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BUS 2010 FINAL EXAM PRACTICE QUESTIONS COMPLETE & ACCURATE |GRADED A
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BUS 2010 FINAL EXAM PRACTICE QUESTIONS COMPLETE & ACCURATE |GRADED A
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BUS 2010 FINAL EXAM PRACTICE QUESTIONSCOMPLETE & ACCURATE |GRADED A
1. What are the different kinds of rights/ interests in property – fee simple, life interest,
lease, licence, mortgage, easement, lien, bailment ( voluntary, involuntary, for value,
gratuitous)
2. What are the different types of intellectual property ( copyrights, patents, trademarks).
Explain, what is protected, how acquired, for how long, whether renewable
1) Patent: a simple definition for patent can be a monopoly for making, using, or selling
an invention. It prevents others from the direct use of that invention. (Invention is
protected),
a. essential for the business-like pharmaceutical, electronics, chemical, and
manufacturing.
b. Patent is acquired by submitting an application to Canadian Intellectual
Property Office which is prepared under the guidance of patent agent, a
professional trained in patent law and practice. Timing is very crucial in
patent applications as it follows first to file system.
i. Following are the criteria for filing a patent:
1. It should be new and not disclosed publicly before.
2. It must be useful and can solve some practical problems and
can actually works.
3. It must involve some inventive steps in the invention.
c. Patents are applicable for 20 years and the owner cannot renew the patent
after 20 years.
2) Copyrights: the right which prevents others from copying or modifying certain work.
a. It is governed under copyright act and it protects every original literacy,
dramatical, musical or artistic work. Almost everything written, drawn,
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