LEGL2700- Roessing Test 2 with 100% correct answers

property - Answer ️️ the legal right to exclude others from resources that are originally possessed or are acquired without force, theft, or fraud private property - Answer ️️ a system of law under which the state recognizes and enforces an individual's rights to acquire, possess, use, and transfer scarce resources capital formation - Answer ️️ quality of resources that produces new or different resources mortgage - Answer ️️ lenders are willing to loan money at affordable rates primarily because property law guarantees 1) that a borrower's house is on an identifiable piece of land recognized by the state 2) that the state recognizes a borrower's claim to the house 3) that the state permits lenders to enforce the mortgage agreement through the courts and sell a borrower's house to satisfy the loan if the borrower fails to repay it divisibility - Answer ️️ how property permits resources to be broken into parts and used in many ways while the owner still retains a property interest in each part real property law - Answer ️️ applies ownership to land and interests in land such as mining rights or leases; very formal rules personal property - Answer ️️ applies to movable resources, those things that people do not annex to the land; divides personal property into rules applying to tangible and intangible