A patent is a type of intellectual property that gives its owner the right to exclude others from making, using, or selling an invention for a limited period of years in exchange for publishing disclosure of the invention.1The article includes material that I published on Patent in New World Encyclopedia, some of which was imported from Wikipedia with history document by terms of the Creative Commons CC-by-sa 3.0 License (CC-by-sa), which may be used and disseminated with proper attribution.. This gives the patent holder a monopoly on a product. The patent holder can choose whether to produce the product and, if it is produced, set any price on the product.
The primary purpose of granting a patent is to enhance social good by encouraging the invention of new products beneficial to members of society. This is accomplished by providing legal protection that enables the inventor to profit from selling the invention without market competition. Patents have greatly served this purpose and are responsible for the creation of many industries and jobs that produce desirable products.
Patents were originally assigned to natural persons and later also assigned to corporations. The compounded the complexity of patent law and also the opportunities for abuse and corruption by the patent holder. Inventors may be required to assign inventions to their employers under an employment contract if they produce the invention while working for pay. The ability to assign ownership rights increases the liquidity of a patent as property. Third parties then own the patents and have the same rights as if they had originally invented the product.
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