INTRODUCTION OF INTELLECTUAL PROPERTY :
There are three distinct types of property that individuals and companies can own: real property refers to land or real estate; personal property refers to specific items and things that can be identified, such as jewelry, cars, and artwork; and intellectual property refers to the fruits or product of human creativity, including literature, advertising slogans, songs, or new inventions.
Thus, property that is the result of thought, namely, intellectual activity, is called intellectual property (IP). In some foreign countries, intellectual property (especially patents and trademarks) is referred to as industrial property.
Many of the rights of ownership common to real and personal property are also common to intellectual property. Intellectual property can be bought,
sold, and licensed. Similarly, it can be protected against theft or infringement by others.
Nevertheless, there are some restrictions on use. For example, if you were to purchase the latest bestseller by John Grisham, you would be entitled to read the book, sell it to another, or give it away. You would not, however, be entitled to make photocopies of the book and then distribute and sell those copies to others. Those rights are retained by the author of the work and are protected by copyright law.
TYPES OF INTELLECTUAL PROPERTY :
The term intellectual property is usually thought of as comprising four separate, but often overlapping, legal fields: trademarks, copyrights, patents, and trade secrets. Although each of these areas will be discussed
in detail in the chapters that follow, a brief introduction to each discipline is helpful. (See chart on inside front and back covers of text comparing and contrasting the various types of intellectual property.)