What are the advantage and disadvantage of private property? An outstanding feature of modern economic life is the institution of private property. By private property, we mean the things owned exclusively by a person or group of persons with the rights..
There could be no such thing as business law, or even business, if there were no such thing as property. Thus the concept of property is very important in business law.
Property may be classified as (i) Tangible or intangible; (ii) Real or personal; and (iii) Public or private. It is necessary to distinguish between different types of property, as the law governing property rights differs depending upon the type of property.
A trademark, a copyright, or a patent right are incorporeal assets. These are known as IPR. For instance, musical copyright in respect of songs, tunes and literary and artists copyright belong to the author as his property.
Intellectual Property Rights (IPR) is the right to protect innovative ideas to make use of and sell a new product or technology. The protection is granted solely to the inventor or corporation, which files a claim on the investors' behalf, for a limited period of time.