Property may be defined as anything that can be reduced to exclusive possession. It can be tangible (land, structures and household goods) or intangible (the right to use and enjoy tangible property) and it can be real or personal. (i) Owned Property: An individual obtains the exclusive right to the property its use and enjoyment, the right to transfer by sale and the obligation to pay any debt on the property. Ownership is the highest right an individual can possess in property. (ii) Non owned property: Property that is held in a person’s possession but is not owned involves a bailment.