I.

Introduction

Property, any object or right that can be owned. Ownership involves, first and foremost, possession; in simple societies to possess something is to own it. Beyond possession, ownership in modern societies implies the right to use, prevent others from using, and dispose of property, and it implies the protection of such rights by the government.

Property is usually obtained by purchase, inheritance, or gift. Ownership may be public or private. Public ownership is by the government. Private ownership is by an individual, a group of individuals, a corporation, or some other form of organization.