Thus, the property which is the result of thought, named intellectual activity, is called intellectual property. In some foreign countries, intellectual property is referred to as industrial property. Intellectual property can be bought, sold and licensed. Similarly it can be protected against theft or infringement by others. Intellectual property law protects the results of human creative endeavor, by protecting the intellectual property against any infringement. Intellectual property protects rights to ideas by protecting rights to produce and control physical instantiations of those ideas. For example, if you were to purchase the latest best seller by Chetan Bhagat, you would be entitled to read the book or sell it or giving it away but you would not be entitled to make photocopies of the book and then sell those copies. Those rights are retained by the author of the book and are protected by the copyright law.
Intellectual property is a field of law that aims at protecting original ideas, the knowledge created through human effort in order to stimulate and promote further creativity. Authors who write books and musicians who compose songs would be unlikely to be engaged in further creative efforts unless they could realize the profit from