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Choose the correct code for the following statements being correct or incorrect.

Statement I : Intellectual Property (IP) is a category of property that includes intangible creations of the human intellect.

Statement II : IPR does not include trade secrets and moral rights. 


1. Both the statements I and II are correct.
2. Both the statements I and II are incorrect.
3. Statement I is correct, but II is incorrect.
4. Statement II is correct, but I is incorrect.

1 Answer

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Correct Answer - Option 3 : Statement I is correct, but II is incorrect.

Statement I: Intellectual Property (IP) is a category of property that includes intangible creations of the human intellect.

Explanation: 

  1. Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names, and images used in commerce.
  2.  Intellectual property is an umbrella term for a set of intangible assets or assets that are not physical in nature. 
  3. Intellectual property (IP) is a category of property that includes intangible creations of the human intellect.
  4. There are many types of intellectual property, and some countries recognize more than others.
  5. The most well-known types are copyrights, patents, trademarks, and trade secrets. Thus, the statement I is correct.

Statement II: IPR does not include trade secrets and moral rights. 

Explanation:  

Intellectual property can consist of many types of intangibles, and some of the most common are listed below:

  1. Trademarks: Trademarks are the names, phrases, and symbols that differentiate your brand from others in your industry. They must be distinctive and used in commerce to sell or promote a product or service.
  2. Copyrights: A copyright grants legal rights to anything you create that expresses or embodies an idea. It gives you exclusive rights to copy, distribute, reproduce, display, and license the work.
  3. Patents: Patents are granted for new, useful inventions, and they will give you the right to prevent others from making, using, or selling your invention.
  4. Trade Secrets: A trade secret is a piece of confidential business information whose secrecy gives you an advantage over your competitors.
  5. Moral Rights: Moral rights are personal legal rights belonging to the creator of copyright works and not be transferred, assigned, or sold. Moral in other words-“Moral rights are the rights individual creators have in relation to copyright works or films they have created.
  6. Franchise: A franchise is a license that a company, individual, or party–called the franchisee–purchases allowing them to use a company's–the franchisor–name, trademark, proprietary knowledge, and processes.

Thus, statement II is incorrect.

Option 3 is the correct answer.

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