ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
GLOBALIZATION AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The legal form provided to an individual proving citizenship
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A document claiming legal protection from being sued
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Document signed by all employees prior to working
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legal protection that gives a person or company the right to be the sole producer of a product for a defined period of time
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Detailed explanation-1: -A patent is the granting of a property right by a sovereign authority to an inventor. This grant provides the inventor exclusive rights to the patented process, design, or invention for a designated period in exchange for a comprehensive disclosure of the invention. They are a form of incorporeal right.
Detailed explanation-2: -In principle, the patent owner has the exclusive right to prevent or stop others from commercially exploiting the patented invention. In other words, patent protection means that the invention cannot be commercially made, used, distributed, imported or sold by others without the patent owner’s consent.
Detailed explanation-3: -Consequently, in most patent laws nowadays, the term of patent is 20 years from the filing date of the application.
Detailed explanation-4: -A patent is a type of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention for a limited period of time in exchange for publishing an enabling disclosure of the invention.
Detailed explanation-5: -In India as per the Patent Act of 1970, an application for a patent may be made by the actual inventor of the invention, or an assignee of the right to make an application or a legal representative of either.