CINXE.COM
License | Property Law, Intellectual Property & Contractual Rights | Britannica Money
<!DOCTYPE html><html lang="en"><head><meta charSet="utf-8"/><meta name="viewport" content="width=device-width, initial-scale=1"/><link rel="preload" as="image" href="https://cdn.britannica.com/money/assets/MoneyLogo-30x236-2x.png"/><link rel="stylesheet" href="/money/_next/static/css/ed88fa449f0abf89.css" data-precedence="next"/><link rel="stylesheet" href="/money/_next/static/css/70f86f4126b272f4.css" data-precedence="next"/><link rel="stylesheet" href="/money/_next/static/css/8d9afac2f3c5e8af.css" data-precedence="next"/><link rel="stylesheet" href="/money/_next/static/css/ab07b9459beb29f2.css" data-precedence="next"/><link rel="preload" as="script" fetchPriority="low" href="/money/_next/static/chunks/webpack-2061e5964e29d330.js"/><script src="/money/_next/static/chunks/fd9d1056-931f1508c9d95a09.js" async=""></script><script src="/money/_next/static/chunks/523-687c1a76016ed2e1.js" async=""></script><script src="/money/_next/static/chunks/main-app-113389cbc891bfc6.js" async=""></script><script src="/money/_next/static/chunks/795d4814-a6432aeb6ef0e798.js" async=""></script><script src="/money/_next/static/chunks/231-16e559214fb4677c.js" async=""></script><script src="/money/_next/static/chunks/378-2926d5c25aeda739.js" async=""></script><script src="/money/_next/static/chunks/app/global-error-108029149ba84be2.js" async=""></script><script src="/money/_next/static/chunks/c16f53c3-18689f18053b1bd6.js" async=""></script><script src="/money/_next/static/chunks/947-a1eaf57cd9db09f7.js" async=""></script><script src="/money/_next/static/chunks/862-67f29c0f9c9f070e.js" async=""></script><script src="/money/_next/static/chunks/305-99fa799e1486cd2a.js" async=""></script><script src="/money/_next/static/chunks/49-b35b37e80175342d.js" async=""></script><script src="/money/_next/static/chunks/app/layout-b210805bfd985e93.js" async=""></script><script src="/money/_next/static/chunks/app/error-2011c793a4e3bd47.js" async=""></script><script src="/money/_next/static/chunks/800-785e360c92ec9b5c.js" async=""></script><script src="/money/_next/static/chunks/app/(container)/page-2b0ff1f14f252f3d.js" async=""></script><script src="/money/_next/static/chunks/53c13509-16ef3624bfd56c4d.js" async=""></script><script src="/money/_next/static/chunks/308-bd952550495475fb.js" async=""></script><script src="/money/_next/static/chunks/app/(fluid)/%5B...contentPaths%5D/page-46fce4f97a95b76f.js" async=""></script><link rel="preload" href="https://securepubads.g.doubleclick.net/tag/js/gpt.js" as="script"/><link rel="preload" href="https://cdn.britannica.com/money/scripts/at.js" as="script"/><title>License | Property Law, Intellectual Property & Contractual Rights | Britannica Money</title><link rel="canonical" href="https://www.britannica.com/money/license"/><meta property="og:title" content="Britannica Money"/><meta property="og:image:type" content="image/png"/><meta property="og:image:width" content="595"/><meta property="og:image:height" content="596"/><meta property="og:image:alt" content="Britannica thistle "/><meta property="og:image" content="https://www.britannica.com/money/money/opengraph-image.png?0ca1ca22e32fe0d6"/><meta name="twitter:card" content="summary_large_image"/><meta name="twitter:title" content="Britannica Money"/><meta name="twitter:image:type" content="image/png"/><meta name="twitter:image:width" content="595"/><meta name="twitter:image:height" content="596"/><meta name="twitter:image:alt" content="Britannica thistle "/><meta name="twitter:image" content="https://www.britannica.com/money/money/opengraph-image.png?0ca1ca22e32fe0d6"/><link rel="icon" href="/money/favicon.ico" type="image/x-icon" sizes="48x48"/><script src="/money/_next/static/chunks/polyfills-42372ed130431b0a.js" noModule=""></script></head><body class="britannica-money"><noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-NRMG5CF" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript><header class="MoneyGlobalNav_MoneyGlobalNav__7ITIF bg-white border-top-5 border-top-navy-dark position-sticky top-0 d-flex align-items-center" data-testid="MoneyGlobalNav"><div class="MoneyGlobalNav_container__gVvhH container-lg mx-auto align-items-center justify-content-between px-10 pr-sm-20"><div class="d-none"><a href="/History-Society">History & Society</a><a href="/Science-Tech">Science & Tech</a><a href="/Biographies">Biographies</a><a href="/Animals-Nature">Animals & Nature</a><a href="/Geography-Travel">Geography & Travel</a><a href="/Arts-Culture">Arts & Culture</a><a href="/quiz/browse">Games & Quizzes</a><a href="/videos">Videos</a><a href="/on-this-day">On This Day</a><a href="/one-good-fact">One Good Fact</a><a href="/dictionary">Dictionary</a><ul><li><a href="/browse/Lifestyles-Social-Issues">Lifestyles & Social Issues</a></li><li><a href="/browse/Philosophy-Religion">Philosophy & Religion</a></li><li><a href="/browse/Politics-Law-Government">Politics, Law & Government</a></li><li><a href="/browse/World-History">World History</a></li></ul><ul><li><a href="/browse/Health-Medicine">Health & Medicine</a></li><li><a href="/browse/Science">Science</a></li><li><a href="/browse/Technology">Technology</a></li></ul><ul><li><a href="/browse/biographies">Browse Biographies</a></li></ul><ul><li><a href="/browse/Birds-Reptiles-Vertebrates">Birds, Reptiles & Other Vertebrates</a></li><li><a href="/browse/Bugs-Mollusks-Invertebrates">Bugs, Mollusks & Other Invertebrates</a></li><li><a href="/browse/Environment">Environment</a></li><li><a href="/browse/Fossil-Geologic-Time">Fossils & Geologic Time</a></li><li><a href="/browse/Mammals">Mammals</a></li><li><a href="/browse/Plants">Plants</a></li></ul><ul><li><a href="/browse/Geography-Travel">Geography & Travel</a></li></ul><ul><li><a href="/browse/Entertainment-Pop-Culture">Entertainment & Pop Culture</a></li><li><a href="/browse/Literature">Literature</a></li><li><a href="/browse/Sports-Recreation">Sports & Recreation</a></li><li><a href="/browse/Visual-Arts">Visual Arts</a></li></ul><a href="/stories/companion">Companions</a><a href="/stories/demystified">Demystified</a><a href="/gallery/browse">Image Galleries</a><a href="https://www.britannica.com/study/infographics">Infographics</a><a href="/list/browse">Lists</a><a href="/podcasts">Podcasts</a><a href="/stories/spotlight">Spotlight</a><a href="/summary">Summaries</a><a href="/stories/the-forum">The Forum</a><a href="/question">Top Questions</a><a href="/stories/wtfact">#WTFact</a><a href="https://www.britannica.com/explore/100women/">100 Women</a><a href="https://kids.britannica.com/">Britannica Kids</a><a href="https://www.britannica.com/explore/savingearth/">Saving Earth</a><a href="https://www.britannica.com/explore/space/">Space Next 50</a><a href="https://www.britannica.com/study/">Student Center</a></div><div class="MoneyGlobalNav_hamburgerArea__wYl0b z-1 mt-n5 align-self-end align-self-sm-center" data-testid="HamburgerMenu"><div data-testid="Dropdown"><div class="" data-testid="DropdownToggle"><div class="HamburgerMenu_LogoIcons__vfG_s d-flex text-navy-dark cursor-pointer"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M3 18h18v-2H3v2zm0-5h18v-2H3v2zm0-7v2h18V6H3z"></path></svg><div class="d-block d-md-none"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M15.5 14h-.79l-.28-.27A6.471 6.471 0 0 0 16 9.5 6.5 6.5 0 1 0 9.5 16c1.61 0 3.09-.59 4.23-1.57l.27.28v.79l5 4.99L20.49 19l-4.99-5zm-6 0C7.01 14 5 11.99 5 9.5S7.01 5 9.5 5 14 7.01 14 9.5 11.99 14 9.5 14z"></path></svg></div></div></div></div></div><div class="MoneyGlobalNav_logoArea__fU1Ri d-flex align-items-center justify-content-center justify-content-md-start"><a href="/money"><span class="MoneyGlobalNav_logoArea__fU1Ri d-flex align-items-center justify-content-center justify-content-md-start"><img loading="eager" src="https://cdn.britannica.com/money/assets/MoneyLogo-30x236-2x.png" alt="Britannica Money" data-testid="LogoLink" class="LogoLink_logo__TOIDL"/></span></a></div><div class="SearchBox_SearchBox__rCI9r MoneyGlobalNav_searchBarArea__6gW4c d-none d-md-block d-flex tw-relative" data-testid="SearchBox"><input class="SearchBox_SearchInput__r_LOc form-control rounded-lg pr-90 border-gray-200" placeholder="Search Britannica..." id="headlessui-combobox-input-:R3disq:" role="combobox" type="text" aria-expanded="false" aria-autocomplete="list" data-headlessui-state="" value=""/><div class="position-absolute top-0 right-0 bottom-0 d-flex mr-10"><button class="btn btn-unstyled px-5 text-navy-dark d-none" data-testid="Button" type="button" aria-label="Clear input" disabled=""><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" class="SearchBox_icon__e5DQz" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M19 6.41 17.59 5 12 10.59 6.41 5 5 6.41 10.59 12 5 17.59 6.41 19 12 13.41 17.59 19 19 17.59 13.41 12z"></path></svg></button><button class="btn btn-unstyled px-5 d-none d-md-inline-flex text-navy-dark" data-testid="Button" type="button" aria-label="Search on Britannica" disabled=""><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" class="SearchBox_icon__e5DQz" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M15.5 14h-.79l-.28-.27A6.471 6.471 0 0 0 16 9.5 6.5 6.5 0 1 0 9.5 16c1.61 0 3.09-.59 4.23-1.57l.27.28v.79l5 4.99L20.49 19l-4.99-5zm-6 0C7.01 14 5 11.99 5 9.5S7.01 5 9.5 5 14 7.01 14 9.5 11.99 14 9.5 14z"></path></svg></button></div></div><div class="MoneyGlobalNav_subscribeArea__Z9MqE d-flex justify-content-end align-items-center"></div></div></header><div class="FinanceNav_FinanceNav__kOU0s position-sticky" data-testid="FinanceNav"><nav class="FinanceNav_nav__64n_o position-relative"><div class="SnapSliderWrapper_SnapSliderWrapper__0kO3Q FinanceNav_nav__64n_o bg-navy-dark tw-flex tw-items-center tw-justify-center tw-px-2" data-testid="SnapSliderWrapper" id="snap-slider"><div class="rw-track"><div class="tw-inline-block tw-mx-2 tw-text-sm sm:tw-text-base sm:tw-mx-2.5 tw-relative" data-testid="CategoryListItem"><div class="tw-flex tw-items-center"><a data-testid="CategoryLink" class="CategoryLink_CategoryLink__5Pxuk" style="--category-color:var(--blue)" href="/money/browse/household-finance"><div class="CategoryIcon_sm__lL7za d-inline-flex p-5 rounded-sm align-items-center justify-content-center CategoryIcon_inverted__rpZqw" style="--category-color:var(--blue)" data-testid="CategoryIcon"><div class="Icon_Icon__0yAOn CategoryIcon_Icon__GYYag d-flex align-items-center" data-testid="Icon"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="m21.41 11.58-9-9C12.05 2.22 11.55 2 11 2H4c-1.1 0-2 .9-2 2v7c0 .55.22 1.05.59 1.42l9 9c.36.36.86.58 1.41.58.55 0 1.05-.22 1.41-.59l7-7c.37-.36.59-.86.59-1.41 0-.55-.23-1.06-.59-1.42zM5.5 7C4.67 7 4 6.33 4 5.5S4.67 4 5.5 4 7 4.67 7 5.5 6.33 7 5.5 7z"></path></svg></div></div>Household Finance</a></div></div><div class="tw-inline-block tw-mx-2 tw-text-sm sm:tw-text-base sm:tw-mx-2.5 tw-relative" data-testid="CategoryListItem"><div class="tw-flex tw-items-center"><a