Intellectual property (IP):- is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognized- and the corresponding fields of law. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols and designs. Common types of intellectual property includes copyrights, trademarks, patents, industrial design rights and trade secretes in some jurisdictions.