Patents are legal protections granted to inventors for their inventions. They provide exclusive rights for a limited time and prevent others from making, using, selling, or importing the invention without permission. This promotes innovation while ensuring public disclosure.
Let’s understand the other statements:
(i) Correct – This is the precise definition of a patent.
(ii) Refers to Copyrights, which protect literary, artistic, and musical works.
(iii) Refers to Trademarks, which distinguish brands or trade identities.
(iv) Refers to Industrial Designs, which protect aesthetic aspects of a product.
Hence, only statement (i) correctly defines patents.