Final answer:
A patent grants an inventor exclusive rights to manufacture, use, or sell their invention for a limited time. Patents allow for contracts regarding the patented item, ensuring intellectual property protection. Warranties and service contracts are also ways to secure rights or services for a period.
Step-by-step explanation:
A patent grants its owner the exclusive legal right to make, use, or sell an invention for a limited time. This legal provision is a form of intellectual property protection that allows an inventor or their assignee to have exclusive rights to the patented process, design, or invention.
By owning a patent, individuals or firms can enter into contracts with other parties regarding the property, the rights to manufacture, use, or sell the innovation. Furthermore, apart from patents, in the context of sales, sellers may also offer warranties or service contracts to provide assurance or maintenance support for a certain period.