Which permission grants the ability to create new files and folders as well as modify existing ones?

The ability to create new files and folders, as well as modify existing ones, is encompassed by the 'Write' permission. This permission allows users to add or change content within a directory. When a user has write access, they can not only modify existing files but also create new files and directories in the specified location.

While 'Full Control' does indeed grant comprehensive rights, including write capabilities, it is broader and includes permissions like deletion and changing permissions, which may not be necessary for focusing solely on the ability to create and modify files. The 'Modify' permission, which also allows for modification of files and folders, may be slightly limited compared to 'Write' when it comes to creating new content. 'Read and Execute' primarily focuses on viewing and executing files, lacking permissions to make alterations or additions. Thus, 'Write' is the most straightforward option that directly addresses the ability to create and modify files and folders.