Intellectual Property Basics

Intellectual property is defined as:

• A legal concept that refers to creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images used in commerce.

• A type of physical property that includes tangible assets like machinery and buildings.

• A financial term related to the ownership of stocks and bonds.

• A concept in psychology related to the intellectual capacity of an individual.

What are Patents?

• A type of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention for a certain number of years.

• A type of copyright that protects artistic works.

• A type of trademark that protects brand names and logos.

• A type of trade secret that protects confidential business information.

What are Copyrights?

• A type of intellectual property that gives the creator of original work exclusive rights to its use and distribution

• A legal document that allows the use of someone else's work without permission

• A form of protection for inventions and discoveries

• A type of trademark used to identify a brand or product

Trademarks are:

• a type of intellectual property consisting of a recognizable sign, design, or expression which identifies products or services of a particular source

• a type of financial instrument

• a form of government identification

• a type of currency

Infringement refers to:

• A violation of a law or a right

• A type of legal agreement

• A form of government

• A method of communication

What does Novel mean in the context of patentability?

• A new and original invention

• An old and existing invention

• A copied invention

• A non-functional invention

A Monopoly is:

• a market structure characterized by a single seller, selling a unique product in the market.

• a market structure with many sellers offering similar products.

• a market structure with a few large firms dominating the market.

• a market structure where all firms have equal market share.

The First Sale doctrine is a legal concept that pertains to which of the following?

• Copyright law

• Patent law

• Trademark law

• Contract law

Fair Use is a legal doctrine that allows limited use of copyrighted material without permission from the copyright owner. Which of the following is NOT a factor considered in determining fair use?

• The purpose and character of the use

• The nature of the copyrighted work

• The amount and substantiality of the portion used

• The popularity of the copyrighted work

A Trade Secret is:

• a publicly known fact.

• a type of intellectual property that is not disclosed to the public.

• a government-issued patent.

• a trademark registered with the government.