Hazard (golf) Hazard (golf) A hazard is an area of a golf course in the sport of golf which provides a difficult obstacle, which may be of two types: (1) water hazards such as lakes and rivers; and (2) man-made hazards such as bunkers. Special rules apply to play balls that fall in a hazard. For example, a player may not touch the ground with his club before playing a ball, not even for a practice swing. A ball in any hazard may be played as it lies without penalty. If it cannot be played from the hazard, the ball may be
Property Rules, Liability Rules and Inalienability: One View of the Cathedral protected by property rules, entitlements protected by liability rules, and inalienable entitlements. According to Calabresi and Melamed, an entitlement protected by a property rule is one that must be bought in a voluntary transaction in which the value of the entitlement is agreed upon by the buyer and seller. With an entitlement protected by property rule, a collective decision is made as to who is to be given the initial entitlement, but not as to the value of the entitlement itself. An entitlement protected by a liability rule, however, involves a collective decision as to the value of the entitlement