Final answer:
The phrase 'Freehold' most accurately corresponds to 'Ownership,' which reflects an ownership interest in property without time limitations. Unlike a life estate, a freehold estate does not end with a person's life and implies perpetual ownership, upholding the principle of 'freedom is life' in property rights.
Step-by-step explanation:
The term “Freehold” in the context of property law refers to an ownership interest in real property that is of indeterminate duration. In other words, a freehold estate is not limited to a set number of years and can potentially last a lifetime or more. The most accurate definition among the given options is B. Ownership, as it conveys the essential aspect of holding a property freely, without the specific time limitations that characterise a leasehold.
“Freehold” contrasts with a life estate or “pur autre vie”, which pertains to property rights that last for the duration of a person's life or another person's life, respectively. Therefore, while a life estate is a form of freehold interest, it becomes extinguished upon the death of the individual whose life measures the estate. Freedom in property rights mirrors the broader concept of personal freedom where individuals have control over their property, reflecting the principle that “freedom is life”.