Patents Are Currently Granted for a Period of 20 Years

question 170

Essay

Patents are currently granted for a period of 20 years in the United States.Do you think that time period is too long or too short? Explain your reasoning.

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Definitions:

Consequential Damages

Refers to indirect or secondary financial losses suffered as a result of a breach of contract, beyond the immediate scope of the contractual obligations.

Cover

In the context of contracts, the term refers to a buyer's procurement of goods as a substitute for those promised but not delivered by the seller.

Wrongful Repudiation

The unjustified refusal to fulfill the terms of a contract, thereby breaching the agreement.

Present Values

A financial calculation that determines the current worth of a future sum of money or stream of cash flows, given a specified rate of return.