESTIONS AND PROBLEMS - CHAPTER 7 THE PROPERTY SYSTEM 1. The Problem of Limited Resources (a) To deal with the problem of limited resources. (b) State planning and private individual decision-making. 2. Property and Prosperity It provides greater incentive to develop resources. 3. Two Basic Divisions of Property The main distinctions involve greater formalities in identifying and transferring resources subject to real property. Manufacturing equipment is subject to personal property if it is movable and not identified with the land on which it is found, but it may be a fixture and thus become subject to real property if it is affixed to the land where it is used. ACQUIRING RESOURCES IN A PROPERTY SYSTEM 4. Acquiring Resources Through Exchange (a) The law of contract. (b) Contract law helps provide certainty in resource exchanges, especially executory ones. 5. Acquiring Resources Through Possession (a) Original possession, first possession, and adverse possession. (b) Because a fence indicates possession within the fence and Hardwood does not want Pulpwood to become an owner through adverse possession in case the fence is really on Hardwood’s land. Even if the fence is on Hardwood’s land, it need not be torn down. Hardwood could always give or sell a license to Pulpwood to keep the fence where it is. 6. Acquiring Resources Through Confusion (a) The explanation should discuss wrongful confusion. (b) Property is all about the legal right to exclude others from what is “proper” to me and to you. Without adequate boundaries to a resource it would be impossible to identify what is “mine” versus what is “yours.” 7-1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Chapter 07 - The Property-Based Legal System 7.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}