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The concept of intellectual property (IP) will be understood better if we understand what is meant by the term property. To a lay mind, property means some material object belonging to a particular person. The concept of ownership is critical to the concept of property. Ownership means the right to possess, use and dispose of the property and at the desire of the owner, to exclude the others.
Intellectual property like any other property, can be sold, purchased, transfered, donated, or given away gratitiously. IPR is the right available to the Creator of the thought content to prevent unlawful use of the idea.