What is Property? Flashcards
What does property mean?
Property means to have a legal right over something you own and describes our relationship with each other over that which is owned.
What is property often described as?
Property is often described as a ‘bundle of rights’.
What does the ‘bundle of rights’ concept refer to?
The concept refers to the idea that owning property grants a collection of separate rights or privileges that can be exercised by different people or entities.
What are the ‘sticks’ in the bundle of rights?
The ‘sticks’ represent various rights that a property owner holds, which can be divided, transferred, or limited independently.
Name three rights included in the bundle of rights.
- Right to possess
- Right to use
- Right to transfer
What is a property right?
A property right is a legal right related to ownership or control over physical or intangible things.
Give an example of a property right.
Ownership of land or house.
What is a personal right?
A personal right refers to a claim or entitlement against a specific individual, often related to obligations or duties between people.
Give an example of a personal right.
A copyright - intellectual property.
