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Unformatted text preview: 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 Hardwoods land. Even if the fence is on Hardwoods 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 Chapter 07 - The Property-Based Legal System 7. Acquiring Resources Through Accession...
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This note was uploaded on 09/21/2011 for the course LEGL 2700 taught by Professor Reed during the Spring '07 term at University of Georgia Athens.
- Spring '07