Identify the three types of patents, their requirements, and duration
The three types of patents are utility, plant, and design patents. (a) A utility patent covers new and useful processes, machines, manufacture, or composition of matter or any new and useful improvement thereof. To be patentable as a utility patent, the process, machine, manufacture, or composition of matter must meet the criteria of novelty, utility, and nonobviousness. A utility patent has a term of twenty years from the date of application, subject to extensions for certain delays identified by statute. The patent begins on the date of the patent's grant. (b) A plant patent protects the exclusive right to reproduce a new and distinctive variety of asexually producing plant. Plant patents require novelty, distinctiveness, and nonobviousness and have a 20-year term. (c) Design patents protect new, original, ornamental design for an article of manufacture. A design patent protects only the appearance, not the structural or functional features, of an article. Design patents require novelty, ornamentality, and nonobviousness and have a term of 14 years from the date of grant.
You might also like to view...
Stuart Corporation entered into the following transactions during the year ending December 31, Year 1:1) Performed services for $26,000 cash2) Purchased $800 of supplies on account3) Purchased land for $95,000 cash4) Paid salary expense of $16,5005) Paid for $600 of the supplies purchased in event (2)6) Collected $15,000 in advance for services to be provided over the next 12 months7) Recognized $10,000 of revenue on the contract from event (6)8) Owed $5,500 of salaries expenses to employees for work done during December, Year 1, that will be paid during January, Year 2.Required:Prepare the journal entries for these transactions and adjustments using the general journal format.
What will be an ideal response?
Premium Sports Apparels came up with an ad for shorts that are specially designed for athletes. The ad, which was featured in a sports magazine, shows how these shorts do not shrink over time and are made of a light fabric that helps keep the wearer dry and cool. With respect to positioning strategies, the company is using positioning by
A. distribution intensity. B. product user. C. product demographics. D. cultural symbols. E. product class.
Given the following choices, the best advice for purchasing automobile insurance is:
A) always buy full coverage B) always buy the cheapest policy C) choose the largest deductible you can reasonably afford D) never buy auto insurance from a stock company
Statutory law exists at all levels of government
Indicate whether the statement is true or false