Question 1

Getting a trademark typically takes 2 years.

Accepted Answer

A) True 
 B)False  False

Question 2

Licensing has significant value as a marketing strategy to holders of patents,trademarks,or copyrights.Describe licensing agreements in each of the three intellectual property facets: patents,trademarks,and copyright.

Accepted Answer

A patent license agreement specifies how the licensee would have access to the patent.For example,the licensor may still manufacture the product but give the licensee the rights to market it under their label in a competitive market.This agreement must be carefully worded and should involve a lawyer,to ensure the protection of all parties.
Licensing a trademark generally involves a franchising agreement.The entrepreneur operates a business using the trademark and agrees to pay a fixed sum for use of the trademark,pay a royalty based on sales volume,buy supplies from the franchisor,or some combination of these.
Copyrights are another popular licensed property.Computer games have been designed using licenses from arcade games,movies and television shows.Celebrities will often license the right to use their name,likeness,image,or name in a product.

Question 3

Once accepted,the trademark is published in the Trademark Official Gazette to allow any party 90 days to oppose or request an extension to oppose.

Accepted Answer

A) True 
 B)False  False

Question 4

Which of the following is not a condition that makes a contract legally enforceable

Accepted Answer

A)  Consideration is given by both parties 
B)  All parties involved are competent 
C)  Money is exchanged for products/services 
D)  Acceptance of the offer must be voluntary 
A)  Consideration is given by both parties 
B)  All parties involved are competent 
C)  Money is exchanged for products/services 
D)  Acceptance of the offer must be voluntary

Question 5

A trade secret is protected by state law.

Accepted Answer

A) True 
 B)False

Question 6

Life insurance of key employees is mandatory in some states.

Accepted Answer

A) True 
 B)False

Question 7

The ________ is filed to establish a date of conception of an invention and replaces what used to be known as a disclosure document.

Accepted Answer

A)  provisional patent 
B)  defensive document 
C)  trademark 
D)  copyright 
A)  provisional patent 
B)  defensive document 
C)  trademark 
D)  copyright

Question 8

The three main categories of patents are design,utility and provisional patents.

Accepted Answer

A) True 
 B)False

Question 9

A copyright can be used to protect sculptures or blueprints.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following statements concerning patents is not true

Accepted Answer

A)  A patent gives the owner a negative right, preventing anyone from making, using, or selling the defined invention. 
B)  A utility patent has a term of 20 years. 
C)  Plant patents are issues under the same provisions as utility patents. 
D)  Traditionally, utility patents were thought to be useless because it is easy to design around a patent. 
A)  A patent gives the owner a negative right, preventing anyone from making, using, or selling the defined invention. 
B)  A utility patent has a term of 20 years. 
C)  Plant patents are issues under the same provisions as utility patents. 
D)  Traditionally, utility patents were thought to be useless because it is easy to design around a patent.

Question 11

Private companies are not included in the Sarbanes-Oxley Act.

Accepted Answer

A) True 
 B)False

Question 12

While dealing with leaking of trade secrets,legal action can be taken only after the secret has been revealed.

Accepted Answer

A) True 
 B)False

Question 13

The courts consider oral agreements under $500 binding if:

Accepted Answer

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. 
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.

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

A utility patent grants the owner protection from anyone else making,using,and/or selling the identified invention and generally reflects protection of new,useful,and unobvious processes.

Accepted Answer

A) True 
 B)False

Question 16

The initial registration for a trademark lasts:

Accepted Answer

A)  10 years. 
B)  14 years. 
C)  17 years. 
D)  20 years. 
A)  10 years. 
B)  14 years. 
C)  17 years. 
D)  20 years.

Question 17

When resources are limited,the entrepreneur can offer a lawyer stock in exchange for legal services.

Accepted Answer

A) True 
 B)False

Question 18

Copying a product and improving it may not be patent infringement.

Accepted Answer

A) True 
 B)False

Question 19

What are the main benefits of a registered trademark

Accepted Answer

-It provides notice to everyone that y

Question 20

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

Accepted Answer

A) True 
 B)False

Getting a trademark typically takes 2 years.

Licensing has significant value as a marketing strategy to holders of patents,trademarks,or copyrights.Describe licensing agreements in each of the three intellectual property facets: patents,trademarks,and copyright.

Once accepted,the trademark is published in the Trademark Official Gazette to allow any party 90 days to oppose or request an extension to oppose.

Which of the following is not a condition that makes a contract legally enforceable

A trade secret is protected by state law.

Life insurance of key employees is mandatory in some states.

The ________ is filed to establish a date of conception of an invention and replaces what used to be known as a disclosure document.

The three main categories of patents are design,utility and provisional patents.

A copyright can be used to protect sculptures or blueprints.

Which of the following statements concerning patents is not true

Private companies are not included in the Sarbanes-Oxley Act.

While dealing with leaking of trade secrets,legal action can be taken only after the secret has been revealed.

The courts consider oral agreements under $500 binding if:

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

A utility patent grants the owner protection from anyone else making,using,and/or selling the identified invention and generally reflects protection of new,useful,and unobvious processes.

The initial registration for a trademark lasts:

When resources are limited,the entrepreneur can offer a lawyer stock in exchange for legal services.

Copying a product and improving it may not be patent infringement.

What are the main benefits of a registered trademark

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

The Entrepreneurial Mind-Set

Corporate Entrepreneurship

Generating and Exploiting New Entries

Creativity and the Business Idea

Identifying and Analyzing Domestic and International Opportunities

The Business Plan: Creating and Starting the Venture

The Marketing Plan

The Organizational Plan

The Financial Plan

Sources of Capital

Informal Risk Capital, Venture Capital, and Going Public

Strategies for Growth and Managing the Implication of Growth

Accessing Resources for Growth From External Sources

Succession Planning and Strategies for Harvesting and Ending the Venture

Filters

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

Getting a trademark typically takes 2 years.

Licensing has significant value as a marketing strategy to holders of patents,trademarks,or copyrights.Describe licensing agreements in each of the three intellectual property facets: patents,trademarks,and copyright.

Once accepted,the trademark is published in the Trademark Official Gazette to allow any party 90 days to oppose or request an extension to oppose.

Which of the following is not a condition that makes a contract legally enforceable

A trade secret is protected by state law.

Life insurance of key employees is mandatory in some states.

The ________ is filed to establish a date of conception of an invention and replaces what used to be known as a disclosure document.

The three main categories of patents are design,utility and provisional patents.

A copyright can be used to protect sculptures or blueprints.

Which of the following statements concerning patents is not true

Private companies are not included in the Sarbanes-Oxley Act.

While dealing with leaking of trade secrets,legal action can be taken only after the secret has been revealed.

The courts consider oral agreements under $500 binding if:

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

A utility patent grants the owner protection from anyone else making,using,and/or selling the identified invention and generally reflects protection of new,useful,and unobvious processes.

The initial registration for a trademark lasts:

When resources are limited,the entrepreneur can offer a lawyer stock in exchange for legal services.

Copying a product and improving it may not be patent infringement.

What are the main benefits of a registered trademark

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

The Entrepreneurial Mind-Set

Corporate Entrepreneurship

Generating and Exploiting New Entries

Creativity and the Business Idea

Identifying and Analyzing Domestic and International Opportunities

The Business Plan: Creating and Starting the Venture

The Marketing Plan

The Organizational Plan

The Financial Plan

Sources of Capital

Informal Risk Capital, Venture Capital, and Going Public

Strategies for Growth and Managing the Implication of Growth

Accessing Resources for Growth From External Sources

Succession Planning and Strategies for Harvesting and Ending the Venture

Filters