First Principles of Business Law

1. Foundational concepts

1.3. Different kinds of property

'Property' can be thought of as any thing over which legal rights may be obtained. However, within this very broad definition, there are various kinds of property that are distinguished, and to which different rules apply. It is important to be able to recognise different categories of property.

Click on each of the situations listed below and study the explanations until you understand the differences between them.

• A owns 10 hectares of land on which a house and barn have been built, and on which there is a crop of wheat growing.

• A owns a car, a caravan, some furniture and several bags of wheat harvested from his own fields.

• A is the author of a best-selling novel. She also owns a collection of more than 2000 books.

• A has a credit balance of $100,000 in his bank account.