Essentially, you say that socialism will not be as productive as a private property system. With little to no incentive to own property, progress is stifled.Property is the right to exclude others from the use of something one has a right to.Chapter Seven: Property Law- Property Lawo Property – legal right to exclude others from resources that are originally possessed or are acquired without force, theft, or fraud.  Legal right to exclude someone from using something you own Must have legal right to property Resource – anything that someone may need or wanto Methods of Allocating Resources (2) (1) Communism/socialism – gov’t redistributes wealth; gov’t owns everything and does what they want with it (can even control the labor) – ex. N. Korea, Soviet Russia* socialism will not be as productive as a private property system; with little to no incentive to own property, progress is stifled (2) private property – market decides reallocation; resources go to whoever wants to pay or wants it the most imminent domain – the power of the state to take private property for public use with payment of compensation to the ownero Types of Property (2) (1) Real property – ownership and interest in land- real estate; buying/selling land- includes fixtures (anything attached to land; not easily moveable – house, tree, plants)* fixtures are expected to stay with land – if UGA sold a classroom, they probablywouldn’t remove the desks and the projector screen (2) Personal property – all other types of moveable resources (moveable resources)- Tangible property – property which can be touched; has a physical existence- Intangible property – property with no physical existence (stock, patent, trademark)o Methods of Acquiring Property: Acquisition through exchange – most common ~ 99%; regulated by contract law; trade* contract law – helps provide certainty in resource exchanges Acquisition through possession (4)* finder of lost property becomes the owner of the property after a statutory period in which the true owner must be sought - (1) Rule of first possession – some resource with no owner ever in recorded history; belongs to person who originally found it * Meteor landed in guy’s apartment, guy in apartment owns meteor, not the land lord because the apartment is guy’s property- (2) Abandonment – someone owned it before but abandoned it, first person to come and take it gets it * DEPENDS ON THE INTEND OF THE ORIGINAL OWNER – guy leaves wallet on table – abandonment; guy walking and drops wallet – accident- (3) Lost property – inadvertently give up; mislaid property set somewhere without intent of abandonment or losing – goes to owner of property (or land)*LAND IS NOT LOST- (4) Adverse possession – obtaining ownership of land belonging to another through continuous possession* Can take someone’s property if you stay there long enough (20 years in GA) Requirements for Adverse Possession (possession must be (5)): (1) open and notorious – not hiding (2) actual and exclusive – actually have to be there (3) continuous – must be there for continuous amount of time (4) wrongful* - must be there illegally (5) last for the prescribed period of time – (20 years in GA)*Wrongful is easiest to prove *Time is hardest to prove Acquisition through confusion – property that is totally identical and was mixed up*ex. Gasoline from two sources mixed into one holding tank- each get fair share of property- either accidentally or by agreement* 2 farmers share a stack of corn meal 50% - 50% Acquisition through accession – not common; add something to someone else’s property *occurs when value is added to personal property; if original property was improperly take, in most cases the original owner retains ownership including the improvements. If original property was not improperly taken, the property may be forfeited with the original owner compensated for their loss Acquisition through gift – more common; giving away* delivery much include that the gift be intended and actually physically transferred to theother party*constructive deliver – includes intention but physical handing the gift over doesn’t occur- donor – person giving gift; need to act- donee – person receiving gift- testamentary gift – gift made through a will*right to give gift isn’t given when it is given in a will, donee must go get ito Types of Ownership (mostly applies to land) fee simple – do whatever you want with your land- fee simple absolute – absolute title to land- fee simple defeasible – same thing as absolute with built in restrictions (ex. Lumpkin house at UGA) life estate – measured by a certain person’s lifetime*“you have it for your lifetime, but when you die, it goes to charity” Leasehold estate – mostly deals with renting; don’t own it, so you can’t sell it. - but you can possess it, sublease it, or use it for business as long as there is no restriction in lease; cannot tear it down or destroy it - specific term - at will (no determined amount of time) one party just decides to end (30 day’s notice) concurrent ownership – multiple people own property at the same time*ex. You and sister inherit farm togethero Title and Property Registration Title – document serving as evidence of ownership of property Deed – document of title transferring ownership of land (restrictions are listed in deed)- Warranty deed – no one will ever come back for this property“I promise not to challenge your ownership of the house, nor will anyone else ever.”- Special warranty deed – some claims to the property exist but guarantees againstother unnamed claims- Title insurance – insurance policy that guarantees the seller of land was the complete, 100% owner- Quitclaim deed – “I promise I won’t come back for this house, but I’m not promising someone else won’t come back to prove that they are the real owner.”*Neighbor watches guy’s house for a few years, guy decides to sell house. Neighbor comes back and proves house was his all along. Buyer of the house must move out.o Special applications of property Easement – right to cross over someone else’s land; right to use someone else’s property*legal right for driveway ONLY, can’t build a pool there- How to get an easement1) buy it – parcel 1 goes to parcel 2 and asks to buy easement2) 50 years