Explain Intellectual Property Rights  

    As the name indicates, intellectual property refers to some idea or knowledge that is produced from the mind or the intellect. The term includes certain inventions, discoveries, written material and recorded media the holder of which is entitled to various legal entitlements similar to physical property.

     Intellectual property laws are made to protect these legal rights and entitlements. Copyright, patent, trademark and industrial design right are various forms of intellectual property rights designed to safeguard the interest of its holder. These exclusive rights can be transferred to third parties by way of license and mortgage.

      Intellectual property rights need to be protected to encourage authors, inventors and producers to provide their creations and knowledge for public use and to produce more and more qualitative products. Unlike physical property, intellectual property like written material and audible sound can used by several users simultaneously and therefore, need to be provided with exclusive rights to prevent infringement by third parties. In absence of such rights the idea or the knowledge can be stolen and copied by unauthorized persons and used extensively for their personal gain without the original owner or creator getting any benefit or compensation for the use.

      In America, laws have been enacted to grant rights of monopoly in certain cases to the owner of the intellectual property right for copying or distribution of such protected properties. The American constitution has conferred powers on the Congress to grant exclusive rights to authors and inventors for a limited period for promotion of science and arts. The basic idea is to provide benefit to the right owner even if it is detrimental to the society at large.

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