A fief (; Latin: feudum) was a central element in medieval contracts based on feudal law. It consisted of a form of property holding or other rights granted by an overlord to a vassal, who held it in fealty or "in fee" in return for a form of feudal allegiance, services, and/or payments. The fees were often lands, land revenue or revenue-producing real property like a watermill, held in feudal land tenure: these are typically known as fiefs or fiefdoms. However, not only land but anything of value could be held in fee, including governmental office, rights of exploitation such as hunting, fishing or felling trees, monopolies in trade, money rents and tax farms. There never did exist one feudal system, nor did there exist one type of fief. Over the ages, depending on the region, there was a broad variety of customs using the same basic legal principles in many variations.