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The concept of property has been the subject of much discussion and debate for philosophers, writers, politicians, and other intellectuals throughout history. James Fenimore Cooper, the popular American writer, saw (31) ... as "the groundwork of moral independence"; Abraham Lincoln described it as "the fruit of labor" and " a positive good in the world' ; for John Locke, the English philosopher and political theorist, it was "the reason (32) ... men enter into society"; Walter Lippmann, the highly respected American journalist, (33) ... it as "the only depend able foundation of personal liberty"; while Pierre J. Proudhon, the noted French anarchist, saw it as "theft", saying it represented the exploitation of the worker.
Philosophical and political definitions aside, property is a relatively (34) ... concept in the eyes of the law: the right of an individual to exclusively possess, use, and dispose of anything (35) ... can be owned. Broadly (36) there are two separate types of property: personal and real. Personal property is characterized by its portable nature; it can be carried from place to place. Furthermore, personal property can be either tangible or intangible. Tangible personal property encompasses ownership interest in things that have a physical existence and are able to be moved, or carried from place to place. Most property (37) ... into this category; a car, wallet, photograph, textbook, shirt, pen, and watch are all common (38) ... of tangible personal property. Intangible personal property, on the other hand, by its (39) ... nature does not have a physical existence, but is merely a (40) ... that can be owned, as opposed to a real, tangible object. Common examples of intangible property include copyrights, patents, trademarks, stocks, and bonds.