This work investigates the conceptual foundations of property rights to determine whether they are best understood as rights in things or as bundles of legal relations. J. E. Penner, a scholar of legal theory, utilizes a rigorous analytical framework to challenge prevailing functionalist interpretations of property. By examining the nature of the 'thing' in property law, the author argues for a more formalist understanding of how property rights function within a legal system.

Legal scholars frequently cite this text as a significant contribution to the philosophy of property law. Experts highlight the dense, analytical nature of the prose, noting that it serves as a challenging but rewarding resource for advanced students and practitioners of jurisprudence.