Major points to be addressed in presenting the chapter materials include the following: 1. Intellectual property protects creative endeavor and is thus said to be intellectual. It is distinguishable from real property and personal property. 2. The protection of intellectual property is necessary to stimulate and promote further creativity. Authors, musicians, and inventors would have no incentive to engage in creative effort if the fruits of their work could be misappropriated by others. 3. There are four types of intellectual property: trademarks, copyrights, patents, and trade secrets. 4. Trademarks:  Definition: a word, name, symbol, or device used to indicate the origin, quality, and ownership of a product or service (the term trademark refers to a product, and the term service mark identifies a service)  Trademarks are governed by the Lanham Act, a federal statute  Function: to provide guarantees of quality and consistency of the products and services they identify  Rights arise from use of the mark, although registration offers certain advantages  Trademarks can last forever if they are properly maintained 5. Copyrights:  Definition: a form of protection granted to authors of original works of authorship including literary, dramatic, musical, artistic, and certain other works  Copyrights are governed by the Copyright Act, a federal statute  Function: to allow authors to reap the fruits of their creative effort  Rights arise from the time a work is created in fixed form, although registration offers certain advantages  Copyrights generally last for the author‘s life plus 70 years, after which time they fall into the public domain and are free for anyone to use 6. Patents:  Definition: a grant from the U.S. government permitting its owner to prevent others from making, using, or selling an invention  Patents are governed by the Patent Act, a federal statute