Intellectual Property Rights

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3 December 2012
Intellectual Property Rights
When one first hears the word property the words that come to mind are possibly a house, a car, a boat but what about intellectual property? Well first off the definition of property is the legal right to exclude or keep others from interfering with what you own simply stated, ownership. However, intellectual property is still property but it originates from an individual's mind or intellect. So say a person owns a house, they have the legal right to do whatever they please to their home as long as they abide by the law. There exist similar rights that apply to intellectual property basically if you think it, you own it. Since tangible objects like a house can be protected by property rights without interference, what about intangible objects like thoughts or ideas how are they protected? Each thought or idea that a person coins is called an asset, the most common intangible assets are music and literary works. For example, a person can write a short story for a literature textbook and although the story physically appears in the textbook, the owner has intellectual rights to only the short story not the textbook. The company that publishes the textbook, however, possesses the right to distribute or withhold the textbook because it is their tangible asset. Now having discussed intangible and tangible assets, I will further discuss how to protect such assets. If a story were a tangible asset such as the house mentioned earlier we could possibly build a fence around it but because one cannot physically protect the story what can be done? There are several ways to protect intellectual property due to laws created to grant rights to the owner. These rights are called Intellectual Property rights, better known as IP rights. IP rights are granted by the Federal government and provide the owner with the authority to prevent all others from using the IP assets (Gorman). This means for all other individuals besides the...
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