According to the post here, Intellectual Property is neither Intellectual nor Property....
The author offers following alternatives to be chosen top rename IP as
Others: Imposed Monopoly Privileges (IMPs) and Government-Originated Legally Enforced Monopolies (GOLEMs),
None of the Above:
The author actually misses out the real option - which is ALL OF THE ABOVE! and it really does depends upon the context by the way!