The-definition.com

Definition

Business method patent

Business method patent is a patent that protects an invention that is or facilitates a method of doing business, have been of particular interest to Internet firms. Patents for these purposes were not allowed in the United States until 1998, when a federal circuit court issued an opinion allowing a patent for a business method, holding that business methods, mathematical algorithms, and software are patentable as long as they produce useful, tangible, and concrete results. This ruling opened a Pandora’s Box and has caused many firms to scramble to try to patents their business methods.

Share it:  Cite

More from this Section

  • Buying Intentions Survey
    Buying intentions survey is an instrument that is used to gauge customer interest in a ...
  • Liquidity ratio
    Liquidity ratio measure of a firm’s ability to pay its short-term debts as they come ...
  • Buyback clause
    Buyback clause refers to a clause found in most founders’ agreement which legally obligates ...
  • Lease
    Lease is a written agreement in which the owner of a piece of property allows an individual ...
  • Focus Group
    A focus group is a gathering of six to ten people who are invited to spend few hours with ...