Intellectual Property Law Assignment Help
Intellectual property law is a category of property law that refers to intangible property or assets of an individual or entity. Intellectual property can also refer to inventions created through human intellect, brand, or patent which is exclusive to a certain individual or entity. The first intellectual property law in the UK was introduced in the 19th century to encourage innovation and a wider variety of intellectual goods.
This also provided economic incentives to the country as innovative goods could be potential exports that would bring revenue into the country, to serve the best interest of the state and the owner of the intellectual property laws and regulations we placed to safeguard their ideas from copying.
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Intellectual property law protects the rights of everyone who generates artistic work, whether they are individuals or businesses. Music, literature, dramas, discoveries, inventions, words, phrases, symbols, and designs are all examples of artistic labor. Intellectual property law strives to foster economic progress by encouraging new technology, artistic expression, and innovations.
Components of Intellectual Property Law:
Intellectual property consists of four major components which allow individuals and entities to safeguard their property or asset.
1. Copyrights: According to the Copyright, design, and patents Act 1988 the creator or inventor of the intellectual creation holds the right to control in which way their creation can be used. Under the legislation, no other party has the right to salvage or create duplicate creation of that particular invention without an agreement or permission of the author.
2. Patents: Under this Law the state offers the right to exclude other competitors from making, using, or selling their inventions for a limited period only if the individual or entity discloses the information regarding the intellectual creation.
3. Trademarks: Trademarks are the logos and designs that represent the company or the brand. Trademarks act as the brand identity that allows a firm or a brand to distinguish themselves from their identity. Therefore the Trademark Act 1994 was introduced that provided firms and businesses exclusive access to their respective trademarks.
4. Trade secrets: Confidential information can be formulas, practices, and process that allows business to have a competitive edge. Such information carries economic value and can be a source of a company's revenue therefore under the law firms have the right to keep their trade secrets exclusive to themselves.
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