Asked by Morgan Whittle on Jun 06, 2024
Verified
Norah owns a phone, a tablet, and a patent on an app. Norah's intangible property includes
A) the phone.
B) the tablet.
C) the patent.
D) all of the choices.
Intangible Property
Property that is incapable of being apprehended by the senses (such as by sight or touch). Intellectual property is an example of intangible property.
Patent
A government grant giving an inventor exclusive rights to make, use, or sell an invention for a certain number of years.
- Differentiate between tangible and intangible assets, highlighting the importance of categorizing them accordingly.
- Understand the legal framework for defining and safeguarding property rights and interests.
Verified Answer
RH
Rechel HelenaJun 07, 2024
Final Answer :
C
Explanation :
The patent on an app is considered intangible property because it represents a legal right to the intellectual property of the app, rather than a physical object. The phone and tablet are tangible assets.
Learning Objectives
- Differentiate between tangible and intangible assets, highlighting the importance of categorizing them accordingly.
- Understand the legal framework for defining and safeguarding property rights and interests.