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Ebook The legal environment of business (7th edition): Part 2

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Ebook The legal environment of business (7th edition): Part 2

14Law of Property:Real and Personal■REAL PROPERTY■INTERESTS IN REAL PROPERTY■VOLUNTARY TRANSFER OF REAL PROPERTY■INVOLUNTARY TRANSFER OF REAL PROPERTY

Ebook The legal environment of business (7th edition): Part 2Y■RESTRICTIONS ON LAND USE■PERSONAL PROPERTY■GLOBAL DIMENSIONS OF PROPERTY LAWproperty A bundle of rights, in relation to others, to possess, use, and

dispose of a tangible or intangible objectWhen people hear the word 'property, they generally think of physical objects: land, houses, cars. Property Ebook The legal environment of business (7th edition): Part 2

, however, is a bundle of lights and interests in relation to other persons with reference to a tangible or intangible object (Exhibit 14-1). The esse

Ebook The legal environment of business (7th edition): Part 2

nce of the concept of property is that the state provides the mechanism to allow the owner to exclude other people.By virtue of this right, persons wi

14Law of Property:Real and Personal■REAL PROPERTY■INTERESTS IN REAL PROPERTY■VOLUNTARY TRANSFER OF REAL PROPERTY■INVOLUNTARY TRANSFER OF REAL PROPERTY

Ebook The legal environment of business (7th edition): Part 2erty, the identification of those who possess a disproportionate amount of property rights provides insight into the dynamics of influence and authori

ty in our society.Property rights are not the same in every society, nor are they static, while reading this chapter, think about how property rights Ebook The legal environment of business (7th edition): Part 2

coukl lx- different and what impact that difference would have both on the legal environment of business and on society as a whole.Because different t

Ebook The legal environment of business (7th edition): Part 2

ypes of property give their owners different rights, and because different bodies of law govern different types of property, we will discuss the three

14Law of Property:Real and Personal■REAL PROPERTY■INTERESTS IN REAL PROPERTY■VOLUNTARY TRANSFER OF REAL PROPERTY■INVOLUNTARY TRANSFER OF REAL PROPERTY

Ebook The legal environment of business (7th edition): Part 2 to it. The second half discusses personal property, both tangible (capable of being detected by the senses) and intangible (incapable of being detect

ed by the senses). Chapter 15 shifts the focus to intellectual property, that is, things created primarily by menial rather than physical processes.37 Ebook The legal environment of business (7th edition): Part 2

2CHAPTER 14 • Law of Property: Real and Personal 373Property is often characterized as a bundle of rights. All of the rights in the bundle are not alw

Ebook The legal environment of business (7th edition): Part 2

ays held by one person. For example, when an owner leases a house to a tenant, the owner has transferred the rights to use and possess but has kept th

14Law of Property:Real and Personal■REAL PROPERTY■INTERESTS IN REAL PROPERTY■VOLUNTARY TRANSFER OF REAL PROPERTY■INVOLUNTARY TRANSFER OF REAL PROPERTY

Ebook The legal environment of business (7th edition): Part 2ht to Use IIRight to SellRight to PossessRight to DestroyRight to DonateCRITICAL THINKING ABOUT THE LAWProperty is directly related to the power one h

as in society. Some individuals argue that the government should offer more protection for property owners, others argue that in a fair country, citiz Ebook The legal environment of business (7th edition): Part 2

ens would have similar amounts of property because property provides a basis for so many other decisions. Property rights actually exist as a matter o

Ebook The legal environment of business (7th edition): Part 2

f degree. A property owner has some rights, but he or she must tolerate some restrictions on those rights. The following questions will help you think

14Law of Property:Real and Personal■REAL PROPERTY■INTERESTS IN REAL PROPERTY■VOLUNTARY TRANSFER OF REAL PROPERTY■INVOLUNTARY TRANSFER OF REAL PROPERTY

Ebook The legal environment of business (7th edition): Part 2thical norm probably led to this legislation?Clue: Review the list of ethical norms in Chapter 1. Which ethical norm seems most likely to motivate inc

reased protection of property?2If a group of radical politicians proposed a law that reduced personal property protection and redistributed some prope Ebook The legal environment of business (7th edition): Part 2

rty rights to the poor, what ethical norm was probably behind this action?Clue: Again, review the list of ethical norms.3In light of the variation in

Ebook The legal environment of business (7th edition): Part 2

rights attached to the concept of property in different countries, the idea of property has ambiguity as one of its primary characteristics. What coul

14Law of Property:Real and Personal■REAL PROPERTY■INTERESTS IN REAL PROPERTY■VOLUNTARY TRANSFER OF REAL PROPERTY■INVOLUNTARY TRANSFER OF REAL PROPERTY

Ebook The legal environment of business (7th edition): Part 2al PropertyReal property is land and everything permanently attached to it. One’s rights to a property depend on the type of interest one has in that

property. The law provides the means to convey or transfer that interest. Although most conveyances Ebook The legal environment of business (7th edition): Part 2

14Law of Property:Real and Personal■REAL PROPERTY■INTERESTS IN REAL PROPERTY■VOLUNTARY TRANSFER OF REAL PROPERTY■INVOLUNTARY TRANSFER OF REAL PROPERTY

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