Chapter 07 - The Property System
7-1
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Chapter 7
The Property System
Learning Objectives
The objective of this chapter is to instill an appreciation for the institution of property and its role
in encouraging the maximum production of what people want and need. It reaffirms the assertion
in Chapter 1 that property—the state’s recognition of a private individual’s right to exclude
others from legitimately acquired resources—is fundamental to the modern private market and is
conceptually intertwined with the idea of liberty. The chapter describes the basic divisions of
property, the topics of bailment, security interests, and nuisance.
References
• Bernhardt, Roger, Real Property in a Nutshell, 3d ed. West (1993).
• Burke, Barlow, Personal Property in a Nutshell, 2d ed. West (1993).
• De Soto, Hernando, The Mystery of Capital. (2000).
• Elias, Stephen, Patent, Copyright & Trademark, 3d ed. Nolo.com (1999).
• Epstein, Richard A., Takings. Harvard (1985).
• Hardy, Trotter, Project Looking Forward: Sketching the Future of Copyright in a
Networked World. U.S. Copyright Office (1998).
• Johnston, David, et al, Cyber Law. Stoddart (1997).
• Merrill, Thomas W., “Property and the Right to Exclude,” 77 Neb.L.Rev. 730 (1998).
• Singer, Joseph William, Property Law: Rules, Policies, and Practices Aspen Pub. (2006).
Teaching Outline
I. Introduction to the Property-Based Legal System (LO 7-1)
Emphasize:
• The definition of property.
• Some additional definitions of property.
• Sidebar 7.1 discussing property as a foundation of the private market.
II. Rationale for the Property System
Emphasize: