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

What type of insurance is mandatory in some states  

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

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

Authors or publishers of software are protected under: 

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

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

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

It takes approximately ________ to obtain a trademark. 

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

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

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. 

Licensing a trademark generally involves a franchising agreement. 

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. 

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

Explain what makes a contract legally enforceable.

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

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

Trade secrets can be protected for: 

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