This article discusses crucial issues relating to the legal concept of a farm. An attempt to provide adequate explanation of the meaning of this notion must, however, be preluded by answers to five primal questions: (1) What is a farm as an object of law (particularly property law)? (2) What kinds of elements form integral parts of a farm? (3) What kind of relationships can be identified between the elements of a farm (i.e. why different elements may be considered as a unity)? (4) At which moment a farm comes into existence and when it ceases? (5) Is the notion of a farm conceptually and logically coherent with other legal terms? Solution to the problem is of vital importance in practice: it should settle rules of how to transfer a farm. Thus, several theories are presented and developed in order to conclude ultimately that the main arguments for 'positive' theories appear to prove unpersuasive. Besides, the legal regulation of a farm is so residual that it could give sufficient grounds for all the 'positive' theories or for none of them. Therefore, until necessary amendments are made, the legal concept of a farm should be considered as a convenient mental abbreviation rather than a specific object of law.
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