data-testid="CategoryLink" class="CategoryLink_CategoryLink__5Pxuk" style="--category-color:var(--orange)" href="/money/browse/investing"><div class="CategoryIcon_sm__lL7za d-inline-flex p-5 rounded-sm align-items-center justify-content-center CategoryIcon_inverted__rpZqw" style="--category-color:var(--orange)" data-testid="CategoryIcon"><div class="Icon_Icon__0yAOn CategoryIcon_Icon__GYYag d-flex align-items-center" data-testid="Icon"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="m3.5 18.49 6-6.01 4 4L22 6.92l-1.41-1.41-7.09 7.97-4-4L2 16.99z"></path></svg></div></div>Investing</a></div></div><div class="tw-inline-block tw-mx-2 tw-text-sm sm:tw-text-base sm:tw-mx-2.5 tw-relative" data-testid="CategoryListItem"><div class="tw-flex tw-items-center"><a data-testid="CategoryLink" class="CategoryLink_CategoryLink__5Pxuk" style="--category-color:var(--violet-strong)" href="/money/browse/Trading"><div class="CategoryIcon_sm__lL7za d-inline-flex p-5 rounded-sm align-items-center justify-content-center CategoryIcon_inverted__rpZqw" style="--category-color:var(--violet-strong)" data-testid="CategoryIcon"><div class="Icon_Icon__0yAOn CategoryIcon_Icon__GYYag d-flex align-items-center" data-testid="Icon"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0V0z"></path><path d="M15 4c-4.42 0-8 3.58-8 8s3.58 8 8 8 8-3.58 8-8-3.58-8-8-8zm0 14c-3.31 0-6-2.69-6-6s2.69-6 6-6 6 2.69 6 6-2.69 6-6 6zM3 12a5.99 5.99 0 0 1 4-5.65V4.26C3.55 5.15 1 8.27 1 12s2.55 6.85 6 7.74v-2.09A5.99 5.99 0 0 1 3 12z"></path></svg></div></div>Trading</a></div></div><div class="tw-inline-block tw-mx-2 tw-text-sm sm:tw-text-base sm:tw-mx-2.5 tw-relative" data-testid="CategoryListItem"><div class="tw-flex tw-items-center"><a data-testid="CategoryLink" class="CategoryLink_CategoryLink__5Pxuk" style="--category-color:var(--green)" href="/money/browse/retirement"><div class="CategoryIcon_sm__lL7za d-inline-flex p-5 rounded-sm align-items-center justify-content-center CategoryIcon_inverted__rpZqw" style="--category-color:var(--green)" data-testid="CategoryIcon"><div class="Icon_Icon__0yAOn CategoryIcon_Icon__GYYag d-flex align-items-center" data-testid="Icon"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="m19.83 7.5-2.27-2.27c.07-.42.18-.81.32-1.15A1.498 1.498 0 0 0 16.5 2c-1.64 0-3.09.79-4 2h-5C4.46 4 2 6.46 2 9.5S4.5 21 4.5 21H10v-2h2v2h5.5l1.68-5.59 2.82-.94V7.5h-2.17zM13 9H8V7h5v2zm3 2c-.55 0-1-.45-1-1s.45-1 1-1 1 .45 1 1-.45 1-1 1z"></path></svg></div></div>Retirement</a></div></div><div class="tw-inline-block tw-mx-2 tw-text-sm sm:tw-text-base sm:tw-mx-2.5 tw-relative" data-testid="CategoryListItem"><div class="tw-flex tw-items-center"><a data-testid="CategoryLink" class="CategoryLink_CategoryLink__5Pxuk" style="--category-color:var(--red)" href="/money/browse/Companies"><div class="CategoryIcon_sm__lL7za d-inline-flex p-5 rounded-sm align-items-center justify-content-center CategoryIcon_inverted__rpZqw" style="--category-color:var(--red)" data-testid="CategoryIcon"><div class="Icon_Icon__0yAOn CategoryIcon_Icon__GYYag d-flex align-items-center" data-testid="Icon"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M4 9h4v11H4zM16 13h4v7h-4zM10 4h4v16h-4z"></path></svg></div></div>Companies</a></div></div><div class="tw-inline-block tw-mx-2 tw-text-sm sm:tw-text-base sm:tw-mx-2.5 tw-relative" data-testid="CategoryListItem"><div class="tw-flex tw-items-center"><a data-testid="CategoryLink" class="CategoryLink_CategoryLink__5Pxuk" style="--category-color:var(--blue-strong)" href="/money/browse/Biographies"><div class="CategoryIcon_sm__lL7za d-inline-flex p-5 rounded-sm align-items-center justify-content-center CategoryIcon_inverted__rpZqw" style="--category-color:var(--blue-strong)" data-testid="CategoryIcon"><div class="Icon_Icon__0yAOn CategoryIcon_Icon__GYYag d-flex align-items-center" data-testid="Icon"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M18.39 14.56C16.71 13.7 14.53 13 12 13s-4.71.7-6.39 1.56A2.97 2.97 0 0 0 4 17.22V20h16v-2.78c0-1.12-.61-2.15-1.61-2.66zM9.78 12h4.44c1.21 0 2.14-1.06 1.98-2.26l-.32-2.45C15.57 5.39 13.92 4 12 4S8.43 5.39 8.12 7.29L7.8 9.74c-.16 1.2.77 2.26 1.98 2.26z"></path></svg></div></div>Biographies</a></div></div><div class="tw-inline-block tw-mx-2 tw-text-sm sm:tw-text-base sm:tw-mx-2.5 tw-relative" data-testid="CategoryListItem"><div class="tw-flex tw-items-center"><a data-testid="CategoryLink" class="CategoryLink_CategoryLink__5Pxuk" style="--category-color:var(--orange-light)" href="/money/browse/history-and-theory"><div class="CategoryIcon_sm__lL7za d-inline-flex p-5 rounded-sm align-items-center justify-content-center CategoryIcon_inverted__rpZqw" style="--category-color:var(--orange-light)" data-testid="CategoryIcon"><div class="Icon_Icon__0yAOn CategoryIcon_Icon__GYYag d-flex align-items-center" data-testid="Icon"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M5 13.18v4L12 21l7-3.82v-4L12 17l-7-3.82zM12 3 1 9l11 6 9-4.91V17h2V9L12 3z"></path></svg></div></div>Finance & the Economy</a></div></div></div></div><button class="btn btn-white btn-circle CircleIconButton_CircleIconButton__HkIE0 FinanceNav_Button__9Bxx6 m-5 position-absolute left-0 top-0 shadow-lg" data-testid="CircleIconButton" type="button" aria-label="left arrow" disabled=""><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M15.41 7.41 14 6l-6 6 6 6 1.41-1.41L10.83 12z"></path></svg></button><button class="btn btn-white btn-circle CircleIconButton_CircleIconButton__HkIE0 FinanceNav_Button__9Bxx6 m-5 position-absolute right-0 top-0 shadow-lg" data-testid="CircleIconButton" type="button" aria-label="right arrow" disabled=""><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M10 6 8.59 7.41 13.17 12l-4.58 4.59L10 18l6-6z"></path></svg></button></nav></div><main class="container-fluid"><div class="infinite-scroll-container"><div class="grid gx-0 gx-sm-20 mx-n20 mx-sm-20 my-sm-20 justify-content-center"><div class="TableOfContents_TableOfContents__g8WLR d-none d-md-block position-sticky p-20 border border-right-0" data-testid="TableOfContents"><ul class="TableOfContents_TableOfContentsList__yU1tL p-0 mt-0 mb-0 list-unstyled" style="--category-color:var(--orange-light)"></ul><div class="font-14 font-weight-bold mt-20">Read More</div><div class="TableOfContents_RelatedArticle__yK5m6" data-testid="RelatedContents"><a href="/money/interstate-commerce-United-States-law" class="link-black" data-testid="RelatedContent-1-291661-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/91/132291-050-4A304F97/horse-wagon-Interstate-Commerce-Traffic-Only-1900.jpg?c=crop&h=40&w=50" alt="Sign displayed on horse and wagon, c. 1900, specifying that it was being used for “Interstate Commerce Traffic Only.”" data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">interstate commerce</div></div></div></a><a href="/money/contract-law" class="link-black" data-testid="RelatedContent-1-135270-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/33/5233-050-42BDF5B6/text-loan-contract-Papyrus-586-Greek-University-99-bce.jpg?c=crop&h=40&w=50" alt="papyrus loan contract" data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">contract</div></div></div></a><a href="/money/fiscal-policy" class="link-black" data-testid="RelatedContent-1-208363-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/45/236545-138-9A9D0C7E/what-is-inflation.jpg?c=crop&h=40&w=50" alt="What Is Inflation?" data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">What is fiscal policy and how does it affect the economy?</div></div></div></a></div></div><button class="btn btn-outline-undefined TableOfContents_MobileTableOfContentsButton__dHpRi d-md-none mb-20 w-100 d-none" data-testid="MobileTableOfContents" type="button" aria-label="Table Of Contents" style="--category-color:var(--orange-light)"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0V0z"></path><path d="M4 10.5c-.83 0-1.5.67-1.5 1.5s.67 1.5 1.5 1.5 1.5-.67 1.5-1.5-.67-1.5-1.5-1.5zm0-6c-.83 0-1.5.67-1.5 1.5S3.17 7.5 4 7.5 5.5 6.83 5.5 6 4.83 4.5 4 4.5zm0 12c-.83 0-1.5.68-1.5 1.5s.68 1.5 1.5 1.5 1.5-.68 1.5-1.5-.67-1.5-1.5-1.5zM7 19h14v-2H7v2zm0-6h14v-2H7v2zm0-8v2h14V5H7z"></path></svg><span class="font-18 ml-5">Table Of Contents</span></button><span hidden="" style="position:fixed;top:1px;left:1px;width:1px;height:0;padding:0;margin:-1px;overflow:hidden;clip:rect(0, 0, 0, 0);white-space:nowrap;border-width:0;display:none"></span><div id="_1-911708-1" class="Article_Article__gsKlG bg-white px-20 border-left border-right pt-20 border-top col-100 col-md z-2" data-testid="Article"><script>(self.__next_s=self.__next_s||[]).push([0,{"type":"application/ld+json","children":"{\"@context\":\"https://schema.org\",\"@type\":\"BreadcrumbList\",\"itemListElement\":[{\"@type\":\"ListItem\",\"name\":\"Money\",\"item\":\"https://www.britannica.com/money\",\"position\":1},{\"@type\":\"ListItem\",\"name\":\"Finance & the Economy\",\"item\":\"https://www.britannica.com/money.history-and-theory\",\"position\":2},{\"@type\":\"ListItem\",\"name\":\"Government & the Economy\",\"item\":\"https://www.britannica.com/money.Government-Economy\",\"position\":3}]}","id":":R1ksvf7ksq:"}])</script><div class="Breadcrumbs_Breadcrumbs__QDAdB" data-testid="Breadcrumbs"><nav class="breadcrumb align-items-center" data-testid="Breadcrumb"><div class="mr-5 CategoryIcon_CategoryColor__LqKRy CategoryIcon_base__kFMzG d-inline-flex p-5 rounded-sm align-items-center justify-content-center CategoryIcon_inverted__rpZqw" style="--category-color:var(--orange-light)" data-testid="CategoryIcon"><div class="Icon_Icon__0yAOn CategoryIcon_Icon__GYYag d-flex align-items-center" data-testid="Icon"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M5 13.18v4L12 21l7-3.82v-4L12 17l-7-3.82zM12 3 1 9l11 6 9-4.91V17h2V9L12 3z"></path></svg></div></div><span class="breadcrumb-item Breadcrumbs_CategoryLink__lg_ec my-5" data-testid="BreadcrumbItem"><a href="/money/browse/history-and-theory"><span class="Breadcrumbs_CategoryLink__lg_ec font-14" style="--category-color:var(--orange-light)" data-testid="CategoryLabel">Finance & the Economy</span></a></span><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" class="Breadcrumbs_CategoryLink__lg_ec mx-5" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0V0z"></path><path d="M8.59 16.59 13.17 12 8.59 7.41 10 6l6 6-6 6-1.41-1.41z"></path></svg><span class="breadcrumb-item Breadcrumbs_CategoryLink__lg_ec my-5" data-testid="BreadcrumbItem"><a href="/money/browse/Government-Economy"><span class="Breadcrumbs_CategoryLink__lg_ec font-14" style="--category-color:var(--orange-light)" data-testid="CategoryLabel">Government & the Economy</span></a></span></nav></div><div class="mb-20 mb-sm-10"><h1 class="mb-5">license</h1><div class="mb-10 font-20 text-gray-700">property law</div><div class="mb-10" data-testid="ArticleUtilityBar"><button class="btn btn-outline-blue btn-xs py-5 px-10 shadow-sm mr-5" data-testid="ArticleUtilityBar-Print" type="button" aria-label="Print"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" class="ArticleUtilityBar_UtilityButtonIcon__6w04y mr-5" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M19 