LEGL 2700 Lecture Notes - Lecture 2: Patentable Subject Matter, Nuisance, Security Interest
21 Aug 2016
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The right to exclude: you can have the police or courts keep someone from interfering with what is yours. Resources are anything that someone may want or need; property protects the uses of things. Originally possessed resources refer to what comes from you like work or expressions; people own themselves. Acquiring resources without force, theft, or fraud means that if we illegally take away what belongs to others, we lack the protections of the legal fence. Real property: land and interests in land such as mining rights or leases: known as real estate or realty. Personal property: moveable resources: tangible property: physical things known as goods controlled by the uniform o. Intangible property: patents, copyrights, trademarks, and trade secrets (intellectual property) The problem of limited resources: private property system: outsource decision on how best to use resources to individuals, state planning system: state decides how resources should be allocated (communism)
