Assignment 1

Question 1

Definintion of Propety

Answer 1

“a state created legally enforceable interest”

Question 2

Purpose of managed/regulated capitalism in 21st century

Answer 2

need gov to protect rights from others, support private markets, regulate interferences with others rights, and the eminent domain power

(gov has right to take property for public use + duty to give fair market value for purchase)

Question 3

3 Basic characteristics of ownership

Answer 3

o Right of exclusive possession
o Right of exclusive use
o Right of transferability / alienability

Question 4

7 Ways to Acquisition Property

Answer 4

1. Gift
2. Inheritance
3. Purchase/exchange
4. Government grant
5. Find it
6. Steal it
7. Operation of law

Question 5

• Inheritance: Testate v. Intestate

Answer 5

Testate success - inherit by will

Intestate success - inherit with no will, based on state’s law

Question 6

Types of Property

Real Property v. Personal Property

Answer 6

Real Property: land, fixtures, natural things on/under the land

Personal property: not real property, everything else! Tangible and intangible objects, including money

Question 7

Fixtures

Answer 7

Real property that is not readily removable - more or les fixed to to the real property

Things on and under the land

Question 8

• Property can be transmuted to other type of property

Answer 8

• Affix = personal → real
• Severance = real → personal

Question 9

Greatest interest leag system recognizes in REAL property

Answer 9

Fee Simple. One stick

Question 10

Greatest interest legal system recognizes in PERSONAL property

Answer 10

True ownership. All of the sticks.

Question 11

Utilitarianism/Consequentialist Thoery

Answer 11

Maximize well-being of the greatest majority
• Choose rules based on the consequences they produce

Question 12

• Labor theory (Locke)

Answer 12

o When you take something that is natural and work on it, add to it, it becomes your own

Question 13

• Natural law theory (Rousseau)

Answer 13

o Considerations of fairness, justice, and basic values that should characterize a free society

Question 14

• Social Contract Theory

Answer 14

o Legal rules structure the contours of social relationships
o Give people a safe environment to live

Question 15

• Efficiency Theory

Answer 15

o Promote efficiency by productive activity, and granting security to those who invest in economic projects

Question 16

• Distributive Justice: Fair distribution

Answer 16

o Takings Clause: Key question is whether regulation forces some people to bear public burden in which, all fairness and justice, should be borne by the public as a whole

Question 17

• Income disparity in America

o Top 1% of households: (? %) of all income

o Top 50% of households: (? %) of all income

o Bottom 50% of households: (? %) of all income

Answer 17

Top 1% of households: 21.2% of all income

Top 50% of households: 87.2% of all income

Bottom 50% of households: 12.8% of all income