8H5c-1.66 0-3 1.34-3 3v6h4v4h12v-4h4v-6c0-1.66-1.34-3-3-3zm-3 11H8v-5h8v5zm3-7c-.55 0-1-.45-1-1s.45-1 1-1 1 .45 1 1-.45 1-1 1zm-1-9H6v4h12V3z"></path></svg>Print</button><button class="btn btn-outline-blue btn-xs py-5 px-10 shadow-sm mr-5" data-testid="ArticleUtilityBar-Cite" type="button" aria-label="Cite"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" class="ArticleUtilityBar_UtilityButtonIcon__6w04y mr-5" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="m23 12-2.44-2.79.34-3.69-3.61-.82-1.89-3.2L12 2.96 8.6 1.5 6.71 4.69 3.1 5.5l.34 3.7L1 12l2.44 2.79-.34 3.7 3.61.82L8.6 22.5l3.4-1.47 3.4 1.46 1.89-3.19 3.61-.82-.34-3.69L23 12zm-12.91 4.72-3.8-3.81 1.48-1.48 2.32 2.33 5.85-5.87 1.48 1.48-7.33 7.35z"></path></svg>Cite</button><span hidden="" style="position:fixed;top:1px;left:1px;width:1px;height:0;padding:0;margin:-1px;overflow:hidden;clip:rect(0, 0, 0, 0);white-space:nowrap;border-width:0;display:none"></span><button class="btn btn-outline-blue btn-xs py-5 px-10 shadow-sm mr-5" data-testid="ArticleUtilityBar-Share" type="button" aria-label="Share"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" class="ArticleUtilityBar_UtilityButtonIcon__6w04y mr-5" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0z"></path><path d="M18 16.08c-.76 0-1.44.3-1.96.77L8.91 12.7c.05-.23.09-.46.09-.7s-.04-.47-.09-.7l7.05-4.11c.54.5 1.25.81 2.04.81 1.66 0 3-1.34 3-3s-1.34-3-3-3-3 1.34-3 3c0 .24.04.47.09.7L8.04 9.81C7.5 9.31 6.79 9 6 9c-1.66 0-3 1.34-3 3s1.34 3 3 3c.79 0 1.5-.31 2.04-.81l7.12 4.16c-.05.21-.08.43-.08.65 0 1.61 1.31 2.92 2.92 2.92 1.61 0 2.92-1.31 2.92-2.92s-1.31-2.92-2.92-2.92z"></path></svg>Share</button><span hidden="" style="position:fixed;top:1px;left:1px;width:1px;height:0;padding:0;margin:-1px;overflow:hidden;clip:rect(0, 0, 0, 0);white-space:nowrap;border-width:0;display:none"></span></div><div class="" data-testid="BylinesWrapper"><strong class="font-12 mr-5 text-center">Written by</strong><span class="mr-5" data-testid="Byline"><span class="Byline_popoverTrigger__xVs4j font-14" id="_R1jiksvf7ksq">Susan French</span></span><div class="popover AuthorPopover_AuthorPopover__0W0b4" data-testid="Popover"><a class="font-weight-semi-bold" href="/money/author/Susan-French/5560">Susan French</a><div class="AuthorPopover_shortBio__1tFaf mt-5 font-14 font-serif text-gray-700 line-clamp clamp-4">Professor of Law, University of California, Los Angeles. Coauthor of <i>Community Association Law: Cases and Materials on Common Interest Communities</i>.</div><div data-popper-arrow="true"></div></div></div><strong class="font-12 mr-5">Fact-checked by</strong><span class="mr-5" data-testid="Byline"><span class="Byline_popoverTrigger__xVs4j font-14" id="_R1liksvf7ksq">The Editors of Encyclopaedia Britannica</span></span><div class="popover AuthorPopover_AuthorPopover__0W0b4" data-testid="Popover"><a class="font-weight-semi-bold" href="/money/author/The-Editors-of-Encyclopaedia-Britannica/4419">The Editors of Encyclopaedia Britannica</a><div class="AuthorPopover_shortBio__1tFaf mt-5 font-14 font-serif text-gray-700 line-clamp clamp-4">Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. They write new content and verify and edit content received from contributors.</div><div data-popper-arrow="true"></div></div><div class="caption mt-5 d-flex" data-testid="ContentDateAndHistory"></div></div><div class="TableOfContents_TableOfContents__g8WLR d-none" data-testid="TableOfContents"><ul class="TableOfContents_TableOfContentsList__yU1tL p-0 mt-0 mb-0 list-unstyled pl-5" style="--category-color:var(--orange-light)"></ul><div class="font-14 font-weight-bold mt-20">Read More</div><div class="TableOfContents_RelatedArticle__yK5m6" data-testid="RelatedContents"><a href="/money/interstate-commerce-United-States-law" class="link-black" data-testid="RelatedContent-1-291661-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/91/132291-050-4A304F97/horse-wagon-Interstate-Commerce-Traffic-Only-1900.jpg?c=crop&h=40&w=50" alt="Sign displayed on horse and wagon, c. 1900, specifying that it was being used for “Interstate Commerce Traffic Only.”" data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">interstate commerce</div></div></div></a><a href="/money/contract-law" class="link-black" data-testid="RelatedContent-1-135270-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/33/5233-050-42BDF5B6/text-loan-contract-Papyrus-586-Greek-University-99-bce.jpg?c=crop&h=40&w=50" alt="papyrus loan contract" data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">contract</div></div></div></a><a href="/money/fiscal-policy" class="link-black" data-testid="RelatedContent-1-208363-1"><div class="card card-sm card-horizontal my-15" data-testid="Card"><div class="card-media" data-testid="CardMedia" style="aspect-ratio:50/40"><img loading="lazy" src="https://cdn.britannica.com/45/236545-138-9A9D0C7E/what-is-inflation.jpg?c=crop&h=40&w=50" alt="What Is Inflation?" data-testid="IrisImage"/></div><div class="card-body" data-testid="CardBody"><div class="font-14">What is fiscal policy and how does it affect the economy?</div></div></div></a></div></div><button class="btn btn-outline-undefined TableOfContents_MobileTableOfContentsButton__dHpRi d-md-none mb-20 w-100" data-testid="MobileTableOfContents" type="button" aria-label="Table Of Contents" style="--category-color:var(--orange-light)"><svg stroke="currentColor" fill="currentColor" stroke-width="0" viewBox="0 0 24 24" height="1em" width="1em" xmlns="http://www.w3.org/2000/svg"><path fill="none" d="M0 0h24v24H0V0z"></path><path d="M4 10.5c-.83 0-1.5.67-1.5 1.5s.67 1.5 1.5 1.5 1.5-.67 1.5-1.5-.67-1.5-1.5-1.5zm0-6c-.83 0-1.5.67-1.5 1.5S3.17 7.5 4 7.5 5.5 6.83 5.5 6 4.83 4.5 4 4.5zm0 12c-.83 0-1.5.68-1.5 1.5s.68 1.5 1.5 1.5 1.5-.68 1.5-1.5-.67-1.5-1.5-1.5zM7 19h14v-2H7v2zm0-6h14v-2H7v2zm0-8v2h14V5H7z"></path></svg><span class="font-18 ml-5">Table Of Contents</span></button><span hidden="" style="position:fixed;top:1px;left:1px;width:1px;height:0;padding:0;margin:-1px;overflow:hidden;clip:rect(0, 0, 0, 0);white-space:nowrap;border-width:0;display:none"></span><div class="font-serif font-18 lh-lg dropCapArticle"><section class="HTMLContent_HTMLContent__cOyPs" data-testid="HTMLContent"><span id="ref911708-1" data-level="1" /><p><strong><span id="ref785323" />license</strong>, in <a href="/topic/property-law">property law</a>, permission to enter or use the property of another. There are three categories of license: bare licenses, contractual licenses, and licenses coupled with an interest. A <span id="ref785324" />bare license occurs when a person enters or uses the property of another with the express or implied permission of the owner or under circumstances that would provide a good defense against an action for <a href="/topic/trespass-law">trespass</a>. For example, a person entering a gas station to ask for directions is a licensee and not a trespasser. <span id="ref785325" />Contractual license provides an express or implied permission to enter or use the property in exchange for some consideration. For example, the purchase of a movie ticket allows the ticket holder a license to enter the theatre at a particular time. Licenses that are acquired by <a href="/money/contract-law">contract</a> normally include the right to use property that is protected by <a href="/topic/patent">patent</a>, <a href="/topic/copyright">copyright</a>, or <a href="/money/trademark">trademark</a>. A <span id="ref785326" />license coupled with an interest arises when a person acquires the right to take <a href="/money/possession-property-law">possession</a> of property located on someone else’s land, as when a lender acquires the right to repossess an automobile that is located on private property after the borrower has defaulted on a <a href="/money/credit">loan</a>.</p><!--[P-1]--><p>Bare licenses generally are not assignable (transferable) and are revocable at will by the property owner. The assignability and revocability of contractual licenses normally depend on the terms of the contract. Licenses coupled with an interest usually are both assignable and irrevocable, at least until the holder of the license has had a reasonable time to retrieve the property that gave rise to the license.</p><!--[P-2]--><p>When a landowner permits another to use the land under circumstances in which it is reasonable to foresee that the licensee will spend money or otherwise change position in the belief that the license will not be revoked, the license may become irrevocable. For example, if a person owns two parcels, one of which has no access to a public road, sells the landlocked parcel to another person, and gives him permission to build a driveway across the lot the seller has retained, the license becomes irrevocable when the buyer invests in the property, reasonably believing that the permission will not be revoked. When the license becomes irrevocable, it may be called an “<span id="ref785330" />executed parol license,” though it is more accurately called a <span id="ref785329" /><a href="/topic/servitude-property-law">servitude</a> created by estoppel, a term that better describes both the process used to create the right and the resulting right itself. An executed parol license creates a right that runs with the land indefinitely, a right properly described as a servitude. Describing it as an (irrevocable) executed parol license generates unnecessary complication in the <a href="/topic/law">law</a> by creating an unneeded, redundant category. It also creates possible confusion because it suggests that there may be some body of law, other than servitudes law, that governs secondary questions like the scope and termination of executed parol licenses.</p><!--[P-3]--></section><span class="Signature_signature__PzeTY d-block border-left font-italic pb-5 pl-10 mt-10 font-14" data-testid="Signature"><a href="/money/author/Susan-French/5560">Susan French</a></span></div></div><aside class="d-none d-lg-block cm-right-rail col-da-320 z-1" data-testid="RightRail"></aside></div><div data-page-index="1" data-testid="PageSentinel"></div></div></main><footer class="Footer_Footer__h6k1G text-align-center pb-100" data-testid="Footer"><div class="pt-30 pt-md-40 mx-25 mx-md-0"><a href="/money"><img loading="lazy" src="https://cdn.britannica.com/money/assets/Money-475x60-footer-2x.png?h=47&w=390" alt="Britannica Money Logo" data-testid="IrisImage"/></a></div><div class="Footer_SubLinks__z2QDt my-30 font-weight-semi-bold font-weight-semi-bold d-flex flex-row tw-justify-center tw-items-center"><a class="mx-20" href="/money/about">About Us</a><a href="https://corporate.britannica.com/privacy-policy-2" target="_blank" rel="noopener noreferrer" class="mx-20">Privacy Policy</a><a href="https://corporate.britannica.com/termsofuse.html" target="_blank" rel="noopener noreferrer" class="mx-20">Terms & Conditions</a></div><div class="Footer_Copyright__67QaR pb-40 mx-40 mx-md-0">© <!-- -->2024<!-- --> Encyclopædia Britannica, Inc.</div></footer><script src="/money/_next/static/chunks/webpack-2061e5964e29d330.js" async=""></script><script>(self.