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Simple English definitions for legal terms
quasi-possession
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A quick definition of quasi-possession:
Quasi-possession is when someone has control over something that is not a physical object, like a right or a claim. Quasi-realty refers to things that are not real estate but are treated like it, such as a lease on a property. Quasi-rent is the extra value that someone gets from something, like a marriage, compared to their other options.
A more thorough explanation:
Quasi-possession is a type of possession that is not physical. It is also known as incorporeal possession.
- A person who has a right to use a property, such as a leaseholder, has quasi-possession of the property.
- A person who has a patent or trademark has quasi-possession of the intellectual property.
These examples illustrate how a person can have control or ownership over something without physically possessing it.
Quasi-rent is a term used in law and economics to describe the excess value of an asset over its salvage value. In the context of marriage, it refers to the excess value of a marriage over the value of the next best option of not being in that specific marriage.
For example, if a person is in a happy and fulfilling marriage, the value of that marriage to them is greater than the value of being single or in a different marriage. The difference between the value of the marriage and the value of the next best option is the quasi-rent.