It argued that attaching the tiny tracking device to a car's undercarriage was too trivial a violation of property rights to matter, and that no one who drove in public streets could expect his movements to go unmonitored.
Some would naturally respond that it's similarly a violation of property rights when investors are bailed out on the backs of taxpayers, so regulations requiring more collateral to support risky deals are necessary to save us from investor mistakes that we'll be made to pay for.
When Watson is separated from land, he tends to behave like Captain Nemo, which is to say that he does what he thinks is right, even if it involves a violation of custom or the destruction of property.
However, the parties can agree on anything that is not otherwise illegal or a violation of public policy AND relatively few cases involving division of property are resolved in court.