Legal Dictionary: Intellectual Property Law

DEFINITION

• Intellectual property describes a wide variety of property created by musicians, authors, artists and inventors.

• The federal law of intellectual property encompasses the areas of copyright, patent and trademark laws.

• Intellectual property principles are designed to encourage the development of art, science and information by granting property rights to creative and inventive people. These rights allow artists and inventors to protect themselves from infringement, or the unauthorized use and misuse of their creations.

• The Constitution authorizes Congress to grant patents and copyrights, while the Commerce Clause authorizes Congress to regulate trademarks and acts of unfair competition.

• The states also retain concurrent power to regulate intellectual property unless preempted by federal law.

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OTHER BUZZWORDS

• Service Mark

For more definitions, visit the FindLaw Legal Dictionary.

PRACTICE AREA NOTES

• Intellectual Property attorneys are usually compensated by a retainer and hourly rate. They also do transactional work, such as applying for patents or registering trademarks, which may be for a fixed rate.

RELATED PRACTICE AREAS

Patent Law
Trademark Law
Entertainment, Sports, & Leisure Law
Business & Commercial Law