In addition to some unique concepts, the course also deals with interrelated contract and tort concepts. One has a property right in a trade secret, trademark, copyright, patent, or even in the good name of a business. It may be intangible property, but it represents a property right, nonetheless. The property frequently has significant value, being developed or created after the expenditure of large sums of money and a good deal of time. Finally, the property must be guarded and protected against adverse interests that might destroy its value.
Contract law governs much of what happens to intellectual property.
Assignments of rights in the property, leases and transfers of rights are all contracts as is the payment of royalties to the owners of such property. Frequently, the buyer must promise non-disclosure of the property even before seeing the property he or she is considering purchasing. This is unique to this area. Employment contracts are crucial to some of these areas. Such employment contracts might require non-competition after the sale of a business or maintaining the secrecy of a trade secret if leaving the employ of a particular company.