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Exam 6: Intellectual Property and Other Legal Issues for the Entrepreneur

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Question 21

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The courts consider oral agreements under $500 binding if:

A) the agreement is for less than one year.
B) the parties have previously done business together.
C) the transaction is for services rendered.
D) the new venture is incorporateD.

E) B) and C)
F) A) and C)

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Question 22

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Any invention requiring FDA approval has the term of its patent extended by the amount of time it takes the FDA to review the invention.

A) True
B) False

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Question 23

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To apply for a trademark:

The most commonly issued type of patent is the plant patent.

Which of the following is a contract that grants the owner protection,based on the appearance of an object?

Chet Kanojia,CEO of Aereo recently lost his case in the Supreme Court because of an infringement of the copyright law.

The term of a copyright is the author's life plus:

Explain what makes a contract legally enforceable

Copyrights can protect all of the following except:

Health Insurance is now required in any company for employees who work more than 20 hours per week.

Identify and describe the major parts of a patent application. A.Introduction - this section should contain the background and advantages of the invention and the nature of problems that it overcomes.It should clearly state how the invention differs from existing offerings. B.Description of Invention - should contain a brief description of the drawings that accompany it.These drawings must comply with PTO requirements.Following this would be a detailed description of the invention,which may include engineering specifications,materials,components,and so on,that are vital to the actual making of the invention. C.Claims - the most difficult section of the application to prepare since claims are the criteria by which any infringements will be determined.Essential parts of the invention should be described in broad terms so as to prevent others from getting around the patent.At the same time,the claims must not be so general that they hide the invention's uniqueness and advantages.

Licensing agreements generate revenue while minimizing risk and start-up investment costs.

Licensing can be used by the entrepreneur to:

Priceline.com's service where a buyer can submit a price bid for a particular service is an example of a:

A copyright protects original works of authorship.

What are the main benefits of a registered trademark?

The Patent Cooperation Treaty,which has over 100 participants,was established to facilitate patent filings in multiple countries in one office rather than filing in each separate country.

Licensing requires the licensee to pay a royalty to the licensor.

Entrepreneurs,because of their lack of understanding of intellectual property,ignore important steps that they should have taken to protect these assets.

An oral agreement is enforceable indefinitely.