An inventor obtained a patent on a product and licensed the right to use the knowledge related to this patent to another company. This represents a
A) merger.
B) technology license.
C) merchandise license.
D) trademark.
E) internal strategy.

Question

Quizplus · Accepted Answer

The scenario describes a technology license, which is a legal agreement between the patent owner (licensor) and another company or individual (licensee) that permits the licensee to use, manufacture, and sell products or services related to the patented technology. A merger involves two or more companies combining into a single entity, while a merchandise license allows the use of a particular name or image on products for marketing purposes. Trademarks are symbols, logos, or words used to identify a company's products or services. An internal strategy is a plan developed by a company to achieve its goals and objectives.

An Inventor Obtained a Patent on a Product and Licensed