The common law typically encompasses the law of property, the law of contacts, and the law of torts and will occupy our concern over the next three chapters as well as parts of the last chapter in this text. In this chapter we will discuss the concept of property rights and the four basic types of property: real, personal, intellectual, and public. In addition, we will look at how governments limit the use, transfer, and possession of property under the guise of regulation.
Key Economic Concepts
cooperative game theory
Key Legal and Political Concepts
“fair market” value