What is IP as per business law?

[mneilson]

Definition of certain business words and abbreviations are different from it's literary meaning. Here IP means "Intellectual Property ". Intellectual Property lets people own the work they create and in business term it is known as Intellectual Property Right. Pl. add your own words to describe it further.

[richardm1964]

Intellectual property right is the legal right of an individual who innovates a new products or service. The person/persons who is/are the owner of the innovations can sell/rent their services through contracts and agreements. Intellectual property right has significant business importance.