__next_f=self.__next_f||[]).push([0]);self.__next_f.push([2,null])</script><script>self.__next_f.push([1,"1:HL[\"/money/_next/static/css/ed88fa449f0abf89.css\",\"style\"]\n2:HL[\"/money/_next/static/css/70f86f4126b272f4.css\",\"style\"]\n3:HL[\"/money/_next/static/css/8d9afac2f3c5e8af.css\",\"style\"]\n4:HL[\"/money/_next/static/css/ab07b9459beb29f2.css\",\"style\"]\n"])</script><script>self.__next_f.push([1,"5:I[5751,[],\"\"]\n8:I[9275,[],\"\"]\na:I[1343,[],\"\"]\nd:I[6314,[\"51\",\"static/chunks/795d4814-a6432aeb6ef0e798.js\",\"231\",\"static/chunks/231-16e559214fb4677c.js\",\"378\",\"static/chunks/378-2926d5c25aeda739.js\",\"470\",\"static/chunks/app/global-error-108029149ba84be2.js\"],\"default\"]\n9:[\"contentPaths\",\"license\",\"c\"]\ne:[]\n0:[\"$\",\"$L5\",null,{\"buildId\":\"L2B8XjTO9nCUDRkGwCHWK\",\"assetPrefix\":\"/money\",\"urlParts\":[\"\",\"license\"],\"initialTree\":[\"\",{\"children\":[\"(fluid)\",{\"children\":[[\"contentPaths\",\"license\",\"c\"],{\"children\":[\"__PAGE__\",{}]}]}]},\"$undefined\",\"$undefined\",true],\"initialSeedData\":[\"\",{\"children\":[\"(fluid)\",{\"children\":[[\"contentPaths\",\"license\",\"c\"],{\"children\":[\"__PAGE__\",{},[[\"$L6\",\"$L7\",[[\"$\",\"link\",\"0\",{\"rel\":\"stylesheet\",\"href\":\"/money/_next/static/css/ab07b9459beb29f2.css\",\"precedence\":\"next\",\"crossOrigin\":\"$undefined\"}]]],null],null]},[null,[\"$\",\"$L8\",null,{\"parallelRouterKey\":\"children\",\"segmentPath\":[\"children\",\"(fluid)\",\"children\",\"$9\",\"children\"],\"error\":\"$undefined\",\"errorStyles\":\"$undefined\",\"errorScripts\":\"$undefined\",\"template\":[\"$\",\"$La\",null,{}],\"templateStyles\":\"$undefined\",\"templateScripts\":\"$undefined\",\"notFound\":\"$undefined\",\"notFoundStyles\":\"$undefined\"}]],null]},[[null,[\"$\",\"main\",null,{\"className\":\"container-fluid\",\"children\":[\"$\",\"$L8\",null,{\"parallelRouterKey\":\"children\",\"segmentPath\":[\"children\",\"(fluid)\",\"children\"],\"error\":\"$undefined\",\"errorStyles\":\"$undefined\",\"errorScripts\":\"$undefined\",\"template\":[\"$\",\"$La\",null,{}],\"templateStyles\":\"$undefined\",\"templateScripts\":\"$undefined\",\"notFound\":\"$undefined\",\"notFoundStyles\":\"$undefined\"}]}]],null],null]},[[[[\"$\",\"link\",\"0\",{\"rel\":\"stylesheet\",\"href\":\"/money/_next/static/css/ed88fa449f0abf89.css\",\"precedence\":\"next\",\"crossOrigin\":\"$undefined\"}],[\"$\",\"link\",\"1\",{\"rel\":\"stylesheet\",\"href\":\"/money/_next/static/css/70f86f4126b272f4.css\",\"precedence\":\"next\",\"crossOrigin\":\"$undefined\"}],[\"$\",\"link\",\"2\",{\"rel\":\"stylesheet\",\"href\":\"/money/_next/static/css/8d9afac2f3c5e8af.css\",\"precedence\":\"next\",\"crossOrigin\":\"$undefined\"}]],\"$Lb\"],null],null],\"couldBeIn"])</script><script>self.__next_f.push([1,"tercepted\":false,\"initialHead\":[null,\"$Lc\"],\"globalErrorComponent\":\"$d\",\"missingSlots\":\"$We\"}]\n"])</script><script>self.__next_f.push([1,"f:I[4981,[\"51\",\"static/chunks/795d4814-a6432aeb6ef0e798.js\",\"501\",\"static/chunks/c16f53c3-18689f18053b1bd6.js\",\"231\",\"static/chunks/231-16e559214fb4677c.js\",\"378\",\"static/chunks/378-2926d5c25aeda739.js\",\"947\",\"static/chunks/947-a1eaf57cd9db09f7.js\",\"862\",\"static/chunks/862-67f29c0f9c9f070e.js\",\"305\",\"static/chunks/305-99fa799e1486cd2a.js\",\"49\",\"static/chunks/49-b35b37e80175342d.js\",\"185\",\"static/chunks/app/layout-b210805bfd985e93.js\"],\"default\"]\n10:I[4185,[\"51\",\"static/chunks/795d4814-a6432aeb6ef0e798.js\",\"501\",\"static/chunks/c16f53c3-18689f18053b1bd6.js\",\"231\",\"static/chunks/231-16e559214fb4677c.js\",\"378\",\"static/chunks/378-2926d5c25aeda739.js\",\"947\",\"static/chunks/947-a1eaf57cd9db09f7.js\",\"862\",\"static/chunks/862-67f29c0f9c9f070e.js\",\"305\",\"static/chunks/305-99fa799e1486cd2a.js\",\"49\",\"static/chunks/49-b35b37e80175342d.js\",\"185\",\"static/chunks/app/layout-b210805bfd985e93.js\"],\"default\"]\n11:I[9652,[\"51\",\"static/chunks/795d4814-a6432aeb6ef0e798.js\",\"501\",\"static/chunks/c16f53c3-18689f18053b1bd6.js\",\"231\",\"static/chunks/231-16e559214fb4677c.js\",\"378\",\"static/chunks/378-2926d5c25aeda739.js\",\"947\",\"static/chunks/947-a1eaf57cd9db09f7.js\",\"862\",\"static/chunks/862-67f29c0f9c9f070e.js\",\"305\",\"static/chunks/305-99fa799e1486cd2a.js\",\"49\",\"static/chunks/49-b35b37e80175342d.js\",\"185\",\"static/chunks/app/layout-b210805bfd985e93.js\"],\"default\"]\n12:I[5058,[\"51\",\"static/chunks/795d4814-a6432aeb6ef0e798.js\",\"501\",\"static/chunks/c16f53c3-18689f18053b1bd6.js\",\"231\",\"static/chunks/231-16e559214fb4677c.js\",\"378\",\"static/chunks/378-2926d5c25aeda739.js\",\"947\",\"static/chunks/947-a1eaf57cd9db09f7.js\",\"862\",\"static/chunks/862-67f29c0f9c9f070e.js\",\"305\",\"static/chunks/305-99fa799e1486cd2a.js\",\"49\",\"static/chunks/49-b35b37e80175342d.js\",\"185\",\"static/chunks/app/layout-b210805bfd985e93.js\"],\"default\"]\n13:I[5532,[\"51\",\"static/chunks/795d4814-a6432aeb6ef0e798.js\",\"501\",\"static/chunks/c16f53c3-18689f18053b1bd6.js\",\"231\",\"static/chunks/231-16e559214fb4677c.js\",\"378\",\"static/chunks/378-2926d5c25aeda739.js\",\"947\",\"static/chunks/947-a1eaf57cd9db09f7"])</script><script>self.__next_f.push([1,".js\",\"862\",\"static/chunks/862-67f29c0f9c9f070e.js\",\"305\",\"static/chunks/305-99fa799e1486cd2a.js\",\"49\",\"static/chunks/49-b35b37e80175342d.js\",\"185\",\"static/chunks/app/layout-b210805bfd985e93.js\"],\"default\"]\n14:I[2446,[\"51\",\"static/chunks/795d4814-a6432aeb6ef0e798.js\",\"231\",\"static/chunks/231-16e559214fb4677c.js\",\"378\",\"static/chunks/378-2926d5c25aeda739.js\",\"601\",\"static/chunks/app/error-2011c793a4e3bd47.js\"],\"default\"]\n15:I[231,[\"51\",\"static/chunks/795d4814-a6432aeb6ef0e798.js\",\"231\",\"static/chunks/231-16e559214fb4677c.js\",\"378\",\"static/chunks/378-2926d5c25aeda739.js\",\"947\",\"static/chunks/947-a1eaf57cd9db09f7.js\",\"800\",\"static/chunks/800-785e360c92ec9b5c.js\",\"464\",\"static/chunks/app/(container)/page-2b0ff1f14f252f3d.js\"],\"\"]\n16:I[2359,[\"51\",\"static/chunks/795d4814-a6432aeb6ef0e798.js\",\"501\",\"static/chunks/c16f53c3-18689f18053b1bd6.js\",\"231\",\"static/chunks/231-16e559214fb4677c.js\",\"378\",\"static/chunks/378-2926d5c25aeda739.js\",\"947\",\"static/chunks/947-a1eaf57cd9db09f7.js\",\"862\",\"static/chunks/862-67f29c0f9c9f070e.js\",\"305\",\"static/chunks/305-99fa799e1486cd2a.js\",\"49\",\"static/chunks/49-b35b37e80175342d.js\",\"185\",\"static/chunks/app/layout-b210805bfd985e93.js\"],\"default\"]\n17:I[4080,[\"51\",\"static/chunks/795d4814-a6432aeb6ef0e798.js\",\"501\",\"static/chunks/c16f53c3-18689f18053b1bd6.js\",\"231\",\"static/chunks/231-16e559214fb4677c.js\",\"378\",\"static/chunks/378-2926d5c25aeda739.js\",\"947\",\"static/chunks/947-a1eaf57cd9db09f7.js\",\"862\",\"static/chunks/862-67f29c0f9c9f070e.js\",\"305\",\"static/chunks/305-99fa799e1486cd2a.js\",\"49\",\"static/chunks/49-b35b37e80175342d.js\",\"185\",\"static/chunks/app/layout-b210805bfd985e93.js\"],\"\"]\n"])</script><script>self.__next_f.push([1,"b:[\"$\",\"$Lf\",null,{\"navigationMenu\":{\"britannicaSite\":{\"britannicaLinks\":[{\"title\":\"History \u0026 Society\",\"url\":\"/History-Society\"},{\"title\":\"Science \u0026 Tech\",\"url\":\"/Science-Tech\"},{\"title\":\"Biographies\",\"url\":\"/Biographies\"},{\"title\":\"Animals \u0026 Nature\",\"url\":\"/Animals-Nature\"},{\"title\":\"Geography \u0026 Travel\",\"url\":\"/Geography-Travel\"},{\"title\":\"Arts \u0026 Culture\",\"url\":\"/Arts-Culture\"},{\"title\":\"Games \u0026 Quizzes\",\"url\":\"/quiz/browse\"},{\"title\":\"Videos\",\"url\":\"/videos\"},{\"title\":\"On This Day\",\"url\":\"/on-this-day\"},{\"title\":\"One Good Fact\",\"url\":\"/one-good-fact\"},{\"title\":\"Dictionary\",\"url\":\"/dictionary\"}],\"browseByCategory\":[{\"titleLink\":{\"id\":5,\"title\":\"History \u0026 Society\",\"url\":\"/History-Society\"},\"links\":[{\"id\":0,\"title\":\"Lifestyles \u0026 Social Issues\",\"url\":\"/browse/Lifestyles-Social-Issues\"},{\"id\":0,\"title\":\"Philosophy \u0026 Religion\",\"url\":\"/browse/Philosophy-Religion\"},{\"id\":0,\"title\":\"Politics, Law \u0026 Government\",\"url\":\"/browse/Politics-Law-Government\"},{\"id\":0,\"title\":\"World History\",\"url\":\"/browse/World-History\"}]},{\"titleLink\":{\"id\":6,\"title\":\"Science \u0026 Tech\",\"url\":\"/Science-Tech\"},\"links\":[{\"id\":0,\"title\":\"Health \u0026 Medicine\",\"url\":\"/browse/Health-Medicine\"},{\"id\":0,\"title\":\"Science\",\"url\":\"/browse/Science\"},{\"id\":0,\"title\":\"Technology\",\"url\":\"/browse/Technology\"}]},{\"titleLink\":{\"id\":3,\"title\":\"Biographies\",\"url\":\"/Biographies\"},\"links\":[{\"title\":\"Browse Biographies\",\"url\":\"/browse/biographies\"}]},{\"titleLink\":{\"id\":1,\"title\":\"Animals \u0026 Nature\",\"url\":\"/Animals-Nature\"},\"links\":[{\"id\":0,\"title\":\"Birds, Reptiles \u0026 Other Vertebrates\",\"url\":\"/browse/Birds-Reptiles-Vertebrates\"},{\"id\":0,\"title\":\"Bugs, Mollusks \u0026 Other Invertebrates\",\"url\":\"/browse/Bugs-Mollusks-Invertebrates\"},{\"id\":0,\"title\":\"Environment\",\"url\":\"/browse/Environment\"},{\"id\":0,\"title\":\"Fossils \u0026 Geologic Time\",\"url\":\"/browse/Fossil-Geologic-Time\"},{\"id\":0,\"title\":\"Mammals\",\"url\":\"/browse/Mammals\"},{\"id\":0,\"title\":\"Plants\",\"url\":\"/browse/Plants\"}]},{\"titleLink\":{\"id\":4,\"title\":\"Geography \u0026 Travel\",\"url\":\"/Geography-Travel\"},\"links\":[{\"id\":0,\"title\":\"Geography \u0026 Travel\",\"url\":\"/browse/Geography-Travel\"}]},{\"titleLink\":{\"id\":2,\"title\":\"Arts \u0026 Culture\",\"url\":\"/Arts-Culture\"},\"links\":[{\"id\":0,\"title\":\"Entertainment \u0026 Pop Culture\",\"url\":\"/browse/Entertainment-Pop-Culture\"},{\"id\":0,\"title\":\"Literature\",\"url\":\"/browse/Literature\"},{\"id\":0,\"title\":\"Sports \u0026 Recreation\",\"url\":\"/browse/Sports-Recreation\"},{\"id\":0,\"title\":\"Visual Arts\",\"url\":\"/browse/Visual-Arts\"}]}],\"browseByFeature\":[{\"title\":\"Companions\",\"url\":\"/stories/companion\"},{\"title\":\"Demystified\",\"url\":\"/stories/demystified\"},{\"title\":\"Image Galleries\",\"url\":\"/gallery/browse\"},{\"title\":\"Infographics\",\"url\":\"https://www.britannica.com/study/infographics\",\"newTab\":true},{\"title\":\"Lists\",\"url\":\"/list/browse\"},{\"title\":\"Podcasts\",\"url\":\"/podcasts\"},{\"title\":\"Spotlight\",\"url\":\"/stories/spotlight\"},{\"title\":\"Summaries\",\"url\":\"/summary\"},{\"title\":\"The Forum\",\"url\":\"/stories/the-forum\"},{\"title\":\"Top Questions\",\"url\":\"/question\"},{\"title\":\"#WTFact\",\"url\":\"/stories/wtfact\"}],\"moreOnBritannica\":[{\"title\":\"100 Women\",\"url\":\"https://www.britannica.com/explore/100women/\",\"newTab\":true},{\"title\":\"Britannica Kids\",\"url\":\"https://kids.britannica.com/\",\"newTab\":true},{\"title\":\"Saving Earth\",\"url\":\"https://www.britannica.com/explore/savingearth/\",\"newTab\":true},{\"title\":\"Space Next 50\",\"url\":\"https://www.britannica.com/explore/space/\",\"newTab\":true},{\"title\":\"Student Center\",\"url\":\"https://www.britannica.com/study/\",\"newTab\":true}]},\"categoriesAndSubcategories\":[{\"category\":{\"id\":13300,\"parentId\":13000,\"title\":\"Household Finance\",\"description\":\"Household finance includes all of your day-to-day encounters with money, as well as planning, budgeting, and saving for your goals and dreams. Categories include banking, insurance, taxes, and managing debt, family, and your career.