Intellectual Property Rights in Commerce

The property which designates those things that are commonly recognized as being the possessions of an individual or a group of persons, property right of ownership is associated with property that establishes the goods as being ones own thing in relation to other individuals or groups of person. Assuring the owner the property right to dispense with the property in a manner he or she deems fit, whether to use or not use, exclude others from using or to transfer ownership to other. Properties or assets are of two types tangible property and intangible property.one that is in physical form and the other which is not in any physical form Land, building, farm, car, cash money, jewellery, objects which has length, width, height are tangible property. Intellectual property is one of the forms of intangible property which commands a material value which can also be higher than the value of a tangible property patent, trademark, copyright, geographical indication, industrial design, trade secret, plant variety and farmers protection right, lay out design and integrated circuit are intellectual properties.