Core concepts Flashcards
1
Q
What is property?
A
Relationship involving rights of excludability and transferability.
2
Q
What is relativity of title?
A
Recognizes that a person’s title is only good against those who do not have a better claim.
3
Q
Explain nemo dat
A
Your proprietary rights are only as good as the person who gave them to you.
4
Q
Explain bundle of rights
A
Multiple people may have distinct proprietary rights in the same thing.
