**Ownership vs Possession vs Custody of Goods**

Ownership, possession, and custody are three distinct concepts when it comes to goods. Each of these represents a different level of control and responsibility over the goods. Let's examine each option in detail:

**Option A: Ownership of Goods**

Ownership refers to the legal right to possess, use, and dispose of goods. When someone owns goods, they have the ultimate control and decision-making authority over those goods. Ownership signifies the highest level of control and responsibility.

For example, if you own a car, you have the right to use it, sell it, or give it away. You have the power to make decisions regarding the car's maintenance, repairs, and modifications. Ownership is typically established through purchase, gift, inheritance, or other legal means.

**Option B: Possession of Goods**

Possession refers to having physical control or occupancy of goods. Possession can exist even if someone does not own the goods. Possessing goods means having them physically present and accessible.

For example, if you borrow a friend's laptop, you have possession of the laptop during the borrowing period, but you do not own it. Possession does not necessarily grant the same level of decision-making authority as ownership.

**Option C: Custody of Goods**

Custody refers to the temporary control and responsibility over goods. It involves safeguarding and protecting goods on behalf of the owner or another party. Custody does not necessarily imply ownership or possession.

For example, if a storage company stores your furniture while you are moving houses, they have custody of your furniture but do not own it. Custodians are responsible for the safekeeping and maintenance of goods but do not have the same level of decision-making authority as owners or possessors.

**Option D: Both Possession and Custody of Goods**

Option D, which states "both B (possession of goods) and C (custody of goods)," is the correct answer. Possession and custody are not mutually exclusive. It is possible to have both possession and custody of goods simultaneously.

For example, if you are borrowing a friend's laptop (possession) and you are responsible for safeguarding it on their behalf (custody), then you have both possession and custody of the laptop.

In summary, ownership represents the legal right to control goods, possession refers to physical control, and custody involves temporary responsibility for safekeeping. Option D correctly identifies that possession and custody are both aspects of the risk associated with goods.