Final answer:
An intangible asset is valuable due to the rights or competitive advantages it provides, such as copyrights or patents, and lacks a physical form.
Step-by-step explanation:
An asset with no physical form that is valuable because of the special rights it carries is called an intangible asset. These assets include things like copyrights, patents, trademarks, and goodwill. Unlike tangible assets, which can be observed and measured physically, intangible assets are valuable because they represent legal rights or competitive advantages that a company can capitalize on. For instance, a patent gives an organization the right to exclude others from using, making, or selling an invention for a certain number of years, which can be extremely valuable in the marketplace.