Final answer:
The answer describes a patent or copyright as the legal right or exclusive title that a person or company can have over something, allowing them to enter into contracts and control the use of their property.
Step-by-step explanation:
The phrase "Person or company with a legal right or exclusive title to something" refers to an entity that holds a patent, copyright, or other form of intellectual property. A patent is the exclusive rights granted by a government to an inventor to manufacture, use, or sell an invention for a certain number of years. This property gives the holder the legal authority to enter into contracts with other parties regarding the patented invention. Similarly, a copyright provides the owner with the exclusive right to reproduce, sell, or display their work. In each case, owning such property is essential for the individual or firm to enter into legally-binding contracts.