PHYSICS 102 Lecture Notes - Lecture 15: Adverse Possession, Legal Certainty, Property Law
Document Summary
Relative (personal) rights: rights against a particular person, such as tort and contract rights. Absolute right: rights pertaining to an object, not a person, such as property rights. The tragedy of the commons is where individuals acting according to their self-interest behave contrary to the long-term interest of a group by depleting a common resource. It is less detrimental to the group if one person is made into the owner of the common resource as he can decide what to do with it. The owner could then give rights and permissions to the others if he wants to and receive money in exchange: property rights in civil and common law. Which specific property rights exist differs from one jurisdiction to another but property rights can be divided into subcategories: Secondary rights to acquire a property right. Civil law property: ownership, possession and detentorship. Usually, the owner is also the possessor of the thing.
