SMG LA 245 Lecture 6: Chapter 41 and 42
22 Oct 2018
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Document Summary
The importance of granting monopolies for new inventions has been recognized in the u. s. since the adoption of the u. s. constitution. A grant by the government permitting the inventor the right to exclude others from use of an invention for 20 years. You can think of patents as a legal monopoly. In terms of nance, patents are intangible assets and very valuable to certain companies. Trade secret and copyrights are both protective. A patent can be obtained for any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof . Design patents protect the appearance, not the function of an item. Last 14 years from the date of issuance. To receive a utility patent, the new invention must be: Novel (new): the invention can not already be patented, in public use or in a printed publication. Non-obvious: not an obvious invention to someone of ordinary skill in the art/invention.
