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Exam 6: Protecting the Idea and Other Legal Issues for the Entrepreneur

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Question 21

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Authors or publishers of software are protected under: 

A) copyrights.
B) trademarks.
C) utility patents.
D) trade secrets.

E) A) and B)
F) All of the above

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Question 22

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It takes approximately ________ to obtain a trademark. 

A) 12 months
B) 13 months
C) 14 months
D) 18 months

E) All of the above
F) None of the above

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Question 23

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What type of agreement must always be in writing in order to be a legally binding contract  

Intellectual property is any patents,trademarks,copyrights,or trade secrets held by an entrepreneur. 

What type of insurance is mandatory in some states  

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

One benefit of having a registered trademark is that it provides a basis for filing trademark application in foreign countries. 

An example of a business method patent is Amazon.com's one-click feature used by a buyer to order products. 

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. 

Protection against the leaking of trade secrets is difficult to enforce and noncompete agreements are not often successful in courts. 

A trademark is given a 50-year registration with no renewal. 

Licensing requires the licensee to pay a royalty to the licensor in return for permission to copy the patent,trademark,or copyright. 

The ________ created the commission that prescribes safety standards for products. 

Explain what makes a contract legally enforceable.

The section of the patent application that includes engineering specifications,materials and components is the: 

Under the Sarbanes-Oxley Act CEOs are not required to vouch for the firm's financial statements because they are not involved with the day to day operations of the firm. 

A provisional patent application can be used to establish the date of conception of the invention. 

Licensing a trademark generally involves a franchising agreement. 

Trade secrets can be protected for: 

To minimize patent risk,an entrepreneur should seek a patent attorney who has experience in their product line.