The right of a person or company to exclusively use its own ideas, plans, and other
intangible assets without
competition, at least for a certain period of time. Examples of intellectual property include
copyrights,
trademarks,
patents, and
trade secrets. Intellectual property rights may be enforced by court through a lawsuit. The idea behind the protection of intellectual property is to encourage innovation without fear that a competitor may steal the idea and/or take credit for it.