LEGL 2700 Lecture 8: Property Law
16 Feb 2017
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Document Summary
What is property: a situation in which the owner has a legal right to exclude others from using a resource that you lawfully posses. Resource: anything that has value to somebody in the world. Different legal rules apply to different types of property: real property: Fixtures: something that is semi-permanently attached to land (a house) Anything fixed to land is included in sales: personal property. Acquisition of property: acquisition through exchange. Ex: buying something with money, getting paid for a service. You own something because i am physically holding it. If nobody has ever possessed legal claim over a resource, the first person to possess it becomes the owner. If original owner abandons property, the next person to grab it has legal ownership of it. Mislaid: intentionally placed, then forgotten about: goes to owner of premises of where it is found. Lost: unintentionally placed and not retrieved: goes to the person who picked up the lost item.
