Intellectual Property or IP refers to the creation of the intellect for which law assigns a monopoly to its designated owner(s). Intellectual property rights or IPRs are the legal protection granted to IP owners and the assets owned include copyrights, trademarks, industrial designs, patents and also trade secrets in certain jurisdictions. Even though intellectual property law has developed over the centuries, it was codified and called by its present name only in the nineteenth century. And, only in the 20th century, it has become conventional and a part of law in most parts of the world. Examples of IP are artistic works like music and literature. It also includes inventions, discoveries, phrases, designs, words and symbols or logos.