Unit 5 Discussion

If you found a prototype of a revolutionary new mobile phone lying on a public bench, what would you have done with it? What would be the consequences of your chosen action?

If I find an iPhone and discover that is a revolutionary mobile device, I would wait until the manufacturer or the phone owner claims it. I wouldn’t really know if the device is abandoned, lost, or misplaced at the time of the finding. Additionally, I would not dismantle the phone to see if it is a revolutionary prototype. I wouldn’t know the difference between an old version and the new version. That would be determined only after the owner claims it. If it is abandoned there would be no claim. Abandoned personal property is a property left intentionally and the owner relinquishes all rights. The finder may keep the personal property if it was abandoned, but the location of the property found is a determinant. A lost property refers to the property that is …show more content…
If not, what makes land valuable? Does it have an “inherent” value that has nothing to do with human profit?

A land is a limited resource which makes it valuable and it can also generate profits in various ways. If you buy and hold land for a long period of time, let's say 30 years, it can raise value. Another way to make a profit out of land is to lease to a public or private entity such as a farmer.

In some cases, land can be considered to have “inherent” value. For example, we can say the land has “inherent” value if there is a probability of finding gold, oil, copper, or silver. Then the land costs more than the market value. Another inherent value could be that the land is more fertile and located in a suitable climate than other neighboring parcels that would generally yield more crops. The buyer and the seller have to be in a concordance of the inherent value in order to say that the value has nothing to do with human