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Exam 6: Intellectual Property and Other Legal Issues for the Entrepreneur

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Question 21

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Copyrights can protect all of the following except:

A) music.
B) molded plastic parts.
C) sculptures.
D) models.

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Question 22

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Priceline.com's service where a buyer can submit a price bid for a particular service is an example of a:

A) utility patent.
B) design patent.
C) business method patent.
D) license.

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Question 23

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Health Insurance is now required in any company for employees who work more than 20 hours per week.

The most commonly issued type of patent is the plant patent.

The Patent Cooperation Treaty,which has over 100 participants,was established to facilitate patent filings in multiple countries in one office rather than filing in each separate country.

Licensing agreements generate revenue while minimizing risk and start-up investment costs.

The term of a copyright is the author's life plus:

A copyright protects original works of authorship.

To apply for a trademark:

Entrepreneurs,because of their lack of understanding of intellectual property,ignore important steps that they should have taken to protect these assets.

Licensing requires the licensee to pay a royalty to the licensor.

Identify and describe the major parts of a patent application. A.Introduction - this section should contain the background and advantages of the invention and the nature of problems that it overcomes.It should clearly state how the invention differs from existing offerings. B.Description of Invention - should contain a brief description of the drawings that accompany it.These drawings must comply with PTO requirements.Following this would be a detailed description of the invention,which may include engineering specifications,materials,components,and so on,that are vital to the actual making of the invention. C.Claims - the most difficult section of the application to prepare since claims are the criteria by which any infringements will be determined.Essential parts of the invention should be described in broad terms so as to prevent others from getting around the patent.At the same time,the claims must not be so general that they hide the invention's uniqueness and advantages.

What are the main benefits of a registered trademark?

Explain what makes a contract legally enforceable

Licensing can be used by the entrepreneur to:

Which of the following is a contract that grants the owner protection,based on the appearance of an object?

Any invention requiring FDA approval has the term of its patent extended by the amount of time it takes the FDA to review the invention.

Chet Kanojia,CEO of Aereo recently lost his case in the Supreme Court because of an infringement of the copyright law.

The courts consider oral agreements under $500 binding if:

An oral agreement is enforceable indefinitely.