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The three main characteristics of an efficient property rights structure: exclusivity, transferability, and enforceability.
In standard economics, property rights refer to a bundle of entitlements defining an owner's rights, privileges and limitations to the use of a resource.
Property rights terms refers to social institutions and to not any inherent natural or physical qualities of the resource.
Exclusivity: All the prices and benefits from owning a resource should accrue to the owner.
Transferability: All property rights should be transferable from one owner to a different in an exceedingly voluntary exchange.
Enforceability: Property rights should be secure from seizure or encroachment by others.
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This law is called Double Jeopardy.
Although this may seem beneficial and fair, it also has several disadvantages. The law is beneficial to innocent people, because it prevents them from being tried twice for the same crime, so they can not be acquitted and then later found guilty. However, this is also a disadvantage in some cases. In the past, there have been some court cases in which the defendant was acquitted, but later admitted to the crime. Because of the Double Jeopardy law, these people could not be found guilty and still have not received a punishment.
Sharecropping<span> is a form of agriculture in which a landowner allows a tenant to use the land in return for a share of the crops produced on their portion of land.</span>
