The term intellectual property has received frequent mention in business circles in recent years, usually as part of a comment emphasizing the importance of protecting intellectual property rights. The names of key forms of intellectual property and the areas of law that apply to thempatent, copyright, trademark, and trade secretare also often heard.However, many people who find these names familiar lack a clear understanding of the differences among the forms of intellectual property and the respective legal treatments they receive. This chapter seeks to provide such an understanding, as well as an awareness of how to protect intellectual property and how to avoid violating others' rights in that regard. Study the chapter and you will understand that patent, copyright, and trademark are not interchangeable terms even though they sometimes are used in such an erroneous fashion in media reports and ordinary conversation.Let's begin with a pre-test, of sorts. Each of the bullet-pointed items listed below could be the subject of intellectual property protection, though in some instances more facts would be necessary in order to know for certain. Before reading beyond this introductory exercise, jot down, for each listed item, the name of the potentially relevant area of intellectual property law(patent, copyright, trademark, or trade secret). For most items, only one area of law would potentially apply, though in some instances there could be more than one.

Here is the list:

A brand name for a product

A new electronic device

A TV commercial

Computer software

A three-word advertising slogan

The formula for a beverage

A logo regularly used by a business firm

A pharmaceutical product

A highly detailed customer list

A song

The recognizable shape of a beverage bottle