Intellectual property is a broad category of intangible property rights created by law. COPYRIGHTs, PATENTs and TRADEMARKs are examples of intellectual property. Patents for inventions are adjudicated exclusively under federal and statutory law. A patent application results in a search of the “prior art” (state of knowledge) in the field. U.S. patent awards grant exclusive rights to make, use, and sell the invention for 21 years from the date of filing for the patent. In recent years patents for computer programs and “business methods” have grown in number. Copyrights are likewise exclusively federal and statutory under U.S. law. Copyrights, such as the one on this book, last from the creation of a work to 70 years after the death of the author/creator. Copyrights protect the author/publisher from copying by others. Trademarks and service marks are recognized under COMMON LAW by state registration and by federal registration. Trademarks and service marks are words and symbols that distinguish particular goods and SERVICES from others— Coca-Cola, for instance. Once registered and actively used, trademarks and service marks can be maintained indefinitely. Other intellectual-property rights recognized in U.S. law and sometimes by international agreement include TRADE SECRETS, integrated circuits, industrial designs, and geographic indicators of origin like Kentucky bourbon and Mexican tequila.
See also WORLD INTELLECTUAL PROPERTY ORGANIZATION.