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Business law - Essay Example

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A property based legal system is one that revolves around the notion of property – which is the legal right to exclude or keep others from interfering with one’s property, which is what one owns. …
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Download file to see previous pages A property based legal system is one that revolves around the notion of property – which is the legal right to exclude or keep others from interfering with one’s property, which is what one owns. Under this concept, there would be three kinds of property (a) public property which is owned by the Government (b) private property, which comprises the resources that an individual owns and (c) common property, which comprises land and other kind of property which people own jointly. There is greater incentive for people to develop those resources which they own because they can control what they produce.In the United States, the capitalist system and the free market allows individuals to develop, to freely benefit and profit from the property and resources that they own. Therefore, this provides them the incentive to work hard to develop their resources. For example, in the United States, I can use my talent and financial resources to start a small business and I will be entitled to make as much profit as I can and keep most of that profit for myself. In a similar way, I will also have the right to enter into deals with other businesses and customers which will bring me the maximum profit and therefore I will have the incentive to work hard at my business to develop it.The property based system is one that is based on a free market system and that of private enterprise. The level of Government control is very low and it is easy for individuals to exercise ingenuity in developing successful business tactics to make the maximum profits.
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