Patent Law Flashcards
Understanding Patent Law
What is a Patent?
A Patent is a legal instrument, granted by the state.
What is Patent protection?
The state gives legal protection and exclusivity of economic rights, to the inventor for a limited time.
What is the patent system?
The Patent system protects the rights of inventors.
What is the aim of the Patent system?
To encourage innovation by providing the limited monopoly to the inventor
How long does a patent Last?
20 years
What happens to the invention after 20 years
The invention may be freely used by the public
Can the benefit of a patent be passed on?
Yes it can be passed on to legal successors
How do patent holders benefit from a patent?
They hold the exclusive right to develop the invention exclusively during the life time of the patent
What is considered to be the balance between a patent system the free and fair market system?
The exclusivity of the patent over the public disclosure of the invention
What are patents frequently referred to as?
Monopolies
