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Intellectual property law (often referred to as IP law) is the area of personal property law that protects legal rights associated with products of the mind, creativity or thought such as copyrights, patents and trademarks. These exclusive rights provide a financial incentive for the creation of and investment in intellectual property, and the owners of intellectual property often use the resulting revenue to fund research and development costs. However, it is often argued that a balance must be found between free competition and monopoly rights granted by intellectual property law. This quiz tests your knowledge of the language of intellectual property law.
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