What is Intellectual Property?

Intellectual property can be defined as an intangible assets or work of an innovator, which an exclusive right is given by law. Such intangible assets may include literary and artistic works; discoveries and inventions, musical, words, phrases, and symbols... Example of intellectual property rights include copyrights, trademarks, trade secrets, patents and, design right.

Miller, A., and Davis, M. (2000) in their book, Intellectual Property: Patents, Trademarks, and Copyright, West Wadsworth publishing, intellectual property is a form of legal entitlement which allows its holder to control the use of certain intangible ideas and expressions. The term intellectual property reflects the idea that once established, such entitlements are generally treated by courts, especially in common law jurisdictions, as if they were tangible property.

A good example of intellectual property from academic or everyday life experience is prints book, CD's, videos, journals, industrial designs e.t.c.  More precisely, an author of a book may have copy right on the book for the all the time he or she is alive plus seventy years before his or her right expires.

Although, an exclusive right may be given under the intellectual property, however, the law also recognizes some exemption to this right. For example some print book or e-book may be copied for education research or purpose only. But it would become an infringement of copy if the copies are intended for commercial purpose.