Inspired by comments made by Allen (2017), Lueck (2017), Ménard (2017) and Smith(2017), this response clarifies and deepens the analysis in Arruñada (2017a). Its mainargument is that to deal with the complexity of property we must abstract secondaryelements, such as the physical dimensions of some types of assets, and focus on theinteraction between transactions. This sequential-exchange framework captures the mainproblem of property in the current environment of impersonal markets. It also providescriteria to compare private and public ordering, as well as to organize public solutions thatenable new forms of private ordering. The analysis applies the lessons in Coase (1960) toproperty by not only comparing realities but also maintaining his separate treatment of thedefinition of property rights and transaction costs. However, it replaces his contractual,single-exchange, framework for one in which contracts interact, causing exchangeexternalities.