01:220:395 Lecture Notes - Lecture 11: Adverse Possession, Bargaining, Non-Disclosure Agreement
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2/26/2016
Damages and Injunctions
•damages
◦make the plaintiff whole; backward looking
•injunctions
◦enjoin the defendant to do or refrain from doing a specific act; forward looking
Injunction
•an injunction does not prevent the invasion, only from occurring without the plaintiff’s
permission
Injunction/Damages
•failure to pay judgments by the defendant may result in property seized and sold
•failure to abide by an injection constitutes an insult to the authority of the court
•contempt of court may result in imprisonment until the defendant agrees to the court order
Public Good
•non-rivalry
•non-excludability
Public Good
•everyone obtains the benefit
•cannot exclude anyone
•one’s use does not detract from others
•example: national defense
Private Good
•one person’s consumption makes it unavailable to others
•only consumers obtain benefit
•rivalry
•excludability
•example: consumer goods
Common Resource
•a resource not owned by anyone
•example: ocean, moon, etc
Tragedy of the Commons
•a shared common resource and rational economic behavior, eventually depletes the common
resource
Adverse Possession
•owner “sleeps on the rights”
•property rights are abandoned and new owner takes possession
•example: abandoned land, abandoned ship
Lost/Found Items Procedure:
•find an object
•go to court
•sign a document
•time period elapses
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•if no response new ownership is established
Rule of First Possession
•who first possesses the property owns the property
•example:
◦new calf belongs to the mother
◦land shift in a river bank belongs to the owner of the river bank
◦internet brand name belongs to the original owner
Possession Exception
•transfer can convey only the property rights that are legitimately own
•rights to stolen property cannot be transferred
Economics of Property Law
•what property can be owned?
•how are owner’s rights established?
•what may owners do with their property?
•what are the remedies for violations of property rights?
Possession
•exclusive practical control of a thing, in the context of the legal implications of that control
Rights
•entitlements or permissions usually of a legal or moral nature
What Property Can Be Owned?
•intellectual property
•organizational property
•public and privater property
Intellectual Property
•patents
•copyrights
•trademarks
•trade secrets
Patents
•establish ownership rights to inventions, processes, and technical movements
•20 years protection
Copyrights
•grant ownership to authors, artists, and composers.
•protection for owner’s life + 70 years
◦70 years after the owner’s life
Trademarks
•federal trademark act of 1946
•application submitted to the U.S. trademark office
•if approved, may use “R CIRCLE” after name
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•helps consumer identify quality of product
•duration = forever
Trade Secrets
•business practice in which commercial enterprises have a property interest
•contract established between business and employee to protect those rights
•employees sign an “NDA”
◦non-disclosure agreement
How Are Owner’s Rights Established?
•bargaining theory
moves a resource from someone who values it less to someone who values it more
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