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What is Intellectual Property?
“The Congress shall have the power. to promote the Progress of Science and useful Art, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries.”
(Article 1, Section 8, Clause 8 of the United States Constitution)
Intellectual property (IP) is property created by intellect and is not naturally occurring. Although intangible, IP is considered property in the sense it can be owned, sold, licensed (rented), willed, etc.