Owned property is nothing more than a property that has come into a relationship with an owner.

What kind of property?  Any kind at all.  Anything that is subject to ownership is property.

It can be land or the improvements to the land.  It can be items of a durable or consumer nature, such as automobiles, clothing, furniture, food, and gasoline.

Most property is thought of as having the familiar three dimensions, and as being tangible, subject to being touched, felt, and seen.

A property however can also be less tangible.  It is obviously possible to own fluids and gases.  It is even possible to own sounds or odors.

Property can also exist in a contract, such as an agreement between two persons to perform in a certain manner toward each other.

One man works for another man, providing an action or service that the second man wants.  The second man pays the first man for his efforts, or for the result of his efforts.

Neither man owns the other man, nor the property of the other man.  A property relationship exists between them however, as both men have a property interest in the agreement existing between them - the second man for the effort or service provided by the first man, and the first man for the pay or wages provided by the second man in exchange for his efforts.

 Go to next lesson ... >>