How is chattel defined in a legal context?

In a legal context, chattel is defined as anything that is not real property. This encompasses personal property which can be tangible items like vehicles, furniture, and equipment, as well as intangible property, although it is primarily understood to refer to physical items. This distinction is crucial because real property pertains to land and anything permanently attached to it, such as buildings and trees. Thus, chattel serves to identify and categorize the movable or non-permanent items that individuals or businesses may own.

The other choices do not accurately encapsulate the definition of chattel. Real estate specifically refers to land and permanent structures, so defining chattel as real estate would be incorrect. A description of chattel as only property used for commercial purposes narrows it down inappropriately, as chattels can be utilized for various purposes, not limited to commercial use. Finally, while intangible rights might fall under certain legal definitions concerning property, they are not what chattel typically refers to; chattel primarily deals with tangible possessions or movable items. Understanding the definition of chattel is important in various legal contexts, including auctions, contracts, and property law, where distinguishing between real and personal property plays a significant role in transactions and ownership rights.