Shaun has patented a new type of hop plant. A local brewing company would like to use the new type of hop plant in their new beer formula. If Shaun licenses his patent to the new brewing company, he will receive what in exchange for each use of the patent?
A) A processing fee.
B) A royalty fee.
C) A patent user fee.
D) An invention fee.
E) A product use fee.

Question

Quizplus · Accepted Answer

Shaun will receive a royalty fee in exchange for each use of the patent. Royalty fees are payments made by one party (the licensee) to another (the licensor) for the right to use the latter's property, in this case, a patented hop plant.

Shaun Has Patented a New Type of Hop Plant