n simple terms, intellectual property is a product of the human intellect that has
commercial value. Intellectual property encompasses a wide range of
creations—from fiction, poetry, songs, designs, and artwork to ads, product names,
mechanical inventions, processes, chemical formulas, machines, and software.
The commercial value of intellectual property comes from the ability of its
owner to control its use. If the owner could not legally require payment in
exchange for use, ownership of the intellectual property would have intellectual
worth but no commercial value....