What is Property. In its legal context, property emphasizes the rights of ownership, the rights to possess, enjoy, use, and dispose of things, either tangible or intangible. In its broadest sense, is anythin that may be possessed or become the subject of ownership. An essential element of property is the transferability of the thing owned. In general, the laws of property embrace the privileges, obligations, and restriction for objects of value, usually things that are scarce or desirable. The concept of property, which is as old as recorded history, forms one of the fundamental institutions of society.
Tangible property consists of physical things such as land, buildings, and furniture, it may be real property or personal property, and it is necessarily corporeal in that it is perceptible to the touch and sight. Intangible property has no intrinsic value as such, but acts as evidence of value. It includes stocks, franchise agreements, patent rights, business goodwill, and right of action.