A Property Right Is

question 104

Multiple Choice

A property right is

• A)any commodity or token that is generally acceptable as a means of payment.
• B)an economic unit that hires factors of production and organizes those factors to produce and sell goods and services.
• C)any arrangement that enables buyers and sellers to get information and to do business with each other.
• D)a social arrangement that governs the ownership,use,and disposable of anything that people value.
• E)a medium of exchange.

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Definitions:

Legal Action

The process of seeking judicial intervention to enforce or protect a right through a lawsuit or other legal means.

Surety

A guarantee, typically by a third party, ensuring the fulfillment of an obligation or the performance of a contract.

Guarantor

An individual or entity that agrees to be responsible for another's debt or performance under a contract if the original party fails to meet their obligations.

Lienholder's Claim

The right of a creditor to retain possession of a debtor's property until the debt is settled.