Understanding Intellectual Property

What is intellectual property?

• Intellectual property is a category of property that includes intangible creations of the human intellect.

• Intellectual property is a legal term for government property rights.

• Intellectual property refers to physical assets owned by a company.

• Intellectual property is a type of real estate investment.

Name the four main types of intellectual property.

• patents, copyrights, licenses, trademarks

• patents, trademarks, copyrights, trade secrets

• licenses, patents, designs, copyrights

• trademarks, patents, blueprints, copyrights

What is a patent?

• A patent is a government grant for free public use of inventions.

• A patent is a legal right that grants an inventor exclusive rights to their invention.

• A patent is a type of trademark for branding products.

• A patent is a document that describes a scientific theory.

How long does a copyright last?

• Indefinitely as long as it is in use

• 50 years after the author's death

• Life of the author plus 70 years, or 95 years from publication for corporate works.

• 10 years from publication

What is the purpose of a trademark?

• To increase product prices

• To limit competition in the market

• The purpose of a trademark is to protect brand identity and prevent consumer confusion.

• To enhance product features

What is the difference between a trade secret and a patent?

• A trade secret is a type of patent that is not registered.

• A trade secret is a public document that anyone can access.

• A trade secret is confidential and not publicly disclosed, whereas a patent is a public disclosure that grants exclusive rights.

• A patent is a secret that is kept for a limited time before public disclosure.

Can ideas be copyrighted? Why or why not?

• Copyright protects ideas as long as they are not widely known.

• No, ideas cannot be copyrighted.

• Ideas can be copyrighted if they are unique and original.

• Yes, ideas can be copyrighted if they are expressed in a tangible form.

What is the role of the World Intellectual Property Organization (WIPO)?

• WIPO focuses solely on copyright issues within a single country.

• WIPO's role is to regulate international trade agreements.

• WIPO is responsible for enforcing criminal laws related to intellectual property.

• WIPO's role is to promote and protect intellectual property rights globally.

What are the consequences of infringing on intellectual property rights?

• Improved customer satisfaction

• Increased market share

• Enhanced brand loyalty

• Legal consequences, financial penalties, loss of reputation, and undermining innovation.

How can individuals protect their intellectual property?

• Share ideas freely without protection; rely on verbal agreements; ignore potential infringement.

• Register copyrights, trademarks, and patents; use NDAs; maintain documentation.