Future Business Leaders of America (FBLA) Business Law Practice Exam

Which term refers to the exclusive right granted to an inventor for their invention?

1. Trademark

2. Copyright

3. Patent

4. Trade Secret

The correct answer is: Patent

A patent refers to the exclusive right granted to an inventor for their invention, allowing them to control the production, usage, and sale of their invention for a specific period of time. This legal protection is crucial for encouraging innovation, as it provides inventors the opportunity to benefit commercially from their ideas without the fear of unauthorized use by others. Obtaining a patent typically involves a formal application process with a governmental patent office, after which the invention is examined to ensure it meets specific criteria, such as novelty and non-obviousness. The patent holder has the right to enforce their patent against anyone who uses their invention without permission. In contrast, a trademark protects symbols, names, and slogans used to identify goods or services in a way that distinguishes them from others, while copyright safeguards the expression of ideas in creative works, like literature or music. A trade secret, on the other hand, refers to any confidential business information that provides a competitive edge. Each of these intellectual property protections serves a unique purpose but only a patent specifically applies to inventions and their rights.