ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Although the rights to tangible property, such as real and personal property, e.g., land and equipment, are corporeal rights, there can be incorporeal rights that pertain to such property (e.g., easements or rights of inheritance).

Detailed explanation-2: -While corporeal property refers to having a legal claim to things that can be seen or touched, incorporeal property refers to having a legal claim to things that cannot be seen or touched. Intangible things are the focus of incorporeal property. It’s also known as “intellectual property” or “conventional property.”

Detailed explanation-3: -The ownership of material objects is called corporeal ownership whereas the ownership of right is called incorporeal ownership. Thus the ownership of a house, table, land, machinery, etc., is corporeal ownership and the copyright, patent, trademark, right of way, etc. is incorporeal ownership.

Detailed explanation-4: -4 “Easement” defined.-An easement is a right which the owner or occupier of certain land possesses, as such, for the beneficial enjoyment of that land, to do and continue to do something, or to prevent and continue to prevent something being done, in or upon, or in respect of, certain other land not his own.

Detailed explanation-5: -It is ownership which is intangible in nature. In other words, it is not ownership of a thing, but ownership in a right related to something. For example, if you own a piece of land, that is corporeal ownership. But if you own a right of way on that piece of land, that is incorporeal ownership.