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The bundle of rights is a metaphor to explain the complexities of property ownership. [1] Law school professors of introductory property law courses frequently use this conceptualization to describe "full" property ownership as a partition of various entitlements of different stakeholders. [2]
Bundle theory, originated by the 18th century Scottish philosopher David Hume, is the ontological theory about objecthood in which an object consists only of a collection ( bundle) of properties, relations or tropes . According to bundle theory, an object consists of its properties and nothing more; thus, there cannot be an object without ...
Property rights are constructs in economics for determining how a resource or economic good is used and owned, [1] which have developed over ancient and modern history, from Abrahamic law to Article 17 of the Universal Declaration of Human Rights. Resources can be owned by (and hence be the property of) individuals, associations, collectives ...
In property law, title is an intangible construct representing a bundle of rights in (to) a piece of property in which a party may own either a legal interest or equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document, such as a deed, that serves as evidence of ownership.
Property law is the area of law that governs the various forms of ownership in real property (land) and personal property. Property refers to legally protected claims to resources, such as land and personal property, including intellectual property. [1] Property can be exchanged through contract law, and if property is violated, one could sue ...
The most important "sticks" in the bundle are: the right to transfer, the right to exclude, the right to use, and the right to destroy. The right to transfer. Also called alienability, the right to transfer means that the owner may freely transfer or alienate his property to anyone. The scope of this right may be limited for public policy ...
Two Treatises of Government is a landmark work of political philosophy by John Locke, published in the 17th century. It argues for the natural rights of individuals, the social contract, and the limits of government authority. Learn more about this influential book and its historical context on Wikipedia.
It is a type of optimal decision problem. It consists of choosing how much of each available good or service to consume, taking into account a constraint on total spending (income), the prices of the goods and their preferences . Utility maximization is an important concept in consumer theory as it shows how consumers decide to allocate their ...