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdLocalOffer\",\"color\":\"blue\"},\"slug\":\"household-finance\",\"url\":\"/browse/household-finance\"},\"subcategories\":[{\"id\":13301,\"parentId\":13300,\"title\":\"Banking \u0026 Payments\",\"description\":\"Banks and payment facilities are at the center of your financial life, from storing your money and processing your transactions to helping you save in CDs and other accounts. It pays to know who's who and how it all works.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdLocalOffer\",\"color\":\"blue\"},\"slug\":\"Banking-Payments\",\"url\":\"/browse/Banking-Payments\"},{\"id\":13302,\"parentId\":13300,\"title\":\"Career\",\"description\":\"From the time you start your first job until the day you cash that last paycheck before retirement, your career will involve plenty of decisions as you manage a salary and benefits, start your own business or a side hustle, and more.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdLocalOffer\",\"color\":\"blue\"},\"slug\":\"Career\",\"url\":\"/browse/Career\"},{\"id\":13303,\"parentId\":13300,\"title\":\"College Savings\",\"description\":\"For many of us, a college education is one of the largest expenses we'll ever take on. It's crucial to be strategic in choosing a college, targeting scholarships and grants, and being smart about student loans. And the earlier you start saving, the better.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdLocalOffer\",\"color\":\"blue\"},\"slug\":\"College-Savings\",\"url\":\"/browse/College-Savings\"},{\"id\":13304,\"parentId\":13300,\"title\":\"Debt Management\",\"description\":\"Debt management requires an understanding of credit scores, credit cards, loans, and interest. And if you should find yourself in over your head, it pays to know your options—and your rights—regarding collections and bankruptcy.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdLocalOffer\",\"color\":\"blue\"},\"slug\":\"Debt-Management\",\"url\":\"/browse/Debt-Management\"},{\"id\":13305,\"parentId\":13300,\"title\":\"Insurance\",\"description\":\"Insurance is one thing we all pay for but hope we never use. Learn about all types of insurance—medical, life, home, auto, and more—how they work, and which types you need.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdLocalOffer\",\"color\":\"blue\"},\"slug\":\"Insurance\",\"url\":\"/browse/Insurance\"},{\"id\":13306,\"parentId\":13300,\"title\":\"Money \u0026 Family\",\"description\":\"Your financial journey includes budgeting, saving, and strategic allocation of your available spending dollars. But it's not just about you. Your money decisions require thoughtful interaction with all members of your family.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdLocalOffer\",\"color\":\"blue\"},\"slug\":\"Money-Family\",\"url\":\"/browse/Money-Family\"},{\"id\":13307,\"parentId\":13300,\"title\":\"Mortgage \u0026 Home\",\"description\":\"At some point in their lives, most Americans will own some real estate. Home buying and selling, taking out a mortgage or home loan, remodeling, and other home-related decisions require education and planning.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdLocalOffer\",\"color\":\"blue\"},\"slug\":\"Mortgage-Home\",\"url\":\"/browse/Mortgage-Home\"},{\"id\":13308,\"parentId\":13300,\"title\":\"Taxes\",\"description\":\"You probably know Ben Franklin's adage about death and taxes, but back in Ben's day, taxes weren't nearly as numerous—nor as complex. Learn about taxes on income, capital gains, property, sales, and more.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdLocalOffer\",\"color\":\"blue\"},\"slug\":\"Household-Taxes\",\"url\":\"/browse/Household-Taxes\"}]},{\"category\":{\"id\":13100,\"parentId\":13000,\"title\":\"Investing\",\"description\":\"Investing is about identifying opportunities for long-term growth of your portfolio. Stocks, bonds, mutual funds, ETFs, and alternative investments such as commodities and real estate, are part of a vast market ecosystem.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"investing\",\"url\":\"/browse/investing\"},\"subcategories\":[{\"id\":13110,\"parentId\":13100,\"title\":\"Alternative Investments\",\"description\":\"alts\\\") would be everything else. Learn about commodities, precious metals, derivatives, real estate, art, and collectibles—and the institutional traders and fund managers who invest in them.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Alternative-Investments\",\"url\":\"/browse/Alternative-Investments\"},{\"id\":13111,\"parentId\":13100,\"title\":\"Bonds \u0026 Fixed Income\",\"description\":\"A diversified investment portfolio typically includes bonds and other fixed-income securities. But like all invements, fixed income has its share of product types, risks, and complexities that are worth exploring and understanding.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Bonds-Fixed-Income\",\"url\":\"/browse/Bonds-Fixed-Income\"},{\"id\":13113,\"parentId\":13100,\"title\":\"ETFs \u0026 Mutual Funds\",\"description\":\"Exchange-traded funds (ETFs) and mutual funds are baskets of stocks, bonds, and other securities. A fund may track an index such as the S\u0026P 500, or it may be tied to a sector, industry, risk profile, or strategy.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"ETFs-Mutual-Funds\",\"url\":\"/browse/ETFs-Mutual-Funds\"},{\"id\":13112,\"parentId\":13100,\"title\":\"Economic Data\",\"description\":\"No exploration of investment opportunies is complete without context of the economic realities of the day. Economic data includes government reports such as GDP, unemployment, inflation, and housing numbers, as well as trends in fiscal and monetary policy.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Economic-Data\",\"url\":\"/browse/Economic-Data\"},{\"id\":13114,\"parentId\":13100,\"title\":\"Fundamental Analysis\",\"description\":\"Does a specific stock deserve a place in your portfolio? Due diligence starts with fundamental analysis: Earnings and earnings ratios, financial statements, growth and growth potential, and the competitive environment.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Fundamental-Analysis\",\"url\":\"/browse/Fundamental-Analysis\"},{\"id\":13115,\"parentId\":13100,\"title\":\"Markets \u0026 Regulation\",\"description\":\"Modern financial markets are relatively easy to navigate, but amazingly complex when you dig beneath the surface. Learn how markets work, who the players are, how money and securities change hands, and how the system is regulated.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Markets-Regulation\",\"url\":\"/browse/Markets-Regulation\"},{\"id\":13116,\"parentId\":13100,\"title\":\"Portfolio Management\",\"description\":\"Your portfolio is the amalgamation of all your assets—stocks, bonds, real estate, the funds in your 401(k), and your cash. A well-managed portfolio will aim for solid long-term returns—adjusted for your risk tolerance and time horizon—and will shift along with your changing objectives.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Portfolio-Management\",\"url\":\"/browse/Portfolio-Management\"},{\"id\":13117,\"parentId\":13100,\"title\":\"Stocks \u0026 Indexes\",\"description\":\"A stock represents partial ownership of a company, and a stock index tracks a basket of stocks of different companies. Learn the ins and outs of the stock market, the 11 sectors within it, and the various indexes that measure its overall performance.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdShowChart\",\"color\":\"orange\"},\"slug\":\"Stocks-Indexes\",\"url\":\"/browse/Stocks-Indexes\"}]},{\"category\":{\"id\":13400,\"parentId\":13000,\"title\":\"Trading\",\"description\":\"Trading is the short-term buying and selling of stocks, commodities, options, cryptocurrencies, and other securities. Trading has different objectives and strategies than long-term investing. Traders use technical analysis, buy and sell on margin, and look to capture price inefficiencies.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Trading\",\"url\":\"/browse/Trading\"},\"subcategories\":[{\"id\":13401,\"parentId\":13400,\"title\":\"Crypto \u0026 Foreign Exchange\",\"description\":\"Active trading in foreign exchange (“forex”) has been around for decades, while cryptocurrencies are relative newcomers. Both track the relative value of currencies or cryptocurrencies: dollars, euro, yen, and pounds as well as Bitcoin, Ethereum, Solana, and Dogecoin.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Crypto-Foreign-Exchange\",\"url\":\"/browse/Crypto-Foreign-Exchange\"},{\"id\":13402,\"parentId\":13400,\"title\":\"Futures \u0026 Margin Trading\",\"description\":\"Futures contracts allow traders and investors to speculate on the direction of—and hedge underlying positions in—stock indexes, interest rates, commodities, precious metals, and more.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Futures-Margin-Trading\",\"url\":\"/browse/Futures-Margin-Trading\"},{\"id\":13403,\"parentId\":13400,\"title\":\"Options Trading\",\"description\":\"Options are derivative contracts that give the buyer the right to buy or sell a security at a specific price. Options can be flexible and capital efficient. But understanding the math behind them, plus the lingo, strategies, and risk parameters, requires some training.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Options-Trading\",\"url\":\"/browse/Options-Trading\"},{\"id\":13404,\"parentId\":13400,\"title\":\"Technical Analysis\",\"description\":\"Is there predictive power in price and volume data? Technical analysts watch the charts, look for patterns, and use a blend of art and science to try to optimize the timing and price levels for buy and sell orders.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Technical-Analysis\",\"url\":\"/browse/Technical-Analysis\"},{\"id\":13405,\"parentId\":13400,\"title\":\"Trading Strategy\",\"description\":\"Active trading requires some specialized skill—and a special mindset. Learn how to manage capital and trading positions, as well as emotions and biases. \",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdOutlineToll\",\"color\":\"violet-strong\"},\"slug\":\"Trading-Strategy\",\"url\":\"/browse/Trading-Strategy\"}]},{\"category\":{\"id\":13200,\"parentId\":13000,\"title\":\"Retirement\",\"description\":\"We all dream of a comfortable retirement. Learn all about the various retirement savings accounts and how to maximize them. Careful planning of your retirement income, budget, and lifestyle can help make sure you don't outlive your money.