The dominant owner must exercise his rights civiliter modo, with due regard, that is, to the rights of the servient owner.

The exemption has enabled the owners, unlike their counterparts in other sports, to exercise control over such matters as numbers of franchises and their locations.

Today, about 730 properties in and around Ashdown Forest retain commonable rights, but very few owners exercise the rights of common attached to them.

"It's really a question of whether the owner exercised reasonable care under the circumstances that existed," she said.

The Dallas Mavericks' owner, Mark Cuban, exercises his right of free speech by screaming at game officials.

Share ownership in large enterprises, Mr. Boycko said, will have to be consolidated so that owners can exercise control over managers.

The players and the owners exercise ruthless business judgment in a cold, calculated manner that consistently benefits them at the expense of the fans.

When Stern locked the players out last July, everyone knew the owners hadn't exercised their contractual right to reopen negotiations over pennies.

If the owner of the contract exercises this right, the counter-party has the obligation to carry out the transaction.

If Coke falls below that price, the owner could exercise the option, selling the shares at $40.