Question 1- Brief explanation of intellectual property rights
Intellectual property refers to property that is the product of intellectual activity, such as a new product, technology, or a tool. Patents, copyrights, and trademarks create ownership rights over intellectual property.
A patent grants the inventor of a new product or process exclusive rights for a distinct period to the manufacture, use, or sale of that invention. Inventions are fundamental to the success of many businesses. If your business has established a new and better product or has developed a unique process that is useful, and non-obvious of course you would like to protect the competitive advantage that has been created by your business.
A copyright provides protection for original works of composition, this includes literary works, musical works, and theatrical works, this also includes photographs, audio and visual recordings, software, and other intellectual works. Copyright protection begins as soon as the work is fixed in a perceptible medium. The author must begin using the copyright symbol as soon as possible as a way of informing others that he plans to control the production, distribution, display, and or performance of the his work. Even though it is not necessary to file for copyright protection, doing this will make it more easier to pursue court prosecution of your copyright.
Trade- marks are designs and names, often officially registered, by which merchants or manufacturers label and distinguish their products (e.g., Juicy clothes). In the high—technology “knowledge” economy of the 2lst century, intellectual property has become a progressively important source of economic value for businesses. A trademark protects your product’s name by stopping other business from selling a product under the same name. Having a distinctive and unique name for your product is an advantage for your business. Trademark law protects clients from misunderstanding or fraud by preventing...