Property is an asset capable of ownership that has value and may be sold. 3 categories: real-land-tangible& immovable, personal- goods, chattels- generally tangible& moveable, some intangible. Can take personal property and fix it to land. Right to possess, use and control use of property. Not absolute for any form of property. Levels and rules are different depending upon the tangibility, movability, and longevity of the property. Challenge for any business is to maximize the ownership rights. Laws that protect the rights of the creator/owner. For intellectual property, it becomes a challenge to: balancing the rights of the owner against the societal value (benefits) in the flow of information. We have intellectual property law for: economy growth, expanding what our society can do. Canada you cannot go around doubling prices out of no where: 2 pak price in cad: . 80, drug patent 1977, patented medicine review board: patent act s. 83.