ECONOMICS
PROPERTY RIGHTS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem.
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Permit the owner to “include” others from making, using, selling, offering for sale, and importing a product or service embodying the invention.
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Permit the owner to “exclude” others from making, using, selling, offering for sale, and importing a product or service embodying the invention.
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None of the above
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Detailed explanation-1: -A patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem. To get a patent, technical information about the invention must be disclosed to the public in a patent application.
Detailed explanation-2: -A patent is an exclusive right that allows the inventor to exclude others from making, using, or selling the product of his invention during the life of the patent. Patent owners may also give permission to, or license, other parties to use their inventions on mutually agreed terms.
Detailed explanation-3: -A patent is the exclusive intellectual property right to an invention of a technical product or process.
Detailed explanation-4: -A patent is an exclusive right granted for a specified period (generally 20 years) for a new way of doing something or a new technical solution to a problem-an invention. The invention must be of practical use and display a characteristic unknown in the existing body of knowledge in its field.
Detailed explanation-5: -The exclusive purpose of the patent system is to benefit the patent holder. The Indian Patent Act, 1970, was amended and made effective from January 1, 2005. The exclusive purpose of the patent system is to benefit the patent holder is not a correct statement regarding the patent.