Property is both a system of rights and the valuable things those rights concern. This lesson introduces the relationships among owners, objects, other people, and the state.
Property is not simply an object. It is a set of socially and legally recognized relationships concerning an object or resource. Depending on the kind of property and applicable rules, an owner may be able to use, consume, alter, share, rent, sell, exchange, transfer, give away, or destroy it. Owners may also have the right to exclude others from certain actions.
All flashcards
What is property?
Property is both a system of legally or socially recognized rights concerning valuable things and a term for the things themselves.
What is possession?
Possession is practical control over a resource, whether or not the possessor holds legal title.
What is title?
Title is a recognized claim or legal right of ownership that others are expected to respect.
What is a property regime?
It is the framework of laws, rules, and institutions mediating relationships among individuals, property, and the state.
How can multiple people hold rights in one object?
An agreement or legal arrangement can allocate different rights, such as occupancy, management, transfer, or exclusion, to different people.
Quiz questions
Which description best fits real property in common-law-influenced systems?Answer: Land, interests in land, and improvements attached to it.
What condition limits Locke's labor-based account of acquiring property?Answer: Enough and as good must be left in common for others.
Under the U.S. Takings Clause, what is generally required when government takes private property for public use?Answer: Due process and just compensation.
What makes a resource economically scarce?Answer: People desire more of it than is available.
Based on the Wikipedia article Property, licensed CC BY-SA 4.0. Adapted into a summary, flashcards and quizzes.