Identify and describe the three different types of patents.
What will be an ideal response?
Utility patent-Most popular type, 20-year term. A utility patent basically grants the owner protection from anyone else making, using, and/or selling the identified invention and generally reflects protection of new, useful, and unobvious processes.
Design patent-Covering new, original, ornamental, and unobvious designs for articles of manufacture, a design patent reflects the appearance of an object. These patents are granted for a 14-year term and, like the utility patent, provide the inventor with a negative right excluding others from making, using, or selling an article having the ornamental appearance given in the drawings included in the patent.
Plant Patents-These are issued under the same provisions as utility patents and are for new varieties of plants. These patents represent a limited area of interest, and thus very few of these types of patents are issued.
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The evaluation of supply chain networks
A) should use only one metric. B) should use multiple metrics. C) should not use more than one metric. D) should be subjective.
Which of the following statements about the medical payments coverage of the PAP is true?
A) The amount of the benefit typically is $100,000. B) Covered expenses must be incurred within 30 days of the accident. C) Covered expenses include the cost of funeral services. D) The benefit limit applies on a per-accident basis rather than on a per-person basis.
The advantage to an S corporation is A)its offering of multiple classes of stock
B)its treatment of shareholders for income taxation purposes. C)its ability to attract an unlimited number of shareholders. D)its ability to have partnerships and corporations invest as shareholders.
Long-term capital gains have favorable tax treatment over earned income
Indicate whether this statement is true or false.