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"retirement\",\"url\":\"/browse/retirement\"},\"subcategories\":[{\"id\":13201,\"parentId\":13200,\"title\":\"Defined Contribution Plans\",\"description\":\"401(k) plans and individual retirement accounts (IRAs) are examples of defined contribution plans. You decide how much to contribute, and those savings are invested to compound and (hopefully) capture market earnings. Learn about traditional, Roth, SEP, and SIMPLE plans, as well as 403(b), 457, and solo 401(k) plans.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Defined-Contribution-Plans\",\"url\":\"/browse/Defined-Contribution-Plans\"},{\"id\":13202,\"parentId\":13200,\"title\":\"Estate Planning\",\"description\":\"Estate planning isn't just for the wealthy. Pretty much anyone with assets, families, and even pets should have plans in place—just in case.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Estate-Planning\",\"url\":\"/browse/Estate-Planning\"},{\"id\":13203,\"parentId\":13200,\"title\":\"Pensions \u0026 Annuities\",\"description\":\"An annuity is a series of payments made at fixed, regular intervals. Defined benefit plans (such as government and company pension plans) are one type of annuity. Insurance companies also sell annuity products that are designed to offer predictable income streams in retirement. But fair warning: they're complex.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Pensions-Annuities\",\"url\":\"/browse/Pensions-Annuities\"},{\"id\":13204,\"parentId\":13200,\"title\":\"Retirement Living\",\"description\":\"Throughout your career, you've been looking forward to retirement. But once you're there, you have a brand new set of decisions to make: travel, budgeting, tackling the bucket list, and maybe even taking on a new job or side hustle. Retirement living: It's a new beginning.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Retirement-Living\",\"url\":\"/browse/Retirement-Living\"},{\"id\":13205,\"parentId\":13200,\"title\":\"Retirement Planning\",\"description\":\"Are you expecting a long and comfortable retirement? Plan ahead. Will your savings and income streams support all your dreams for your golden years? And do you have contingency plans in case things change? Learn how to plan and strategize for retirement.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Retirement-Planning\",\"url\":\"/browse/Retirement-Planning\"},{\"id\":13206,\"parentId\":13200,\"title\":\"Social Security \u0026 Medicare\",\"description\":\"Most of us pay into Social Security and Medicare throughout our working lives; in retirement, we receive benefits. But to get the most out of these two government programs—and tailor them to your personal situation—you need to learn how they work.\",\"imageUrl\":\"https://cdn.britannica.com/21/235621-159-24129B3B/britannica-money-default-subject-logo-retirement.jpg\",\"categoryIcon\":{\"name\":\"MdSavings\",\"color\":\"green\"},\"slug\":\"Social-Security-Medicare\",\"url\":\"/browse/Social-Security-Medicare\"}]},{\"category\":{\"id\":13700,\"parentId\":13000,\"title\":\"Companies\",\"description\":\"The Global Industry Classification Standard (GICS) places companies into eleven sectors: Communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Companies\",\"url\":\"/browse/Companies\"},\"subcategories\":[{\"id\":13709,\"parentId\":13700,\"title\":\"Communication Services\",\"description\":\"Communication services, added in 2018, includes traditional and social media, web platforms, video game makers, and telecom providers. Companies include AT\u0026T, Netflix, Facebook parent Meta, and Google parent Alphabet.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Communication-Services\",\"url\":\"/browse/Communication-Services\"},{\"id\":13704,\"parentId\":13700,\"title\":\"Consumer Discretionary\",\"description\":\"Discretionary companies - autos, travel and entertainment companies, apparel makers, and e-commerce - tend to rise and fall with the consumer economy. Companies include Ford, Nike, Disney, McDonald’s, and Amazon.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Consumer-Discretionary\",\"url\":\"/browse/Consumer-Discretionary\"},{\"id\":13705,\"parentId\":13700,\"title\":\"Consumer Staples\",\"description\":\"Staples are everyday products such as toothpaste, detergent, food and beverages, groceries, and beauty supplies. Companies include Costco, Walmart, Coca-Cola, and Procter \u0026 Gamble.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Consumer-Staples\",\"url\":\"/browse/Consumer-Staples\"},{\"id\":13701,\"parentId\":13700,\"title\":\"Energy\",\"description\":\"The energy sector, which includes oil and gas producers, pipeline builders, and refineries, tends to follow commodities. Companies include ExxonMobil, Halliburton, Chevron, Occidental, and ConocoPhillips.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Energy\",\"url\":\"/browse/Energy\"},{\"id\":13707,\"parentId\":13700,\"title\":\"Financials\",\"description\":\"The financials sector includes insurance, commercial and investment banks, brokers, and credit card and payment providers. Companies include JPMorganChase, PayPal, Allstate, Visa, BlackRock, and Goldman Sachs.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Financials\",\"url\":\"/browse/Financials\"},{\"id\":13706,\"parentId\":13700,\"title\":\"Health Care\",\"description\":\"The health care sector includes pharmaceuticals, medical devices, biotechnology, and health insurance companies. Top names include Pfizer, UnitedHealth, Medtronic, and Johnson \u0026 Johnson.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Health-Care\",\"url\":\"/browse/Health-Care\"},{\"id\":13703,\"parentId\":13700,\"title\":\"Industrials\",\"description\":\"The industrials sector includes construction, agricultural machinery, airplanes, defense (weapons) contractors, railroads, and delivery companies. Top names include Lockheed Martin, Boeing, Caterpillar, FedEx, 3M, and CSX.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Industrials\",\"url\":\"/browse/Industrials\"},{\"id\":13708,\"parentId\":13700,\"title\":\"Information Technology\",\"description\":\"The growth-oriented tech sector makes and services semiconductors, cell phones, computer hardware and software, and services such as cloud computing. Companies include Apple, Microsoft, NVIDIA, and Cisco.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Information-Technology\",\"url\":\"/browse/Information-Technology\"},{\"id\":13702,\"parentId\":13700,\"title\":\"Materials\",\"description\":\"The materials sector includes agricultural services, miners, and makers of paper, steel, and chemicals. Typically growth-oriented dividend payers, companies include International Paper, Alcoa, Dow, Freeport-McMoRan, and Newmont.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Materials\",\"url\":\"/browse/Materials\"},{\"id\":13710,\"parentId\":13700,\"title\":\"Utilities\",\"description\":\"Known for stability and a history of solid dividends, the utilities sector includes electricity providers, nuclear power companies, and waste haulers. Companies include NextEra, Waste Management, and Duke Energy.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdBarChart\",\"color\":\"red\"},\"slug\":\"Utilities\",\"url\":\"/browse/Utilities\"}]},{\"category\":{\"id\":13600,\"parentId\":13000,\"title\":\"Biographies\",\"description\":\"Behind all the great ideas, philosophies, inventions, and industries are people who create, cultivate, and lead. Learn about the entrepreneurs, financiers, business executives, and economic thought leaders who shaped the world of money and finance.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Biographies\",\"url\":\"/browse/Biographies\"},\"subcategories\":[{\"id\":13601,\"parentId\":13600,\"title\":\"Bankers \u0026 Financiers\",\"description\":\"Learn about the bankers, financiers, and other facilitators of capital market growth throughout history - those who underwrote the industrial revolution, the building of railroads and automobiles, and today’s technology platforms.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Bankers-Financiers\",\"url\":\"/browse/Bankers-Financiers\"},{\"id\":13602,\"parentId\":13600,\"title\":\"Business Executives\",\"description\":\"Learn about the men \u0026 women who helped - and are helping - shape global corporations, private businesses, sports teams, \u0026 technology start-ups.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Businesspeople-Executives\",\"url\":\"/browse/Businesspeople-Executives\"},{\"id\":13603,\"parentId\":13600,\"title\":\"Economists\",\"description\":\"Learn about the academics, researchers, statisticians, and policymakers who shaped the economy—plus the thought leadership, models, formulas, and philosophies they crafted and implemented.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Economists\",\"url\":\"/browse/Economists\"},{\"id\":13604,\"parentId\":13600,\"title\":\"Entrepreneurs\",\"description\":\"Entrepreneurs bear the economic uncertainties and risks of starting and running new businesses to generate profit and economic value. Learn about these industrialists, number crunchers, and technology innovators.\",\"imageUrl\":\"https://cdn.britannica.com/22/235622-159-A518C19F/britannica-money-default-subject-logo-home-finance.jpg\",\"categoryIcon\":{\"name\":\"MdPerson2\",\"color\":\"blue-strong\"},\"slug\":\"Entrepreneurs\",\"url\":\"/browse/Entrepreneurs\"}]},{\"category\":{\"id\":13500,\"parentId\":13000,\"title\":\"Finance \u0026 the Economy\",\"description\":\"Explore the full spectrum of finance and economics, from historical frameworks to contemporary topics. This includes business management, marketing, accounting, taxation, governmental policies, and international trade dynamics.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"history-and-theory\",\"url\":\"/browse/history-and-theory\"},\"subcategories\":[{\"id\":13501,\"parentId\":13500,\"title\":\"Accounting \u0026 Taxes\",\"description\":\"Accounting (evaluating and keeping track of the financial affairs of an organization) and taxation (levies on individuals and entities by governments) have plenty of complex terms, procedures, and jargon.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Accounting-Taxes\",\"url\":\"/browse/Accounting-Taxes\"},{\"id\":13502,\"parentId\":13500,\"title\":\"Business \u0026 Marketing\",\"description\":\"Learn about the different types of companies and business structures, as well as sales, advertising, and other facets of marketing.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Business-Marketing\",\"url\":\"/browse/Business-Marketing\"},{\"id\":13503,\"parentId\":13500,\"title\":\"Currencies\",\"description\":\"Explore the world of foreign exchange, from precious metals and ancient coins to currencies in circulation today—including cryptocurrency, the newest form of money.