This part deals with the basic elements of property law. I begin in chapter by examining the fundamental question of what justifies the social institution of property, that is, the rationale for the rights that constitute what we commonly call ownership. I also discuss examples of the emergence of property rights Then I consider a number of important issues about property rights. In chapter 8, I inquire about the division of property rights(property rights may be divided contemporaneously, over time, and according to contingency). In chapter