LEGL 2700 Lecture Notes - Lecture 7: Reverse Engineering, Bailment, Nuisance
7 Feb 2018
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Document Summary
Property law is most fundamental that sets rule for economy, capitalism, and all business activity in the us. Property- something you own by paying for it, stopping someone else from using it. Property is some sort of resource that you have the lawful right to prevent others from using. Resource is anything at all that somebody in the world places some sort of value, anything of value in someone"s mind, anything someone values. Need rules to allocate resources among population for order in society. Communism or socialism- everyone owns the same amount. Government can use the people and control what labor they do. Individuals own resources and government enforce property rights. We have to respect rules and each other property. Whoever is the highest bidder owns the resource, whoever values it the highest. Property is the basis of capitalism because of private property rights: types of property. Different rules attach to different properties: real property.
