What does intellectual property refer to?

Intellectual property refers to creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images used in commerce. This definition encompasses a broad range of intangible assets that arise from creativity and innovation. It is designed to protect the interests of creators by granting them certain exclusive rights to their creations, which can encourage further innovation and investment in creative endeavors.

The other options do not accurately define intellectual property. Although legal contracts and physical property are important aspects of business law, they are distinct from intellectual property, which is focused specifically on non-physical assets that stem from individual or corporate ingenuity. Moreover, the notion that intellectual property rights are applicable only to inventions limits its scope, as it also includes various forms of artistic expression and branding that are vital to many businesses. Therefore, the correct answer recognizes the full breadth of what intellectual property encompasses.