What is intellectual property?
Words, inventions, or other ideas that belong to the creator of the ideas
Books, manuals, or other instructional materials that belong to the purchaser
A former law that was passed in Colonial times and has since been repealed
Phrasing that refers only to information generated by the news media
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Words, inventions, or other ideas that belong to the creator of the ideas. In business parlance, it's often abbreviated as IP and is something of a hot topic when it comes to creative works and the rights of the author.
The other answers don't quite fit the definition. They're not books or other materials that belong to the purchaser -- the buyer is not the owner of the original work those are produced from. You can buy Harry Potter books, for example, but you don't own the character or the idea of Hogwarts. It's not a law that was repealed, nor only a phrase. It's definitely something that's still with us.