LEGL 2700 Test 3
Property
the legal right to exclude others from resources that are originally possessed or are acquired
without force, theft, or fraud
What does "exclude" mean in the definition of property?
You can have police or courts keep someone from interfering with your property
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What does "resources" mean in the definition of property?
Resources include anything that someone may need or want. Property protects the physical
things as well as the uses of those things.
What does "originally possessed" mean in the definition of property?
Resources that come from you such as your work or expressions.
What does "without force, theft, or fraud" mean in the definition of property?
If someone illegally takes something that belongs to others, they lack the protections of the
legal fence regarding those resources.
Property is _____ but not _____, and its boundaries can be _____.
Property is absolute but not infinite, and its boundaries can be ambiguous
You can legally seek police or the courts to protect resources or you can't. The uses
protected by the legal fence don't last forever.
Three Faces of Property
, private, public, and common
How does property provide prosperity?
Provides an incentive, helps establish necessary conditions for capital formation, it makes
resources easily divisible.
Mortgage
A transfer of an interest in property for the purpose of creating a security for a debt.
A type of security interest in land, usually securing an extension of credit.
Three types of property
Book: Real, Tangible (physical), and Intangible
Roessing: Real, Personal, and Intellectual
Real property
Land, right to access land, "fixtures"
(Land and things attached to land)
Personal Property
All property that does not involve land and interests in land.
(Movable resources)
Ex: "chattels" under common law, cars, phones, cash, etc.
Intellectual Property
Something that represents value but has no physical attributes
Ex: copyright, patent, Trademarks, Trade Secrets
Briggs V. Southwestern Energy Production Co. (2020)
Briggs family owned property in northeastern Pennsylvania and did not lease their land to
natural gas extractors. Southwestern Energy Production Co used hydraulic fracturing
technique to extract gas from Briggs property by pulling it over to the adjacent land. Briggs
sued Southwestern for trespass for intruding on their subsurface rights and taking "their"
natural gas. Court had to determine whether Southwestern's acts were protected by "rule of
capture"
Property
the legal right to exclude others from resources that are originally possessed or are acquired
without force, theft, or fraud
What does "exclude" mean in the definition of property?
You can have police or courts keep someone from interfering with your property
Previous
Play
Next
Rewind 10 seconds
Move forward 10 seconds
Unmute
0:04
/
0:15
Full screen
Brainpower
Read More
What does "resources" mean in the definition of property?
Resources include anything that someone may need or want. Property protects the physical
things as well as the uses of those things.
What does "originally possessed" mean in the definition of property?
Resources that come from you such as your work or expressions.
What does "without force, theft, or fraud" mean in the definition of property?
If someone illegally takes something that belongs to others, they lack the protections of the
legal fence regarding those resources.
Property is _____ but not _____, and its boundaries can be _____.
Property is absolute but not infinite, and its boundaries can be ambiguous
You can legally seek police or the courts to protect resources or you can't. The uses
protected by the legal fence don't last forever.
Three Faces of Property
, private, public, and common
How does property provide prosperity?
Provides an incentive, helps establish necessary conditions for capital formation, it makes
resources easily divisible.
Mortgage
A transfer of an interest in property for the purpose of creating a security for a debt.
A type of security interest in land, usually securing an extension of credit.
Three types of property
Book: Real, Tangible (physical), and Intangible
Roessing: Real, Personal, and Intellectual
Real property
Land, right to access land, "fixtures"
(Land and things attached to land)
Personal Property
All property that does not involve land and interests in land.
(Movable resources)
Ex: "chattels" under common law, cars, phones, cash, etc.
Intellectual Property
Something that represents value but has no physical attributes
Ex: copyright, patent, Trademarks, Trade Secrets
Briggs V. Southwestern Energy Production Co. (2020)
Briggs family owned property in northeastern Pennsylvania and did not lease their land to
natural gas extractors. Southwestern Energy Production Co used hydraulic fracturing
technique to extract gas from Briggs property by pulling it over to the adjacent land. Briggs
sued Southwestern for trespass for intruding on their subsurface rights and taking "their"
natural gas. Court had to determine whether Southwestern's acts were protected by "rule of
capture"
