Subject: Entrepreneurship
Protecting Idea and Other Legal Issues Questions With Answers
Group A: Very Short Questions
1. (2023 Spring Q.NO. 6) (2019 Fall Q.NO.9) Differentiate between licensing and franchising in brief.
Answer: The differences between licensing and franchising are as follows:
| Licensing | Franchising |
|---|---|
| It allows use of a brand or idea, like a logo or technology. | It allows the use of a brand or idea, like a logo or technology. |
| It focuses mainly on using intellectual property. | It allows the use of a brand or idea, like a logo or technology. |
2. (2022 Fall Q. No. 8) Define patent. Why patent rights is important for any company?
Answer: A patent is a legal right given to an inventor to protect their new invention from being copied. Patent rights are important for a company because they protect its unique ideas, give a competitive edge, and allow the company to earn money through licensing or selling the patent.
3. (2021 Spring Q. No. 5) What is trademark and copyright?
Answer: A trademark is a symbol, logo, word, or design that represents a company or product and helps distinguish it from others. It protects the brand identity and prevents others from using similar marks.
Copyright is the legal protection given to original works of art, literature, music, or other creative works. It ensures the creator has exclusive rights to use and distribute their work.
4.(2020 Fall Q. NO. 5) Define the intellectual properties rights.
Answer: Intellectual Property Rights (IPR) are legal protections given to the creations of the mind, such as inventions, designs, logos, artistic works, and brand names. These rights allow creators to control the use of their work and prevent others from using it without permission, ensuring that they can benefit financially from their ideas.
5. (2019 Spring Q. No. 6) What is a business permit?
Answer: A business permit is an official document issued by a government agency that allows a person or company to operate a business legally within a specific area. It ensures the business complies with local laws, zoning regulations, and health and safety standards
6. (2019 Spring Q. NO. 9) Explain the concept of intellectual property rights.
Answer: Intellectual Property Rights (IPR) are legal protections given to the creations of the mind, such as inventions, designs, logos, artistic works, and brand names. These rights allow creators to control the use of their work and prevent others from using it without permission, ensuring that they can benefit financially from their ideas.
7. (2019 Spring Q. No. 10) What is product safety?
Answer: Product safety refers to the measures taken to ensure that a product is safe for use by consumers and does not pose any harm to health or the environment. It includes designing, testing, and manufacturing products in ways that minimize risks to users.
8. (2019 Fall Q. No. 5) What do you mean by copyright?
Answer: Copyright is a legal right that protects the creators of original works, such as books, music, art, and software. It gives the creator exclusive rights to use, distribute, and modify their work, preventing others from using it without permission.
9. (2018 Spring Q. No. 6) Define the meaning of intellectual property rights.
Answer: Intellectual Property Rights (IPR) are legal protections given to the creations of the mind, such as inventions, designs, logos, artistic works, and brand names. These rights allow creators to control the use of their work and prevent others from using it without permission, ensuring that they can benefit financially from their ideas.
10. (2018 Fall Q. No. 5) Define trade secrets with examples.
Answer: Trade secrets are confidential business information that gives a company a competitive edge. They can include formulas, processes, designs, or practices that are not publicly known. For example: The recipe for Coca-Cola’s soft drink.
Group B: Descriptive Answer Questions
1. (2023 Fall Q. No. 16) Explain the equation Contract = Agreement + Legal obligation. What are the essential steps in the formation of a contract? – Answer (Click Here)
2. ( 2023 Spring Q. No. 16) Define patent rights. Discuss the procedures of obtaining patent rights in Nepal as mentioned in Patent, Design, and Trade Mark Act 2022. – Answer (Click Here)
3. (2022 Fall Q. No. 15) Explain the concept of intellectual property with its different types. – Answer (Click Here)
4.2021 Spring Q. No. 13) What is intellectual property? Discuss the procedures of obtaining patent rights in Nepal. – Answer (Click Here)
5. 2019 Spring Q. No. 16) Exporting, licensing, and Foreign Direct Investment are some of the entrepreneurial strategies entrepreneurs have to look upon while going global. Illustrate the concept of the above-listed entrepreneurial strategies and also discuss their types. – Answer (Click Here)
6. (2018 Spring Q. NO. 14) What is a copyright? Define the major process of obtaining the copyright in Nepal. – Answer (Click Here)
7. (2018 Fall Q. No. 12) (2018 Fall Q. NO. 14) Explain intellectual property. Explain different types of intellectual property.
Please refer to 2022Fall Q. No. 15