Traders face challenges in sequential exchanges due to incomplete information on previous contracts. It's difficult to have both asset specialization and impersonal trade at the same time. Surprisingly, strong property rights that can be enforced against later buyers might actually hinder impersonal trade. However, there are conditions where a mechanism can balance asset specialization and impersonal trade. This sheds light on why property rights are crucial in business transactions and why formal institutions are common in various industries.