A patent:
A)Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 50 years
B)Is an exclusive right granted to its owner to manufacture and sell a device or to use a process for 20 years
C)Is an exclusive right granted to its owner to manufacture and sell a device or to use a process for 50 years
D)Is the amount by which the value of a company exceeds the fair market value of a company's net assets if purchased separately
E)Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 17 years

Question

Quizplus · Accepted Answer

A patent is an exclusive right granted to its owner to manufacture and sell a device or to use a process for 20 years. This is intended to encourage innovation and protect inventors' rights to their creations. Option A is describing a copyright, which is a different form of intellectual property protection. Option C is incorrect as the length of time granted for a patent is 20 years, not 50 years. Option D describes the concept of goodwill, which is related to valuation of a company but not to intellectual property rights. Option E is also incorrect, as the length of time granted for a patent is 20 years, not 17 years.

A Patent