What characteristic defines intangible personal property?

Intangible personal property is defined by its lack of physical existence. Unlike tangible property, such as real estate or personal belongings, intangible property does not have a physical form that can be touched or grasped. This distinguishes it from other types of property that possess a concrete, physical presence. Intangible assets can include things like patents, copyrights, trademarks, and goodwill. Though they may have significant value and can be important for business and legal purposes, their value is derived from rights and benefits rather than any physical substance, which is why having no intrinsic value in a physical sense is a defining characteristic.

It's important to note that the classifications provided in the other choices highlight aspects that don’t accurately define intangible property. Physical existence, for instance, directly contradicts the definition of intangible assets, while the potential to be sold or traded can apply to both tangible and intangible assets. Lastly, not all intangible assets are solely used for business; they can also be held by individuals for personal purposes, further supporting their defining trait of lacking physical existence.