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| | Patent - Facts, Information, and Encyclopedia Reference article |
 | | A patent is a set of exclusive rights granted by a state to a person for a fixed period of time in exchange for the regulated, public disclosure of certain details of a device, method, process or substance (known as an invention) which is new, inventive and useful. |
 | | First, in accordance with the original definition of the term "patent," it is argued that awarding patents facilitates and encourages disclosure of innovations into the public domain for the common good. |
 | | Most fundamentally, granting a patent confers a monopoly of sorts upon an owner, because he may legally exclude competitors from using or exploiting the invention (though strictly speaking, the word "monopoly" requires that there is no viable alternative in the marketplace). |
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