Intellectual property is among the most important and interesting areas of law, thanks to its close link to the technological changes sweeping society. But it is not enough to simply own patents, copyrights, trademarks, and trade secrets--inventors and creators need to put these intellectual property assests to productive use. Licensing is the most important way to do that. Licensing Intellectual Property: Law and Application provides students of varied backgrounds with an understanding of the legal principles and licensing models available to help clients accomplish their business objectives. This book is for courses focusing on the law of licensing and the application of licensing in practice. In particular, the book's extensive drafting and client counseling exercises provide students the opportunity to develop their skills. Discussion of new Supreme Court cases Updated material on the boundaries around licensing transactions Revised material on patent exhaustion and copyright first sales New material on university technology transfers