01:220:395 Lecture Notes - Lecture 11: Adverse Possession, Bargaining, Non-Disclosure Agreement

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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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find more resources at oneclass.com