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In Moran V

question 23

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In Moran v. Sims, where the house Sims built was surrounded by land owned by Moran, and Sims sued for an easement for access to his house, the courts held that:

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Definitions:

Lack Perfect Information

A market condition where all participants do not have equal or complete information, affecting their decision-making.

Legal Services

Professional services provided by lawyers or legal practitioners to handle legal matters from advisory, litigation, to documentation.

External Cost

Costs that are not borne by the producer or consumer, but by a third party or the environment, such as pollution.

Air Conditioning

A system for controlling the humidity, ventilation, and temperature in a building or vehicle to provide a comfortable indoor environment.

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