Intellectual Property Rights: An Overview

Intellectual property (IP) is a term referring to the creation of the intellect (the term used in studies of the human mind) for which a monopoly (from Greek word monos means single poleis to sell) is assigned to designated owners by law. Intellectual property rights are like any other property right. Intellectual Property Rights are themselves a form of property called intangible property. Property designates those things that are commonly recognized as being the possessions of an individual or a group. A right of ownership is associated with property that establishes the good as being "one's own thing" in relation to other individuals or groups, assuring the owner the right to dispense with the property in a manner he or she deems fit, whether to use or not use, exclude others from using or to transfer ownership