EEE 2023 Chapter 12

Copyright

a form of intellectual property protection that grants to the owner of a work of authorship the legal right to determine how the work is used and to obtain the economic benefits associated with using the work

patent

a grant from the federal government conferring the right to exclude others from making, selling, or using an invention

two primary reasons for conducting an intellectual property audit

First, it is prudent for a company to periodically assess the intellectual property it owns to determine whether it is being properly protected. Second, a firm should conduct a periodic intellectual property audit to remain prepared to justify its value in the event of a merger or acquisition.

​___, trademarks,​ copyrights, and trade secrets are the four key forms of intellectual property.

Patents

trade secret

any formula, pattern, physical device, idea, process, or other information that provides the owner with a competitive advantage in the marketplace

intellectual property

any product of human intellect that is intangible but has value in the marketplace

what are the major forms of intellectual property?

any product of human intellect that is intangible but has value in the marketplace

trademark

any word, name, symbol, or device that is used to identify the source or origin of products or services and to distinguish those items from others

Lofty Ambitions has patented its method for matching loft owners with loft renters. This is an example of a​ _______ patent.

business method

The federal Economic Espionage Act

criminalizes the theft of trade secrets

While a utility patent protects the way an invention is used and​ works, a​ ___ patent protects the way it looks.

design

second most common type of patent

design

As a book​ reviewer, Charlie Smuckers often quotes short passages from the book he is reviewing. He is protected because​ ____ allows the limited use of copyrighted material for purposes such as​ criticism, comment, news​ reporting, teaching, or scholarship.

fair use

Judy's Home Care Products engaged in the unauthorized use of The Casey​ Corporation's patent. This is an example of​ _________.

patent infringement

least common type of patent

plant

Ways to Protect Trade Secrets

restricting access, labeling documents, password protecting computer files, maintaining logbooks for visitors, and maintaining adequate overall security measures

There are four types of​ trademarks: trademarks,​ ____, collective​ marks, and certification marks.

service marks

Describe obtaining a patent.

six-step process that usually requires the help of a patent attorney

The name​ "McDonald's" is an example of a​ ____.

trademark

most common type of patent

utility

three types of patents

utility patents, design patents, and plant patents

things that can be trademarked

words, numbers and letters, designs and logos, sounds, fragrances, shapes, and colors

Which of the following is NOT a physical measure to protect trade​ secrets? A. Maintaining​ low-cost overall security measures B. Labeling documents C. Restricting access D. Maintaining logbooks for access to sensitive material E. Maintaining logbooks for visitors

A. Maintaining​ low-cost overall security measures

3 steps to register a trademark

(1) select an appropriate trademark, (2) perform a trademark search, and (3) create rights in the trademark

In​ 2016, the United States Patent​ & Trademark Office​ (USPTO) received more than​ ___ patent applications.

600,000

Which of the following CAN be​ trademarked? A. Deceptive matter B. Sounds C. Surnames D. Descriptive marks E. Immoral or scandalous matter

B. Sounds

two rules of thumb for determining whether intellectual property is worth the time and expense of protecting

First, a firm should determine whether the intellectual property in question is directly related to its current competitive advantage or could facilitate developing future competitive advantages. Second, it's important to know whether the intellectual property has independent value in the marketplace.

things that cannot be trademarked

Immoral or scandalous matter, deceptive matter, descriptive marks, and surnames

the four types of trademarks

Trademarks, service marks, collective marks, and certification marks

True or False? A patent can be sold or licensed.

True.