Question 1

A utility patent grants the owner protection from anyone else making,using,and/or selling the identified invention and generally reflects protection of new,useful,and unobvious processes.

Accepted Answer

This statement accurately describes the purpose and scope of a utility patent.

Question 2

A lawyer may work on a retainer basis by which he or she provides office and consulting time,which includes court time and other legal fees related to the action.

Accepted Answer

False

Question 3

When resources are limited,the entrepreneur can offer a lawyer stock in exchange for legal services.

Accepted Answer

This is a common practice known as equity compensation, where the entrepreneur offers equity or stock in their company as a form of payment to service providers instead of cash. It is particularly useful when resources are limited and cash is tight.

Question 4

The claims section of a patent application is probably the most difficult section of the application to prepare since this area sets the criteria by which any infringements will be determined.

Accepted Answer

The claims section of a patent application defines the scope of protection for the invention and sets the criteria for determining infringement. It is often considered the most important and difficult part of the application to draft accurately.

Question 5

To prevent others from copying his or her ideas,the entrepreneur should not send drawings with the patent application.

Accepted Answer

In order to protect the entrepreneur's ideas, it is important to include detailed drawings and descriptions within the patent application. This helps to establish a clear and specific understanding of the invention, and can also make it more difficult for others to create similar innovations without permission.

Question 6

Chet Kanojia,CEO of Aereo recently lost his case in the Supreme Court because of an infringement of the copyright law.

Accepted Answer

Chet Kanojia, CEO of Aereo, lost his case in the Supreme Court in 2014 for infringing on the copyright law. Aereo provided a service that allowed customers to stream broadcast television channels over the internet without paying for a cable subscription or obtaining permission from broadcasters. The Supreme Court ruled that Aereo's service violated broadcasters' exclusive rights to transmit their content to the public.

Question 7

A trademark is a distinguishing word,name,or symbol used to identify a product.

Accepted Answer

This statement is true. A trademark is a unique identifier used to distinguish a product or service from others in the market. It can be a word, name, symbol, or combination thereof that is legally registered to protect its exclusive use by the owner.

Question 8

A trademark is given a 50-year registration with no renewal.

Accepted Answer

A trademark can be renewed indefinitely, as long as it is still in use and the renewal fees are paid. The initial registration period is typically 10 years, but it can be renewed for additional 10-year periods.

Question 9

A provisional patent application can be used to establish the date of conception of the invention.

Accepted Answer

A provisional patent application serves as evidence of the date on which the inventor conceived the invention. This can be helpful in proving priority over other inventors who may try to patent a similar invention later. However, it does not provide full legal protection like a regular patent application.

Question 10

A patent is a contract between the government and an inventor.

Accepted Answer

A patent is a legal agreement between the government and an inventor that grants the inventor exclusive rights to their invention for a certain period of time in exchange for disclosing the details of the invention to the public.

Question 11

The Patent Cooperation Treaty,which has over 100 participants,was established to facilitate patent filings in multiple countries in one office rather than filing in each separate country.

Accepted Answer

The statement accurately describes the purpose and nature of the Patent Cooperation Treaty (PCT).

Question 12

An example of a business method patent is Amazon.com's single clicking feature used by a buyer to order products.

Accepted Answer

This statement is true. Amazon.com has a business method patent on their 1-Click ordering feature, which allows customers to make purchases with just one click of a button.

Question 13

An entrepreneur should seek a patent attorney who has experience in their product line.

Accepted Answer

It is beneficial to work with a patent attorney who has experience in the relevant product line or industry. This can provide insight and expertise on patentability, potential infringement, and overall strategy for obtaining and enforcing patents.

Question 14

Any invention requiring FDA approval has the term of its patent extended by the amount of time it takes the FDA to review the invention.

Accepted Answer

This is known as a "regulatory exclusivity" extension, which can be granted for certain FDA-approved products, such as drugs, biologics, and medical devices. The length of the extension varies depending on the type of product and the nature of the approval process.

Question 15

The three major parts of a patent application are the introduction,description and warranty sections.

Accepted Answer

The three major parts of a patent application are the specification, claims, and abstract.

Question 16

The three main categories of patents are design,utility and provisional patents.

Accepted Answer

The three main categories of patents are design, utility, and plant patents. Provisional patents are not a category of patents but a preliminary step to filing a full utility patent application.

Question 17

Entrepreneurs,because of their lack of understanding of intellectual property,ignore important steps that they should have taken to protect these assets.

Accepted Answer

Many entrepreneurs do not fully understand the value and importance of protecting their intellectual property, such as trademarks, copyrights, and patents. As a result, they may fail to take necessary steps to register their IP or maintain its protection, leaving themselves vulnerable to infringement and loss of value.

Question 18

Copying a product and improving it is not patent infringement.

Accepted Answer

Improving a product and creating a new version can be considered innovation and may not infringe on the original patent, as long as the new product does not use the patented aspects of the original product without permission.

Question 19

The most commonly issued type of patent is the plant patent.

Accepted Answer

The most commonly issued type of patent is actually the utility patent. Plant patents are less commonly issued and only apply to new varieties of asexually reproduced plants.

Question 20

A design patent has a term of 14-years,beginning on the date of filing with the Patent and Trademark Office (PTO).

Accepted Answer

A design patent has a term of 14 years from the filing date, not from the date of grant or issuance.

Quiz 6: Intellectual Property and Other Legal Issues for the Entrepreneur