Chapter 24 - intellectual property

Question 1

intellectual property takes many different forms

Answer 1

it can be an internet domain name, a software program, a cartoon character, a recipe for fried chicken, or a process for making drugs. Yet, for many individuals and companies, intellectual property is the most valuable asset they will ever own. As its economic value increases, so does the need to understand the rules of intellectual property law

Question 2

penant

Answer 2

protects: mechanical, electrical, chemical, inventions’ processes; machines; composition of matter; designs; plants

requirements for legal protection: application approved by PTO

duration: 20 years after the application is filled (14 years from date of issuance for a design patent)

Question 3

copyright

Answer 3

protects: the tangible expression of an idea, but not the idea itself

requirements for legal protection: an item is automatically copyrights once it is in tangible form

duration: 70 years after the death of the work’s only or last living author or, for a corporation, 95 years from publications or 120 years from creation

Question 4

trademark

Answer 4

protects: words and symbols that a business uses to identify its products or services

requirements for legal protection: use is the only requirement; registration is not necessary but does offer some benefits

duration: valid for 10 years but the owner can renew for an unlimited number of terms as long as the mark is still being used

Question 5

trade secrets

Answer 5

protects: a formula, device, process, method, or compilation of information that, when used in business, gives the owner an advantage over competitors who do not know it

requirements for legal protection: must be kept confidential

duration: as long as it is kept confidential