Chapter+24-IP-Patents.ppt - Chapter 24 Intellectual...

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Chapter 24 Intellectual Property: Patents
The importance of granting monopolies for new inventions has been recognized in the United States since the adoption of the U.S. Constitution. In Article I, section 8, the U.S. Constitution: Congress shall have power . . . To promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries. Patents
A grant by the government permitting the inventor the right to exclude others from use of an invention for 20 years. You can think of patents as a legal monopoly. In terms of finance, patents are intangible assets and very valuable to certain companies. Patents
What Is a U.S. Patent? Set of exclusive rights. Granted by a government. For a limited period of time. In a limited geographical area.
1. Patentable Subject Matter in the U.S. Statutory Basis: 35 U.S.C. § 101 A patent can be obtained for “any new and useful process , machine , manufacture , or composition of matter , or any new and useful improvement thereof …” 5
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