When we talk about property, it is not just the tangible things such as homes, buildings, vehicles, currency etc that are protected by law. There are various other forms of non-material property termed as intellectual property that have been recognized under the law and granted safety against infringement. The three primary kinds of intellectual property rights are patents, trademarks and copyrights.
Copyrights are intellectual property dealing with rights of the creator over his or her original creation. It includes not only original literary pieces but also other forms of creative expression like melodies, videos, films etc. It provides the owners with several rights including monetary and moral rights in addition to the right of being acknowledged as the owner of the piece.
On the other hand, trademarks accord the person who has registered it, the safety over certain symbols, words or marks which identify the creator or origin of products to prevent replication and thus infringement. With this legal shield, trademark is protected from replication by unscrupulous persons who want to exploit reputed brands.
The third type of intellectual property right, known as patent, safeguards the rights of inventors in their novel and beneficial invention. A patent is valid for a specified span and gives the holder sole right to use and commercially exploit his or her idea.
Less common IP
There are a few other less common types of intellectual properties that can be held by people. To give some examples of these rare intellectual properties, they can be some special understanding carried forward by a specific family only; business secrets like recipes behind popular products; and location based symbols or marks to refer to a product which comes from that place, like Champagne.
While all the three types of intellectual property mentioned above are distinct from each other there are also some commonalities. All three are recognized by law in a manner that allows the owners of the property to take legal action against the infringer and get compensation for infringement.