Final answer:
Property rights refer to the legal rights to use, control, and dispose of property, which is essential for entering into contracts and economic activities. Ownership can take forms such as sole proprietorship, partnership, or public company, overseen by corporate governance.
Step-by-step explanation:
The term that refers to a mode or method of ownership or holding title to property is known as property rights or sometimes tenure. Ownership gives individuals or firms the legal right to use, control, and dispose of property, including entering into contracts regarding that property. For instance, a person who is entitled to a holding according to principles set out by justice in acquisition or transfer has the right to that property. The way property is owned can vary; a private company could be a sole proprietorship, partnership, or a public company, which is owned by shareholders and overseen by a board of directors. This framework is essential to corporate governance, which encompasses the institutions that monitor company executives in a public company. Property rights are fundamental to economic activity, as owning property is tightly linked to one's livelihood and the ability to engage in contracts.