Intellectual property (IP) is a legal term referring to rights over creations of the mind, including both literary or artistic creations -- such as books, music, and paintings -- and commercial creations. The major types of intellectual property are copyrights, patents, and trademarks. Laws relating to IP give the creator of a work the exclusive right to authorize its reproduction for a set period of time. The purpose of such laws is to encourage creation of new literary, artistic, and informational works for the ultimate benefit of society. - Introduction.