Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.
Intellectual property law is the area of law that deals with legal rights to creative works and inventions. It controls who gets to use creations including new products, artistic works and designs.
Any legal entity's right such as a person or company to have exclusive rights to use its own plans, ideas, or other intangible assets without the worry of competition, at least for a specific period of time.