A legal monopoly refers to the exclusive right granted to a company to offer a particular service or product within a specific territory. In exchange, the company agrees to have its policies and rates regulated.
A patent is a legal grant of exclusive rights provided by a government authority to an inventor or their assignee for a new and useful invention. The patent grants the holder the right to exclude others from making, using, or selling the invention for a certain period of time.
A patent monopoly is a government-granted exclusive right to inventors and producers of innovative goods. It serves to encourage research and innovation by ensuring the producer will benefit financially from their successful new products.
Tenancy in severalty refers to the ownership of property by a single person or a single legal entity. It is a form of ownership where the owner has exclusive rights and control over the property.