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Currencies\",\"url\":\"/browse/Currencies\"},{\"id\":13504,\"parentId\":13500,\"title\":\"Economic Concepts\",\"description\":\"Economic terms and concepts include microeconomics (supply and demand, consumption and production by individuals) and macroeconomics (the study of aggregate economies and trade).\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Economic-Concepts\",\"url\":\"/browse/Economic-Concepts\"},{\"id\":13505,\"parentId\":13500,\"title\":\"Economic History\",\"description\":\"Throughout the centuries, economic cycles have gone from recession and depression to bull market bubbles—and back again. Along the way, new economic systems and policies are attempted; some fail, while others stand the test of time.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Economic-History\",\"url\":\"/browse/Economic-History\"},{\"id\":13506,\"parentId\":13500,\"title\":\"Finance Basics\",\"description\":\"Learn the basic terms and concepts for investing, retirement savings, budgeting, active trading, banking, estate planning, and everything else related to managing your money.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Finance-Basics\",\"url\":\"/browse/Finance-Basics\"},{\"id\":13507,\"parentId\":13500,\"title\":\"Government \u0026 the Economy\",\"description\":\"Even a free-market, capitalist economy needs government rules, regulations, and policies—and that means bureaus, commissions, central banks, and policymakers to create and enforce the rules.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Government-Economy\",\"url\":\"/browse/Government-Economy\"},{\"id\":13508,\"parentId\":13500,\"title\":\"International Trade\",\"description\":\"Trading among nations (imports and exports of raw materials and finished goods) is intended to increase output to the benefit of all. But nations sometimes create tariffs and other protectionist barriers to trade.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"International-Trade\",\"url\":\"/browse/International-Trade\"},{\"id\":13509,\"parentId\":13500,\"title\":\"Management \u0026 Work\",\"description\":\"Operating a business means organizing and managing people and processes, wages and other compensation, efficiency, value, and performance metrics.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Management-Work\",\"url\":\"/browse/Management-Work\"}]}]},\"children\":[[\"$\",\"$L10\",null,{}],[\"$\",\"$L11\",null,{}],[\"$\",\"html\",null,{\"lang\":\"en\",\"children\":[\"$\",\"body\",null,{\"className\":\"britannica-money\",\"children\":[[\"$\",\"noscript\",null,{\"children\":[\"$\",\"iframe\",null,{\"src\":\"https://www.googletagmanager.com/ns.html?id=GTM-NRMG5CF\",\"height\":\"0\",\"width\":\"0\",\"style\":{\"display\":\"none\",\"visibility\":\"hidden\"}}]}],[\"$\",\"$L12\",null,{}],[\"$\",\"$L13\",null,{}],[\"$\",\"$L8\",null,{\"parallelRouterKey\":\"children\",\"segmentPath\":[\"children\"],\"error\":\"$14\",\"errorStyles\":[[\"$\",\"link\",\"0\",{\"rel\":\"stylesheet\",\"href\":\"/money/_next/static/css/596dae822753336a.css\",\"precedence\":\"next\",\"crossOrigin\":\"$undefined\"}]],\"errorScripts\":[],\"template\":[\"$\",\"$La\",null,{}],\"templateStyles\":\"$undefined\",\"templateScripts\":\"$undefined\",\"notFound\":[\"$\",\"div\",null,{\"className\":\"ErrorPage_ErrorPage__8JUUd container d-flex\",\"children\":[\"$\",\"div\",null,{\"className\":\"grid align-items-center justify-content-center\",\"children\":[[\"$\",\"div\",null,{\"className\":\"col-100 col-sm-30 d-flex align-items-center justify-content-center\",\"children\":[\"$\",\"div\",null,{\"className\":\"ErrorPage_ThistleContainer__aNN2T rounded-circle p-20 my-20\",\"children\":[[\"$\",\"img\",null,{\"loading\":\"lazy\",\"src\":\"https://cdn.britannica.com/money/assets/avatar.png\",\"alt\":\"Britannica Thistle\",\"height\":\"$undefined\",\"width\":200,\"data-testid\":\"IrisImage\",\"className\":\"rounded-circle\"}],\"$undefined\"]}]}],[\"$\",\"div\",null,{\"className\":\"col-100 col-sm-50 text-center text-sm-left\",\"children\":[[\"$\",\"h1\",null,{\"className\":\"text-blue-dark\",\"children\":\"There’s Nothing Here!\"}],[\"$\",\"p\",null,{\"children\":\"The page you were looking for appears to be down, deleted or does not exist. You can go back to the home page.\"}],[\"$\",\"$L15\",null,{\"href\":\"/\",\"className\":\"btn btn-blue-dark my-20\",\"children\":[[\"$\",\"svg\",null,{\"stroke\":\"currentColor\",\"fill\":\"currentColor\",\"strokeWidth\":\"0\",\"viewBox\":\"0 0 24 24\",\"className\":\"mr-10\",\"children\":[\"$undefined\",[[\"$\",\"path\",\"0\",{\"fill\":\"none\",\"d\":\"M0 0h24v24H0z\",\"children\":[]}],[\"$\",\"path\",\"1\",{\"d\":\"M20 11H7.83l5.59-5.59L12 4l-8 8 8 8 1.41-1.41L7.83 13H20v-2z\",\"children\":[]}]]],\"style\":{\"color\":\"$undefined\"},\"height\":\"1em\",\"width\":\"1em\",\"xmlns\":\"http://www.w3.org/2000/svg\"}],\"Back to home page\"]}]]}]]}]}],\"notFoundStyles\":[[\"$\",\"link\",\"0\",{\"rel\":\"stylesheet\",\"href\":\"/money/_next/static/css/596dae822753336a.css\",\"precedence\":\"next\",\"crossOrigin\":\"$undefined\"}]]}],[\"$\",\"footer\",null,{\"className\":\"Footer_Footer__h6k1G text-align-center pb-100\",\"data-testid\":\"Footer\",\"children\":[[\"$\",\"div\",null,{\"className\":\"pt-30 pt-md-40 mx-25 mx-md-0\",\"children\":[\"$\",\"$L15\",null,{\"href\":\"/\",\"className\":\"$undefined\",\"children\":[[\"$\",\"img\",null,{\"loading\":\"lazy\",\"src\":\"https://cdn.britannica.com/money/assets/Money-475x60-footer-2x.png?h=47\u0026w=390\",\"alt\":\"Britannica Money Logo\",\"height\":\"$undefined\",\"width\":\"$undefined\",\"data-testid\":\"IrisImage\"}],\"$undefined\"]}]}],[\"$\",\"div\",null,{\"className\":\"Footer_SubLinks__z2QDt my-30 font-weight-semi-bold font-weight-semi-bold d-flex flex-row tw-justify-center tw-items-center\",\"children\":[[\"$\",\"$L15\",null,{\"href\":\"/about\",\"className\":\"mx-20\",\"children\":\"About Us\"}],[\"$\",\"a\",null,{\"href\":\"https://corporate.britannica.com/privacy-policy-2\",\"target\":\"_blank\",\"rel\":\"noopener noreferrer\",\"className\":\"mx-20\",\"children\":[\"Privacy Policy\",false]}],[\"$\",\"a\",null,{\"href\":\"https://corporate.britannica.com/termsofuse.html\",\"target\":\"_blank\",\"rel\":\"noopener noreferrer\",\"className\":\"mx-20\",\"children\":[\"Terms \u0026 Conditions\",false]}]]}],[\"$\",\"div\",null,{\"className\":\"Footer_Copyright__67QaR pb-40 mx-40 mx-md-0\",\"children\":[\"© \",2024,\" Encyclopædia Britannica, Inc.\"]}]]}],[\"$\",\"$L16\",null,{}],[\"$\",\"$L17\",null,{\"id\":\"google-tag-manager\",\"dangerouslySetInnerHTML\":{\"__html\":\"\\n (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':\\n new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],\\n j=d.createElement(s),dl=l!='dataLayer'?'\u0026l='+l:'';j.async=true;j.src=\\n 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);\\n })(window,document,'script','dataLayer','GTM-NRMG5CF');\\n \"}}],[\"$\",\"$L17\",null,{\"id\":\"google-cmp\",\"async\":true,\"src\":\"https://securepubads.g.doubleclick.net/tag/js/gpt.js\"}],[\"$\",\"$L17\",null,{\"id\":\"google-cmp-pixel\",\"dangerouslySetInnerHTML\":{\"__html\":\"\\n window.googletag = window.googletag || {cmd: []};\\n googletag.cmd.push(function() {\\n googletag.defineSlot('/15510053/CMP_1x1', [1, 1], 'div-gpt-ad-1709766812090-0').addService(googletag.pubads());\\n googletag.pubads().enableSingleRequest();\\n googletag.enableServices();\\n });\\n \"}}],[\"$\",\"$L17\",null,{\"id\":\"adobe-target-config\",\"dangerouslySetInnerHTML\":{\"__html\":\"\\n //disables body hiding to prevent blank page flicker issue\\n window.targetGlobalSettings = {\\n bodyHidingEnabled: false,\\n };\\n \"}}],[\"$\",\"$L17\",null,{\"id\":\"adobe-target\",\"src\":\"https://cdn.britannica.com/money/scripts/at.js\"}]]}]}]]}]\n"])</script><script>self.__next_f.push([1,"18:I[7679,[\"51\",\"static/chunks/795d4814-a6432aeb6ef0e798.js\",\"240\",\"static/chunks/53c13509-16ef3624bfd56c4d.js\",\"231\",\"static/chunks/231-16e559214fb4677c.js\",\"378\",\"static/chunks/378-2926d5c25aeda739.js\",\"947\",\"static/chunks/947-a1eaf57cd9db09f7.js\",\"862\",\"static/chunks/862-67f29c0f9c9f070e.js\",\"305\",\"static/chunks/305-99fa799e1486cd2a.js\",\"308\",\"static/chunks/308-bd952550495475fb.js\",\"737\",\"static/chunks/app/(fluid)/%5B...contentPaths%5D/page-46fce4f97a95b76f.js\"],\"default\"]\n19:Tdcb,"])</script><script>self.__next_f.push([1,"\u003cspan id=\"ref911708-1\" data-level=\"1\" /\u003e\u003cp\u003e\u003cstrong\u003e\u003cspan id=\"ref785323\" /\u003elicense\u003c/strong\u003e, in \u003ca href=\"/topic/property-law\"\u003eproperty law\u003c/a\u003e, permission to enter or use the property of another. There are three categories of license: bare licenses, contractual licenses, and licenses coupled with an interest. A \u003cspan id=\"ref785324\" /\u003ebare license occurs when a person enters or uses the property of another with the express or implied permission of the owner or under circumstances that would provide a good defense against an action for \u003ca href=\"/topic/trespass-law\"\u003etrespass\u003c/a\u003e. For example, a person entering a gas station to ask for directions is a licensee and not a trespasser. \u003cspan id=\"ref785325\" /\u003eContractual license provides an express or implied permission to enter or use the property in exchange for some consideration. For example, the purchase of a movie ticket allows the ticket holder a license to enter the theatre at a particular time. Licenses that are acquired by \u003ca href=\"/money/contract-law\"\u003econtract\u003c/a\u003e normally include the right to use property that is protected by \u003ca href=\"/topic/patent\"\u003epatent\u003c/a\u003e, \u003ca href=\"/topic/copyright\"\u003ecopyright\u003c/a\u003e, or \u003ca href=\"/money/trademark\"\u003etrademark\u003c/a\u003e. A \u003cspan id=\"ref785326\" /\u003elicense coupled with an interest arises when a person acquires the right to take \u003ca href=\"/money/possession-property-law\"\u003epossession\u003c/a\u003e of property located on someone else’s land, as when a lender acquires the right to repossess an automobile that is located on private property after the borrower has defaulted on a \u003ca href=\"/money/credit\"\u003eloan\u003c/a\u003e.\u003c/p\u003e\u003c!--[P-1]--\u003e\u003cp\u003eBare licenses generally are not assignable (transferable) and are revocable at will by the property owner. The assignability and revocability of contractual licenses normally depend on the terms of the contract. Licenses coupled with an interest usually are both assignable and irrevocable, at least until the holder of the license has had a reasonable time to retrieve the property that gave rise to the license.\u003c/p\u003e\u003c!