The theory of the exhaustion of industrial property rights is frequently observed from two perspectives: either as limiting the exercise of the ownership of an intellectual property right, or as a measure for achieving a free-trade zone which is a necessary condition of free movement of goods. This article takes into account both perspectives and analyzes the figure in the most universal possible way by reference to relevant case law in this area from European, Asian and American courts. The plan for analyzing the subject matter is organized on the basis of the definition of preliminary concepts related to the exhaustion of rights followed by the general necessary conditions for configuring the exhaustion of the rights and explaining the peculiarities of the exhaustion of trademarks, patents and copyright.