First Possession

Question 1

Possession Elements

Answer 1

The controlling or holding of personal property, with or without a claim of ownership.

Two Elements (Intent & Control)
1) An intent to possess on the part of the possessor
2) His or her actual controlling or holding the property

Question 2

Relativity of Title

Answer 2

idea that a person can have a relatively better right to possession than another, while simultaneously having a right inferior to yet another person

Question 3

First-in-time

Answer 3

Used to prioritize strength of title; establishes a priority of rights based on the time of acquiring the right in question

Question 4

The American Rule of Capture

Answer 4

First to kill, capture, mortally wound and intend to appropriate resource to or for individual use

Question 5

Labor Theory of Property

Answer 5

When a person appropriates a resource from the common stock they acquire a property right in that resrouce

Question 6

Consent Theory

Answer 6

Notice to the world through a clear act; communicate property is yours

Question 7

The Doctrine of Increase

Answer 7

Offspring of increase of tame animals goes to the owner of the mom

Question 8

Doctrine of Constructive Possession

Answer 8

Landowners own what is on their land

Question 9

Habit of Return

Answer 9

If an animal has a habit of return it is not a wild animal and belongs to the owner of the land it returns to

Question 10

Tragedy of the Commons

Answer 10

Open-access commons lead to negative externalities and depletion

Question 11

When custom should be recognized and used:

Answer 11

1) when its application is limited to the industry and limited to those working in it,
2) when the custom is recognized by the whole industry,
3) when the custom “requires in the first taker the act of appropriate that is possible”
4) when the custom is necessary to the survival of the industry, and
5) when the custom “works well in practice”

Question 12

Bundle of Sticks of Ownership

Answer 12

Different property rights all come together to form a bundle; operates as a rebuttable presumption overcome by countervailing public policy

Question 13

Formalist Ownership

Answer 13

Critiqued as lumping all constituent elements into a unitary interest

Question 14

Realist Ownership

Answer 14

Breaks down property; bundle of constituent elements or things

Question 15

Right to Exclude

Answer 15

Ability to control who has access to your property

Question 16

Right to Exclude can be overcome by:

Answer 16

1) Necessity
2) Basic Human Needs (Shack case)
3) Public Accommodation Laws
4) Discrimination Laws

Question 17

Right to Transfer

Answer 17

Right to sell/gift property

Question 18

Takings Clause

Answer 18

Private property can be taken for public use with just compensation

Question 19

What is a taking

Answer 19

A reduction in value is NOT NECESSARILY equated with a taking

Compelling the surrender of the property usually constitutes a taking

Question 20

Right to Destroy

Answer 20

right to destroy property… until you don’t

Question 21

When does the right to destroy become questionable?

Answer 21

When the destruction imposes externalities on others that the property owner does not bear (i.e. property owner has died)