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LEGL 2700 Test 2 - Tripp
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LEGL 2700 Test 2 - TrippHow does the law apply to business majors
business is all about property and the rule of law can protect the property that is important to
businesses
What is property
Legal right to exclude others from resources that are originally possessed or are acquired
without force, theft, fraud.
Known as a legal fence
Absolute but not infinite
Boundaries can be ambiguous
Foundation of the free (private) market
Tyler v. Hennepin County Minnesota
She stopped paying her property taxes and accrued a tax debt of 15000. To satisfy the debt,
the county sold the house for 40,000. She sued the county arguing that these actions
violated her constitutional rights. The district court dismissed her case and the US court of
appeals for the eighth circuit affirmed.
(The government cannot keep a surplus, only the amount you owe)
Frameworks to handle limited resources
Private Property System
Most Societies have mixed frameworks for dealing with the reality of limited resources
State makes major decisions about the production and distribution of resources (communist
countries)
State can direct people in how, when, where to work.
State is assuming rights over the resources people have in themselves, their efforts, and
talents
Private Property
State recognizes and enforces an individual's rights to acquire, possess, use, and transfer
scarce resources
The people determine how resources are distributed.
, Types of property
Real Property
Personal Property
Real property
Land and interest in land (includes buildings)
Personal property
All movable resources
Divided into tangible personal property and intangible personal property
intellectual property
A product of the intellect, such as an expressed idea or concept, that has commercial value.
(art works, inventions, designs, etc)
Defining land
Land ownership consists of more than surface of the property.
Air rights
There are boundaries but only to the extent that you can occupy and use it.
A plane has a right to come through the airspace of your house.
If I throw a football through your property, I am technically trespassing.
Air rights can be sold to others for development. What does this mean?
Ex. if we have a residential building we are renting out and only have two stories, you can
sell the airspace and let someone build up higher on this building.
Subsurface rights
Landowner owns the liquid, gases, rocks, and minerals beneath the land
Can be separately sold to another
Rule of Capture (If rocks and liquids naturally flow to your neighbor's property, they now own
the rocks. If you use a drill to pull the resources to the other side of your property, you can do
that as long as they do not make a physical intrusion. If the drill hits the other side of the
neighbor's property, you are trespassing.)
Briggs v. Southwestern Energy production Co.
The energy company used basically a big straw to pull gasses over to their property in order
to make a profit.
The rule of capture allows a party to extract natural gas from an adjacent property using
hydraulic fracturing.
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