--[P-2]--\u003e\u003cp\u003eWhen a landowner permits another to use the land under circumstances in which it is reasonable to foresee that the licensee will spend money or otherwise change position in the belief that the license will not be revoked, the license may become irrevocable. For example, if a person owns two parcels, one of which has no access to a public road, sells the landlocked parcel to another person, and gives him permission to build a driveway across the lot the seller has retained, the license becomes irrevocable when the buyer invests in the property, reasonably believing that the permission will not be revoked. When the license becomes irrevocable, it may be called an “\u003cspan id=\"ref785330\" /\u003eexecuted parol license,” though it is more accurately called a \u003cspan id=\"ref785329\" /\u003e\u003ca href=\"/topic/servitude-property-law\"\u003eservitude\u003c/a\u003e created by estoppel, a term that better describes both the process used to create the right and the resulting right itself. An executed parol license creates a right that runs with the land indefinitely, a right properly described as a servitude. Describing it as an (irrevocable) executed parol license generates unnecessary complication in the \u003ca href=\"/topic/law\"\u003elaw\u003c/a\u003e by creating an unneeded, redundant category. It also creates possible confusion because it suggests that there may be some body of law, other than servitudes law, that governs secondary questions like the scope and termination of executed parol licenses.\u003c/p\u003e\u003c!--[P-3]--\u003e"])</script><script>self.__next_f.push([1,"7:[\"$\",\"$L18\",null,{\"initialArticle\":{\"contentInfo\":{\"contentId\":\"1-911708-1\",\"browserTitle\":\"License | Property Law, Intellectual Property \u0026 Contractual Rights\",\"metaDescription\":null,\"description\":\"license, in property law, permission to enter or use the property of another. There are three categories of license: bare licenses, contractual licenses, and licenses coupled with an interest. A bare license occurs when a person enters or uses the property of another with the express or implied\",\"lastUpdated\":{\"formattedShortDate\":\"Sep. 27, 2023\",\"formattedLongDate\":\"September 27, 2023\",\"formattedDateTime\":\"Sep. 27, 2023, 7:00 AM ET\",\"formattedUTCDateTime\":\"Sep. 27, 2023, 11:00 AM UTC\",\"ms\":1695812400000,\"utcms\":1695812400000},\"url\":\"/money/license\",\"alternateTitles\":null,\"image\":null,\"title\":\"license\",\"titleText\":\"license\",\"identifier\":\"property law\",\"subTitle\":null,\"type\":\"OTHER\",\"slug\":\"license\",\"authors\":[{\"id\":5560,\"title\":\"Susan French\",\"url\":\"/author/Susan-French/5560\",\"description\":\"Professor of Law, University of California, Los Angeles. Coauthor of \u003ci\u003eCommunity Association Law: Cases and Materials on Common Interest Communities\u003c/i\u003e.\",\"noFollow\":false,\"newTab\":false}],\"factCheckers\":[{\"id\":4419,\"title\":\"The Editors of Encyclopaedia Britannica\",\"url\":\"/author/The-Editors-of-Encyclopaedia-Britannica/4419\",\"description\":\"Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. They write new content and verify and edit content received from contributors.\",\"noFollow\":false,\"newTab\":false}],\"category\":{\"id\":13507,\"parentId\":13500,\"title\":\"Government \u0026 the Economy\",\"description\":\"Even a free-market, capitalist economy needs government rules, regulations, and policies—and that means bureaus, commissions, central banks, and policymakers to create and enforce the rules.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Government-Economy\",\"url\":\"/browse/Government-Economy\"},\"keywords\":\"license, encyclopedia, encyclopeadia, britannica, article\",\"breadcrumb\":[{\"id\":13000,\"parentId\":null,\"title\":\"Money\",\"description\":null,\"imageUrl\":null,\"categoryIcon\":null,\"slug\":\"Money\",\"url\":\"/browse/Money\"},{\"id\":13500,\"parentId\":13000,\"title\":\"Finance \u0026 the Economy\",\"description\":\"Explore the full spectrum of finance and economics, from historical frameworks to contemporary topics. This includes business management, marketing, accounting, taxation, governmental policies, and international trade dynamics.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"history-and-theory\",\"url\":\"/browse/history-and-theory\"},{\"id\":13507,\"parentId\":13500,\"title\":\"Government \u0026 the Economy\",\"description\":\"Even a free-market, capitalist economy needs government rules, regulations, and policies—and that means bureaus, commissions, central banks, and policymakers to create and enforce the rules.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Government-Economy\",\"url\":\"/browse/Government-Economy\"}],\"recentContent\":false},\"pageInfo\":{\"pageNumber\":1,\"title\":\"license\",\"url\":\"/money/license\",\"browserTitle\":\"License | Property Law, Intellectual Property \u0026 Contractual Rights\",\"metaDescription\":\"license, in property law, permission to enter or use the property of another. There are three categories of license: bare licenses, contractual licenses, and licenses coupled with an interest. A bare license occurs when a person enters or uses the property of another with the express or implied\"},\"pageComponents\":[{\"type\":\"HTML\",\"content\":\"$19\"},{\"type\":\"SIGNATURE\",\"editor\":false,\"link\":{\"title\":\"Susan French\",\"url\":\"/author/Susan-French/5560\"}}],\"tocItems\":[],\"iguideLinks\":null,\"pageIds\":null,\"contentIds\":[\"1-493010-1\",\"1-657885-1\",\"1-601724-1\",\"1-2234943-1\",\"1-2234981-1\",\"1-2250830-1\",\"1-436353-1\",\"1-603741-1\",\"1-3044-1\",\"1-405796-1\"],\"relatedContents\":[{\"title\":\"interstate commerce\",\"url\":\"/money/interstate-commerce-United-States-law\",\"description\":\"interstate commerce, in U.S. constitutional law, any commercial transactions or traffic that cross state boundaries or that involve more than one state. The traditional concept that the free flow of commerce between states should not be impeded has been used to effect a wide range of regulations,\",\"image\":{\"type\":\"IMAGE\",\"description\":\"PHOTO\",\"id\":null,\"title\":null,\"caption\":null,\"credit\":\"George Grantham Bain Collection/Library of Congress, Washington, D.C. (ggbain 08714)\",\"url\":\"https://cdn.britannica.com/91/132291-050-4A304F97/horse-wagon-Interstate-Commerce-Traffic-Only-1900.jpg\",\"width\":null,\"height\":null,\"altText\":\"Sign displayed on horse and wagon, c. 1900, specifying that it was being used for “Interstate Commerce Traffic Only.”\"},\"contentId\":\"1-291661-1\",\"subTitle\":\"United States law\",\"category\":{\"id\":13507,\"parentId\":13500,\"title\":\"Government \u0026 the Economy\",\"description\":\"Even a free-market, capitalist economy needs government rules, regulations, and policies—and that means bureaus, commissions, central banks, and policymakers to create and enforce the rules.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Government-Economy\",\"url\":\"/browse/Government-Economy\"}},{\"title\":\"contract\",\"url\":\"/money/contract-law\",\"description\":\"contract, in the simplest definition, a promise enforceable by law. The promise may be to do something or to refrain from doing something. The making of a contract requires the mutual assent of two or more persons, one of them ordinarily making an offer and another accepting. If one of the parties\",\"image\":{\"type\":\"IMAGE\",\"description\":\"PHOTO\",\"id\":null,\"title\":null,\"caption\":null,\"credit\":\"Courtesy of The John Rylands University Library of Manchester\",\"url\":\"https://cdn.britannica.com/33/5233-050-42BDF5B6/text-loan-contract-Papyrus-586-Greek-University-99-bce.jpg\",\"width\":null,\"height\":null,\"altText\":\"papyrus loan contract\"},\"contentId\":\"1-135270-1\",\"subTitle\":\"law\",\"category\":{\"id\":13504,\"parentId\":13500,\"title\":\"Economic Concepts\",\"description\":\"Economic terms and concepts include microeconomics (supply and demand, consumption and production by individuals) and macroeconomics (the study of aggregate economies and trade).\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Economic-Concepts\",\"url\":\"/browse/Economic-Concepts\"}},{\"title\":\"What is fiscal policy and how does it affect the economy?\",\"url\":\"/money/fiscal-policy\",\"description\":\"Fiscal policy refers to the spending programs and tax policies that the government uses to guide the economy. Governments frequently use fiscal measures along with monetary policy to achieve economic policy goals, including: These three factors lay the general foundation for a government’s economic\",\"image\":{\"type\":\"IMAGE\",\"description\":\"PHOTO\",\"id\":null,\"title\":null,\"caption\":null,\"credit\":\"Encyclopædia Britannica, Inc.\",\"url\":\"https://cdn.britannica.com/45/236545-138-9A9D0C7E/what-is-inflation.jpg\",\"width\":null,\"height\":null,\"altText\":\"What Is Inflation?\"},\"contentId\":\"1-208363-1\",\"subTitle\":\"economics\",\"category\":{\"id\":13507,\"parentId\":13500,\"title\":\"Government \u0026 the Economy\",\"description\":\"Even a free-market, capitalist economy needs government rules, regulations, and policies—and that means bureaus, commissions, central banks, and policymakers to create and enforce the rules.\",\"imageUrl\":\"https://cdn.britannica.com/20/235620-159-F34405A1/britannica-money-default-subject-logo-investment.jpg\",\"categoryIcon\":{\"name\":\"MdSchool\",\"color\":\"orange-light\"},\"slug\":\"Government-Economy\",\"url\":\"/browse/Government-Economy\"}}]}}]\n"])</script><script>self.__next_f.push([1,"c:[[\"$\",\"meta\",\"0\",{\"name\":\"viewport\",\"content\":\"width=device-width, initial-scale=1\"}],[\"$\",\"meta\",\"1\",{\"charSet\":\"utf-8\"}],[\"$\",\"title\",\"2\",{\"children\":\"License | Property Law, Intellectual Property \u0026 Contractual Rights | Britannica Money\"}],[\"$\",\"link\",\"3\",{\"rel\":\"canonical\",\"href\":\"https://www.britannica.com/money/license\"}],[\"$\",\"meta\",\"4\",{\"property\":\"og:title\",\"content\":\"Britannica Money\"}],[\"$\",\"meta\",\"5\",{\"property\":\"og:image:type\",\"content\":\"image/png\"}],[\"$\",\"meta\",\"6\",{\"property\":\"og:image:width\",\"content\":\"595\"}],[\"$\",\"meta\",\"7\",{\"property\":\"og:image:height\",\"content\":\"596\"}],[\"$\",\"meta\",\"8\",{\"property\":\"og:image:alt\",\"content\":\"Britannica thistle\\n\"}],[\"$\",\"meta\",\"9\",{\"property\":\"og:image\",\"content\":\"https://www.britannica.com/money/money/opengraph-image.png?0ca1ca22e32fe0d6\"}],[\"$\",\"meta\",\"10\",{\"name\":\"twitter:card\",\"content\":\"summary_large_image\"}],[\"$\",\"meta\",\"11\",{\"name\":\"twitter:title\",\"content\":\"Britannica Money\"}],[\"$\",\"meta\",\"12\",{\"name\":\"twitter:image:type\",\"content\":\"image/png\"}],[\"$\",\"meta\",\"13\",{\"name\":\"twitter:image:width\",\"content\":\"595\"}],[\"$\",\"meta\",\"14\",{\"name\":\"twitter:image:height\",\"content\":\"596\"}],[\"$\",\"meta\",\"15\",{\"name\":\"twitter:image:alt\",\"content\":\"Britannica thistle\\n\"}],[\"$\",\"meta\",\"16\",{\"name\":\"twitter:image\",\"content\":\"https://www.britannica.com/money/money/opengraph-image.png?0ca1ca22e32fe0d6\"}],[\"$\",\"link\",\"17\",{\"rel\":\"icon\",\"href\":\"/money/favicon.ico\",\"type\":\"image/x-icon\",\"sizes\":\"48x48\"}]]\n6:null\n"])</script></body></html>