Question

Though discussed during our IP lecture, a Non Compete is very useful type of contract that must be limited in what three areas to ensure protection.

A) Time: The duration for which the non-compete is in effect.
B) Geography: The geographic area in which the non-compete applies.
C) Scope: The specific activities or industries that the non-compete restricts.
D) Salary: The amount of compensation the employee receives during the non-compete period.

Answer 1

Intellectual property rights include patents that typically last for 20 years, providing an incentive for innovation by allowing inventors to earn monopoly profits during this time.

Step-by-step explanation:

The subject of the question is Intellectual Property Rights within the field of Business Law. Intellectual property rights serve to encourage innovation by granting creators exclusive rights to their inventions or creative works for a limited time. A patent, for instance, generally allows an inventor to have exclusive rights to make, use, or sell their invention for up to 20 years. This exclusivity can lead to monopoly profits, incentivizing further research and development. The period of exclusivity for copyrights varies depending on the type of work and other factors, but for patents, the typical duration is 20 years.