The Nature of Intellectual Property

Abstract This chapter explores the evolution of multilateral choses in action, focusing on leases over land and intellectual property. It distinguishes between bilateral and multilateral choses, with bilateral rights enforceable against specific parties, while multilateral rights are enforceable against all. The section on leases over land explains how they function as multilateral property, addressing issues such as transfer, privity of estate, and restrictions on assignment. Intellectual property is examined as an intangible, multilateral property right, with complexities in licensing and privity of estate discussed. Finally, the chapter concludes by highlighting the limitations and expansions of multilateral choses in land and intellectual property law, and the role of statutory intervention in shaping these concepts.