Q.1. What is a property?

Ans. The property refers to wealth or valuable things earned by a person. It is estimated in terms of land,
house, garden, industries, animals, gold, silver, diamond, money etc. accumulated by a person.

Q.2. What is the need to earn property?

Ans. Each person wants to earn property for four main purposes as given below:

i. To get a better or higher status in the society, because of a person is measured in terms of property
accumulated by him or her. On the basis of property, the person is called as rich, middle class or poor.

ii. To lead a better quality of life in the society.

iii. To get a name and fame in the society. In the society, rich people get more respect than others.

iv. For better financial security of life for himself and for his children.

Q.3. What are different types of property?

Ans. The various valuable belongings of a person are broadly classified into two groups, viz.:

i. Immovable property, and

ii. Movable property.

Q.4. What is Immovable Property?

Ans. It refers to fixed types of properties which cannot move from one place to other. Such properties
include land, buildings (house, flat, bungalow, farm house) and gardens. Such properties are protected
by laws of land in each country.

Q.5. Define Movable Property.

Ans. It refers to the property which can be easily shifted from one place to other. Such property includes
animals, farm machines, furniture, fixtures, gold, silver, diamond, and money. Such properties are also
protected by public laws.

Q.6. What is Intellectual Property?

Ans. There is third type of property what we can intellectual property. The product/process/idea which is
outcome of the brain of a person and can be used on commercial scale for benefit of human kind is
called intellectual property. In other words, intellectual property refers to creations of the mind:
inventions, literary and artistic works, and symbols, names, images, and designs used on commercial
scale.
Q.7. Describe the main features of Intellectual Property.

Ans. The main features of intellectual property are given below:

i. It is measured in terms of new ideas, processes, products, inventions and innovations developed by a
person.

ii. It requires lot of intellectual inputs in terms of thinking, planning and fine tuning of new
ideas/products/processes etc.

iii. It requires considerable amount of funds and other resources to develop new products/processes.

iv. The main problem with intellectual property is that it can be copied, reproduced and used by others
resulting is loss of inventor. Hence protection of intellectual property is essential so that the inventor can
derive maximum benefits from his invention.

Q.8. What do you mean by Intellectual Property Rights?

Ans. The rights to intangible property that is the product of the human intellect are referred to as
intellectual property rights. Intellectual property may be protected by copyright, trademark or patent.
The holder of intellectual property rights is usually the person or persons who developed the product or
the organization that funded it.

Q.9. What are different forms of IPR?

Ans. The Intellectual Property Rights are broadly divided into two groups, viz., Primary Rights and Sui-
generis Rights.

Q.10. What do you mean by Primary Rights?

Ans. Primary rights include Copyrights, Patents, Trademarks, Trade Secret, Trade names, Domain names,
Industrial Designs geographical Indications etc.

Q.13. Define Copyrights.

Ans. Copyright has been defined in various ways by different authors.

Some commonly used definitions of copyright are given below:

i. Copyright refers to a document which grants exclusive right to the author/creator to publish and sell
literary or musical or artistic work,

ii. The exclusive rights to reproduce sell and distribute a work, prepare derivative works and display the
work publicly is referred to as copyright.

iii. The right of an author, artist, publisher etc. to retain ownership of works and to produce or contract
others to produce copies is called copyright.
Q.14. What are the main features of copyrights?

Ans. Main features of copyrights are briefly presented below:

(i) It provides protection for a specific duration.

(ii) It is applicable in all countries.

(iii) The copyright holder has the rights to authorize others to use the protected work.

(iv) It is applicable to books, movies, music, paintings, photographs and software.

(v) The information cannot be reproduced as such without written permission. However, the information
or idea can be used by anyone.

Q.15. What is a Patent?

Ans. Patent has been defined in various ways by different authors. Patent refers to a document granting
an inventor sole rights to an invention. It is an official document which grants sole rights to the inventor
for manufacturing and marketing his product/process/invention to derive benefits. In other words,
patent is a set of exclusive rights granted by a state to a patentee (the inventor or assignee) for a fixed
period of time.

Q. 17. What is a Trademark?

Ans. A trademark or trade mark is a distinctive sign of some kind which is used by an individual, business
organization or other legal entity to uniquely identify the source of its products and/or services to
consumers, and to distinguish its products or services from those of other entities.

Q.19. What do you mean by Industrial design?

Ans. An industrial design or simply a design is the ornamental or aesthetic aspect of an article produced
by industry or handicraft; registration and renewals provide protection for, in most cases, up to 15 years.

Q.22. Describe different points related to utility models.

Ans. The important points about utility model are listed below:

(i) Utility model is an intellectual property rights to protect inventions.

(ii) Utility models are also known as petty patents, petty inventions, petty innovations, utility innovations,
minor patents and small patent.

(iii) The rights conferred by utility models are similar to those granted by patent laws but has a shorter
term.

(iv) They are registered with National Patent Office.

(v) They are more suited to incremental inventions.

Q.23. What do you mean by Geographical indication?

Ans. Geographical Indications (GI) is the name of a region, a specific place or, in exceptional cases a
country, used to describe an agricultural, natural or manufactured goods product or a food stuff. In other
words, a geographical indication is a sign used on goods that have a specific geographical origin and
often possess qualities or a reputation that are due to that place of origin. In other words, a
geographical indication is a name or sign used on certain products or which corresponds to a specific
geographical location or origin (e.g. a town, region, or country)..

Q.25. Define Trade Secret.

Ansi. A “trade secret” is anything (a formula, process, method, mechanism, tool, pattern or device) which
the disclosing party desires to keep secret. Trade secrets usually include such things as the
manufacturing details for a product, variations or alternative uses.

ii. It may refer to a formula or process or device used in business that is not published or divulged which
gives an advantage over competitors.

iii. A form of industrial property refers to a non-patented process, mechanism, or formula, known only to
its owner that is used in producing something of commercial value.

Q.28. Explain the main points about related rights.

Ans. The main points about related rights are given below:

i. Related rights are similar to copyrights.

ii. Related rights come under primary property rights.

iii. Related rights are also known as neighboring rights.

iv. Related rights are closer to copyrights but are not covered by the Berne Convention.

v. Related Rights are covered by Rome Convention, 1961.

Q. 29. Define Trade Names.

Ans. A trade name, also known as a trading name or a business name, is the name which a business
trades under for commercial purposes, although its registered, legal name, used for contracts and other
formal situations, may be another. Pharmaceuticals also have trade names (e.g. “Aspirin”), often
dissimilar to their chemical names (“acetylsalicylic acid”).

Trading names are sometimes registered as trademarks or are regarded as brands. A trade name is the
name under which a product is commercially known. The commercial name by which a chemical is
known is called trade name. On chemical may have a variety of trade names depending on the
manufacturers or distributors involved.

Q.31. What are the Advantages of Intellectual Property Rights?

Ans. Intellectual Property Rights refer to the legal rights provided to an inventor to derive economic
benefits from his invention/innovation.

The main advantages of IPR are as follows:

i. It promotes healthy competition for invention/innovation among the intellectuals.

ii. It helps in improving the quality of the product.

iii. It makes available new ideas/technologies to different countries.

iv. It leads to faster development of industries/organizations engaged in – research and development

work.

Q.32. What are the disadvantages of Intellectual Property Rights?

Ans. There are some disadvantages of Intellectual Property Rights which are briefly presented below:

(i) The procedure of registration, particularly of patents, is very lengthy.

(ii) It involves lot of money transaction in registration, renewal and licensing.

(iii) It invites lots of court cases due to infringements.

(iv) It may lead to monopoly of right holders, etc.

Q.33.