Bess, Ray, and Irwin Inherited 48 Acres of Land, Which

question 50

Multiple Choice

Bess, Ray, and Irwin inherited 48 acres of land, which they own as tenants in common. If Bess decides she wants to live on a portion of the land, in order to get clear title to that portion:

• A) Bess may request that the land be partitioned, which would change her, Ray's, and Irwin's undivided interests in the whole parcel into smaller, individually owned parcels.
• B) Bess need only move onto the land, as she has the right to possession of the whole 48 acres.
• C) Bess would need to convince Ray and Irwin to join her in selling the entire 48 acres, and she would then need to buy the portion she wishes to own separately.
• D) Ray and Irwin must agree to relinquish their right of survivorship and thus destroy the present tenancy.

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Definitions:

Air Traffic

The movement of aircraft within the airspace system, and the operational systems and personnel that control its flow to ensure safety and efficiency.

Liability Rules

Laws that require A to compensate B for damages that A imposed on B.

Coase Theorem

A principle that asserts that if property rights are clearly defined and transaction costs are low, parties will negotiate to correct externalities without government intervention.

Negotiations

The process by which parties with differing interests arrive at a mutual agreement or compromise through discussion and bargaining.