Key Terms
Intellectual property (IP)
Intangible property representing the commercially valuable product of the human mind. Can be abstract (a melody) or conc
Four categories of IP protection
Patents, trade secrets, copyrights, trademarks.
Public domain
Works no longer protected by IP rights; free for anyone to use, copy, or build upon.
Patent
The exclusive right to make, use, or sell an invention for a specified period of time, granted by the federal government
Patent holder
The owner of a patent. Patents can be legally sold to others; selling ends the original owner's property interest.
Most common type of patent
Utility patent.
Business method patent
Seeks to monopolize a new way of conducting a business process.
Compulsory licensing
A procedure under international treaties allowing governments to force drug companies to license formulas to generic man
Patent infringement
Making, using, selling, or offering to sell a patented invention without permission of the patent holder.
Remedies for successful infringement suit
Injunction, treble damages, costs, attorney's fees.
Most common defense
Challenge the validity of the patent.
Patent trolls
Individuals or companies who acquire patent rights not to produce goods or services, but solely to profit through licens
Trade secret
A formula, process, device, or other business information kept confidential to maintain a competitive advantage over com
Information that
1. Is not generally known or ascertainable 2.
Can include
A process, formula, pattern, program, device, method, technique, or compilation of information.