What are the requirements for obtaining a patent?
What will be an ideal response?
To be patented, an invention must be (1) novel, (2) useful, and (3) nonobvious.
An invention must meet all three of these requirements. If an invention is found not to meet any one of these requirements, it cannot be patented:
1. Novel: An invention is novel if it is new and has not been invented and used in the past. If an invention has been used in "prior art," it is not novel and cannot be patented.
2. Useful: An invention is useful if it has some practical purpose. If an invention has only theoretical benefit and no useful purpose, it cannot be patented.
3. Nonobvious: If an invention is nonobvious, it qualifies for a patent; if it is obvious, then it does not qualify for a patent.
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Traditionally, promotions included the following, except:
A) advertising B) product design C) personal selling D) sales promotions
In Texaco Inc. v. Dagher et al., two oil refiners and gas suppliers, Texaco and Shell Oil, entered into a joint venture called Equilon to consolidate their operations in the western United States. Historically, Texaco and Shell were competitors, but for their joint venture they shared expenses and profits equally. The products produced by Equilon were sold under the brand names Texaco and Shell at a mutually agreed-upon price. Texaco and Shell retailers brought a class action lawsuit against the two companies, claiming there was a per se violation of the Sherman Antitrust Act because of the lack of price competition. The court held that
A. there was a per se violation because oil companies are automatically held to this standard. B. there was a per se violation because the joint venture was plainly anticompetitive. C. the rule of reason standard should apply because it is a joint venture and not a meeting of the minds. D. the rule of reason standard should apply because a market analysis was relevant.
Which of the following guidelines is not a presentation that pro forma financial information should adhere to?
a. It should describe the transaction or event that is reflected in the pro forma financial information. b. It should describe significant assumptions used to develop the pro format adjustments. c. It should make clear that the pro forma financial information is indicative of results that would have been achieved had the transaction or event actually taken place at an earlier time. d. It should describe any significant uncertainties about those assumptions.
Which of the following statements about business gratuities is accurate?
a. Rules involving business gratuities are rarely included in codes of conduct. b. They are essentially the same thing as bribes. c. They can only be received by customers from suppliers. d. They can be given from suppliers to customers.