This article is all about intellectual property. A complex topic therefore explained in a simple term under Intellectual Property meaning. While intellectual property law has evolved over centuries, it was not until the 19th century that the term intellectual property began to use, and not until the late 20th century that it became commonplace in the majority of the world.
Intellectual Property Meaning
Property is corporal property and incorporeal property or tangible property and intangible property. Intellectual property meaning is a right pervading some material object. Intellectual property (IP) refers to creations of the intellect for which a monopoly is assigned to designated owners by law. The intangible products of a man’s brain are as valuable as his land, building, goods, money, belongings etc. it is quite different from real property or a formal property. In fiction, it is a property. Therefore called as intellectual property. The rights relating to the intellectual property however recognized by law as the subject matter of rights of various intangible or immaterial products is human intelligence, skills and labor. In short intellectual property is basically a creation of intellect or relates to intellect. Intellectual property rights are legal rights which govern the use of creations of the human mind and work.
Intellectual property rights (IPRs) thus granted to the creators of IP, and include trademarks, copyright, patents, industrial design rights, and in some jurisdictions trade secrets. Artistic works including music and literature, as well as discoveries, inventions, words, phrases, symbols, and designs can all protected as intellectual property.
The stated objective of most intellectual property law (with the exception of trademarks) is to “Promote progress.” By exchanging limited exclusive rights for disclosure of inventions and creative works, society and the patentee/copyright owner mutually benefit, and an incentive thus created for inventors and authors to create and disclose their work. Some commentators have noted that the objective of intellectual property legislators and those who support its implementation appears as “absolute protection”.