Name and define the different types of intellectual property.

Question

What will be an ideal response?

Answer 1

There are four main categories of intellectual property: copyrights, patents, trademarks and trade secrets. Copyright protection is given to the author of a literary, artistic or other creative work, and prohibits others from reproducing, adapting, disseminating or performing that particular, tangible expression of an idea without permission. Copyright protection is valid until 70 years after the death of the work’s only or last living author, after which the work is said to be in the public domain. A work is automatically copyrighted once it is in tangible form. Registration with the Copyright Office of the Library of Congress is necessary only if the holder brings suit to enforce the copyright.
A patent is a grant by the government that permits the inventor exclusive use of an invention for 20 years from the date a patent application is filed. The most common type of patent is a utility patent, available to those who invent or significantly improve a mechanical, electrical or chemical invention, process or machine. A patent is available for the tangible application of an idea that is novel, not obvious, and useful (even if not a commercial success.) To obtain patent protection, an application must be filed with the U.S. Patent and Trademark Office (PTO), an executive administrative agency, within one year of selling a product.
A trademark is any combination of words and symbols that a business uses to distinguish products. The first party to use a mark in trade is the owner of it, and registration is not required. The mark can be filed with the Patent and Trademark Office if it has or will be used on a product in interstate commerce within 6 months.
A trade secret is a formula, process, or compilation of data used by a business that gives it an advantage over its competitors. Registration or other public filing would defeat the purpose of a trade secret, but anyone who misappropriates a trade secret is liable to its owner for actual or double damages, unjust enrichment or a reasonable royalty.