One true aspect of intellectual property (IP) is that it is intangible, meaning it refers to creations of the mind rather than physical objects. IP rights grant exclusive legal control to creators or owners over the use, reproduction, and distribution of their intangible creations, such as inventions, literary works, designs, symbols, and brands. Additionally, IP rights are territorial, enforceable only within the legal jurisdiction where they are granted, and they typically provide protection for a limited time period. IP is also characterized as non-rivalrous, meaning multiple people can use or benefit from it simultaneously without depleting its value. These rights are designed to incentivize innovation and creativity by allowing owners to monetize and control their intellectual creations while balancing public interest through limited terms and exceptions like fair use.