DECA Sports and Entertainment Marketing Practice Exam

What is a patent?

1. A type of trademark

2. A property right that excludes others from making or selling an invention

3. A licensing agreement for manufactured goods

4. An exclusive distribution agreement

The correct answer is: A property right that excludes others from making or selling an invention

A patent is defined as a property right that grants the inventor exclusive rights to make, use, sell, or distribute their invention for a specified period of time. By securing a patent, inventors can protect their innovations from being used by others without permission. This legal protection encourages innovation by allowing inventors the opportunity to profit from their inventions without fear of competition or infringement. The other options do not accurately describe a patent. A trademark, for instance, is a sign or symbol used to distinguish goods or services, which is different from the property rights established by a patent. A licensing agreement pertains to granting permission to use intellectual property under specified terms but doesn’t represent the protective rights associated with a patent. An exclusive distribution agreement focuses on controlling the distribution of a product, which does not encompass the rights granted to an inventor through a patent.