PROPERTY MIDTERM

Question 1

Ownership

Answer 1

Legal right to property

Question 2

Possession

Answer 2

The exercise of dominion and control

Question 3

First possession

Answer 3

justifying ownership by being there first

Question 4

Doctrine of Discovery

Answer 4

Gave an exclusive right to extinguish the Indian title of occupancy, either by purchase or conquest
Sighting of unknown territory

Question 5

Rule of Capture

Answer 5

(Pierson v Post)
-One succeeds in acquiring a property interest in wild animals hunted on public land by mortally wounding the animal, or so maiming or ensuring it as to render its escape a virtual impossibility
-mere pursuit is not enough

Question 6

Theory of Malicious Interference with Trade

Answer 6

(Keeble)
-property holder making lawful use of his land is free to do so without interference from others
-where the landowner uses his property for a profit-making venture, it constitutes a trade, and interfering with a person’s livelihood subjects the interferer to liability for damages

Question 7

Ratione Soli (by reason of the land)

Answer 7

-Landowners are the presumptive “constructive” possessors of all that is on their land.
-protects landowners’ reasonable expectations that trespassers will not be rewarded.

Question 8

Actual Possession

Answer 8

being on land and controlling it

Question 9

Constructive Possession

Answer 9

without being first to touch - courts treat it as actual

Question 10

Tragedy of the Commons

Answer 10

ARISES OUT OF OPEN ACCESS COMMONS - situation in which individuals with access to an unowned resource (common) act in their own interest and in doing so ultimately deplete the resource

Question 11

Economic Theory of Property

Answer 11

-a basic purpose is to create incentives to achieve a greater internalization of externalities (HEART OF ECONOMIC THRORY)
-internalizing an externality is the process of incorporating the external costs or benefits of an economic activity into the decision making process of the parties involved

Question 12

Externalities

Answer 12

an effect of one person’s activity on another person that the first person does not take into account - heart of economic theory

Question 13

Property as a “Bundle of Rights”

Answer 13

1- right to exclude
2- right to transfer
3- right to destroy

Question 14

Right to exclude

Answer 14

-ability of property owners to control access to their property
-trespass is wrong and there will be punishment
-liability: if you enter, you must pay damages
(open access=no right to exclude)

Question 15

Right to transfer

Answer 15

owner can sell, lease, exchange, gift on terms and conditions deemed appropriate.
government cannot take property without just compensation

Question 16

Right to destroy

Answer 16

while living and upon death, rights limited to public policy

Question 17

public trust doctrine

Answer 17

land owned by state for benefit of public, holds natural resource in trust of public, have right to access and use resource

Question 18

misappropriation

Answer 18

used to protect something of value IP law doesn’t cover - cannot unnecessarily or unfairly injure other

Question 19

Patents

Answer 19

1. Patentable
2. Novelty
3. Utility
4. Non-Obvious
5. Enablement

Question 20

Patentable

Answer 20

falls in the subject matter (process, machine, manufacture) that statute says you can protect

Question 21

Novelty

Answer 21

new, not preceded in identical form