Property Rights - Explained
What are Property Rights?
If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
What are Property Rights?
Most people understand property to be a physical item. The definition of property, however, is far broader than something that you can see or hold in your hand. Property is, more precisely, an individuals rights with regard to something in existence. Property includes all of the commonly understood rights associated with physical or intangible things, such as: the right of possession (to the exclusion of others), the right of use, the right to sell or transfer, or the right to destroy.
- Example: The writer of a book can hold the book in her hands. The book is a form of property. The owner of the copyright possesses the exclusive right to sell or license those rights to third parties for use or production. She also has the ability to prevent others from copying, selling, or licensing that book. The copyright extends far beyond the physical book to include the content within the work. In this sense, it is more of a right to something that has been created, rather than the possession of a physical asset.
Next Article: Purpose of Ownership Rights in Property Back to: INTRODUCTION TO LAW
Try comparing the concept of property (or those rights you possess in something in existence) to any form of ownership interest in property. Is your home or car property? Is your pet property? Is a stock certificate in Apple, Inc. property? Is a patent on a new invention property? Is a secret recipe property? Is an easement on someone elses land property? Is a membership to a gym property? Is a stream running through your back yard property? Is the server space dedicated to hosting your website a form of property?
- All of these examples are, in fact, examples of property. The point of these examples is to illustrate that property focuses more upon writes than it does the physicality of an item. A good example of the legal system provisions to protect property rights is the tort law regarding land ownership. For example, according to the law in most jurisdictions, a person with the right to own property, such as land, has the right to exclude others from the property. The law allows the land owner to exclude anyone from being in their property without their permission. Also, the law also provides for the tenant in the sense that she can exclude the owner from the land as long as he has leased the land at the time. If there are minerals on the land and the owner wants to mine, he has to give a notice of at least three days to the occupant of the land. If the trespasser cause damage on the land or refuses to move, the owner has the right to evacuate them and even ask for compensation.
- Understanding Law
- What is "Law"?
- Economic Strength of a Nation?
- Capitalism vs Communism
- What is the "Rule of Law"?
- What is "property law" or "property rights?
- What is "ownership"?
- Why recognize property rights?
- How the law protects property rights?
- What are the "common law" and "civil law" systems?
- What is "public law" and "private law"?
- What is "civil law" and "criminal law"?
- What is "substantive law" and "procedural law"?
- Sources of state and federal law?
- United States Code of Laws
- Role of Judiciary in the legal system?
- Business activity and legal entities?