Answer Posted / sukhdev singh

here are basically five major legal differences between a
copyright and a patent : subject matter protected,
requirement for protection, when protection begins,
duration, and infringement. There's
also a sixth practical one: cost.

Subject matter: A copyright covers "works of authorship,"
which
essentially means literary, dramatic, and musical works,
pictorial,
graphic, and sculptural works, audio-visual works, sound
recordings,
pantomimes and choreography. A patent covers an invention,
which
essentially means a new and non-obvious useful and
functional feature of
a product or process.

Requirement for protection: In order for a work to be
copyrighted, it
must be original and fixed in a tangible medium of
expression; no
formalities are required (see section 2.3). In order for an
invention to
be patented, it must be novel (i.e., new), non-obvious, and
useful and a
patent must be issued by the United States Patent and
Trademark Office.

Start of protection: Copyright protection begins as soon as
a work is
created. Patent protection does not begin until the patent
is issued.

Duration: A copyright generally lasts for the life of the
author, plus 50
years (see section 2.4). In the U.S., a patent lasts for 17
years from
the date granted (in some nations, particularly Japan and
most European
nations, the duration is 20 years, and is measured from
date of
application).

Infringement: For a copyright to be infringed, the work
itself must have
actually been copied from (either wholly or to create a
derivative work),
distributed, performed, or displayed. If a person other
than the
copyright owner independently comes up with the same or a
similar work,
there is no infringement. In contrast, a patent confers a
statutory
monopoly that prevents anyone other than the patent holder
from making,
using, or selling the patented invention. This is true even
if that
person independently invents the patented invention.

Cost: A copyright is essentially free. Even if you want to
register the
copyright, the cost is only $20, and the paperwork is much
less
complicated than the 1040A short form for filing your
income tax, well
within the capabilities of the person registering the
copyright. A
patent, on the other hand, is much more costly; there are
fees to the
Patent and Trademark Office, and the patent application
process is much
more complex, usually requiring the services of a
registered patent agent
(and perhaps a lawyer) to draft and prosecute the
application, adding to
the cost.

Philosophically, you can look at a copyright as protecting
the author's
rights that are inherent in the work; in contrast, a patent
is a reward
of a statutory monopoly to an inventor in exchange for
providing the
details of the invention to the public.

Occasionally it is said that issuing convertible bonds is better than issuing stock when the firms shares are undervalued. Suppose that the financial manager of Decent Furniture Company does in fact have inside information indicating that the decent stock price is too low. Decent furniture earnings will in fact be higher than investor’s expectations. Suppose further that the inside information cannot be released without giving away a valuable competitive secret. Clearly, selling shares at the present low price would harm Decent’s existing shareholders. Will they also lose if convertible bonds are issued? If they do lose in this case, is the loss more or less than it would be if common stock is issued? Now suppose that investors forecast earnings accurately, but still under value the stock because they overestimate Decent’s actual business risk. Does this change your answer to the questions posed in the preceding paragraph? Explain.

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