AFM231 Chapter Notes - Chapter 18: Sole Proprietorship

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM231
• Professor: Darren Charters

Document Summary

Intellectual property: the results of the creative process, such as ideas, the expression of ideas, formulas, schemes, trademarks, and the like; also refers to the protection attached to ideas through patent, copyright, trademark, industrial design, and other similar laws. Patent: a monopoly to make, use, or sell an invention. Inventions may include processes or methods, machines, and products or compositions of matter. Exclusions from patent protection: the following are excluded from patent protection: Things that receive exclusive protection under other areas of law. Things that do not meet the definition of a patent, such as scientific principles. Things that are, for policy reasons, not paten table, such as medical treatments. Requirements for patentability: a patent will be granted only for an invention that is new, useful, and unobvious. Patent agent: a professional trained in patent law and practice who can assist in the preparation of a patent application. Specifications: the description of an invention contained in a patent.