intangible

Legal TermLegal glossary term

Legal Definition

In a legal context, 'intangible' refers to a non-physical asset or right that is recognized as having value but does not possess a tangible physical form. This concept is crucial in contract law because it defines the scope of rights and obligations when physical assets are not the primary consideration.

Plain-English Translation

Imagine something that has value, but it isn't a physical thing you can touch, like a right to a patent or a financial claim. It means something is valuable even though it isn't made of wood or metal.

Context in Contracts

It matters because contracts often deal with the transferability of rights. If an asset is intangible (like a patent or a brand name), it determines what can be sold, licensed, or transferred under the terms of a legal agreement.

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01

A patent right (the intangible asset)

02

A trademark or copyright claim

Document context

How intangible shows up in legal documents

What is it?

An asset, right, or benefit that does not have a tangible physical form; often referring to intellectual property rights, financial claims, or non-physical assets in legal documentation.

Why does it matter?

It matters because contracts often deal with the transferability of rights. If an asset is intangible (like a patent or a brand name), it determines what can be sold, licensed, or transferred under the terms of a legal agreement.

When does it matter?

When discussing assets that are not physical property, such as intellectual property, financial claims, or rights to specific services, in litigation or contract drafting.

Where is it usually seen?

In legal documents like patent grants, licensing agreements, intellectual property assignments, and valuation reports.

Who is affected?

The parties involved in a dispute, the assigning party (e.g., the inventor), and the claimant who seeks to assert the non-physical right.

How does it work?

It works by defining the scope of ownership over something that exists only in legal or conceptual form, often requiring careful consideration of the underlying rights conferred rather than physical possession.

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Wikipedia

Intangibles

Intangibles or intangible may refer to: Intangible asset, an asset class used in accounting Intellectual capital, the difference in value between tangible assets (physical and financial) and market value Intellectual property, a legal concept Social capital,...

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Disclaimer: We do not provide legal advice. We translate legal language into plain English and help you prepare for a conversation with a lawyer.