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11 Cards in this Set

  • Front
  • Back
ferea naturae
feral or wild by nature
ratione soli
on account of or by
5 ways that property rights can be acquired
discovery, conquest, capture, creation and find
Three theories that justify having property rights
(1) first in time, first in right (2) labor theory (3) Social efficiency or wealth maximization theory
Three social goals property rights are constructed to meet
certainity, fairness, and efficiency
Certainty social goal
peace and order, minimize law suits, judicial economy
Wealth Maximization Theory
Incentives to promote efficient behavior, may be at odds with other goals (such as conservation), May lead to disincentives to innovate
Coase Theorem
In the abscence of transaction costs, parties will achieve an efficient result regardless of how the law assigned
The Perfect Property Right
Internalizes costs and benefits, facilitates transfer, prevents disputes by promoting certainity, prevent disputes through "fairness", increases social wealth
4 Elements of Adverse Possession
(1)actual entry giving exclusive possession
(2)open and notorious
(3)adverse (under claim of right)
(4)continous for the statutory period
Three keys of Actual Entry Giving Exclusive Possession
- starts the clock running on statute of limitations (SOL)
- exclusive of the owner
- if tacking is allowed, may not be current adverse possessor in possession