Chapter 14 Quiz

Intellectual property can:

- Create barriers to entry - Generate brand equity - Support premium prices for innovative products - All the above

Which of the following can be protected as trade secrets?

- Formulas - Sales and marketing plans - Software - All the above

To be eligible for copyright protection, the work must:

- Original - Be fixed in a tangible medium of expression - Contain some minimal level of creativity - All the above

Carlos wants to license intellectual property from Company A. To conduct due diligence on this transaction, Carlos should:

- Search the USPTO database to verify the status of IP rights - Obtain representations and warranties - Obtain indemnification

To obtain a utility patent, the invention must be:

- Useful - New - Non-obvious - All the above

Mary owns a trademark and has an interest in allowing third parties to develop, manufacture and sell unrelated products that leverage her brand. Mary should engage in:

A trademark license

_________ are typically used to transfer intellectual property when a company sells some or all of its assets to another company.

Assignments

John has invented a process that he believes could qualify for utility patent protection. To avoid wasting time and money, John should:

Conduct a prior art search

Joanna has created a novel that is secured with copyright. She has adapted the novel for a theatrical production. This new work can be protected as a:

Derivative copyright

A pharmaceutical company is interested in licensing the patent owned by a startup biotechnology company. To best protect its investment in the license and avoid competition, the pharmaceutical company should negotiate a(n):

Exclusive license

Copyright for an individual creator lasts:

Life of the author plus 70 years

Steven has developed a business plan that is protected by copyright. Tom has independently derived the same business idea. Steven plans to sue Tom for copyright infringement. Steven's lawsuit will:

Not succeed since copyright does not protect ideas

Mark encounters an image online that he'd like to use for his business. He searches for a copyright notice and does not find any. Mark should:

Not use the image because it is likely copyrighted even if there is no notice

Improper means of acquiring trade secrets include all of the following, except:

Reverse engineering

Jennifer is interested in licensing her patent to a large company. She would like to share in the proceeds of every sale made by the large company using her invention. Jennifer should negotiate the payments as a(n):

Royalty

Establishing a ___________ program involves securing employee commitment, requiring employees to sign nondisclosure agreements, providing employee education and exit interviews and assuring building security.

Trade secret protection

Most state trade secret laws are based on the:

Uniform Trade Secrets Act

Stephanie has developed a new type of machine and would like to stop anyone from using the machine while she seeks investors. Her best methods of protecting this innovation is to use:

Utility patents

Jerry hires Sally as an independent contractor to create an ad for his business. If Jerry would like to own the copyright to the ad, he should ask Sally to sign a:

Work-made-for-hire