Final answer:
The pen tool is the best option for drawing a precise path around an object by manually placing each point.
Step-by-step explanation:
To draw a precise path around an object by placing each point individually, you should use the pen tool in design software such as Adobe Photoshop or Illustrator.
The magnetic lasso is a tool that automatically detects the edges of an object, and enables you to quickly make a selection without having to manually place each point.
The custom shape tool allows you to create shapes with predefined dimensions and proportions, which may not be suitable for drawing a precise path around an object.
The freeform pen allows you to draw a path freely by clicking and dragging, without the need to place each point individually.