IP describes collectively certain legal rights that encourage, protect, and reward innovation and the result of intellectual effort.
These are: trade marks, patents, designs, copyright, and layout-design (topography) of integrated circuits. These are not just legal rights, but are also property, or asset, that can be bought and sold, and licensed.
IP in the broader sense encompasses trade secrets and know how, and when used in a business sense, can also encompass domain names.
