This paper aims to present some features of the Industrial Property Law now in force in Brazil, as far as they could be regarded to the activities of research and development in the field of Chemistry and related areas, not only in the chemical industry but also in the university. By means of analysis of the main articles and paragraphs, which could deal with the mentioned activities, the author points out the scope and limitations of that law and explains the meaning of common technical terms usually found in patent concerns. Ultimately, a brief discussion on the actual and the potential role of the Brazilian university in the sphere of the Industrial Property is made.