The thesis deals with the analysis of exhaustion of trade mark rights, it focuses mainly on the comunnity-wide exhaustion. It is based mainly on the interpretation of the case law of the European Court of Justice which is used both to describe the creation and development of the principle and to help to evaluace its importace on the field of the common market and its practical conclusions. Appart from the community-wide exhaustion, big part of the thesis is represented with the global exhaustion whose possible introduction has been topic of many discussions.