Matt accepts a job offer as a chemical engineer in the R&D department of Tulip Inc., paint-manufacturing company. After accepting the job offer, he signs an employment contract stating that the results of his research would be the sole property of the company. Matt comes up with an innovative paint formula which could withstand extreme temperatures. He receives a promotion and a handsome package for his work. However he is annoyed that the formula was not patented in his name. In the context of the given scenario, which of the following statements is true? A) The advances made by Matt on the job fall under the management and control of his organization. B) Matt's formula is his own intellectual property and he has the right to use it as he sees fit. C) Since the formula can be patented only by Matt, the company is legally required to pay him 30% of the total profits gained. D) The company can receive a fine up to $5 million for drawing a contract that is unenforceable.

Question

Business

Quincy Mcdaniel

1 May, 21:58

Matt accepts a job offer as a chemical engineer in the R&D department of Tulip Inc., paint-manufacturing company. After accepting the job offer, he signs an employment contract stating that the results of his research would be the sole property of the company. Matt comes up with an innovative paint formula which could withstand extreme temperatures. He receives a promotion and a handsome package for his work. However he is annoyed that the formula was not patented in his name. In the context of the given scenario, which of the following statements is true? A) The advances made by Matt on the job fall under the management and control of his organization. B) Matt's formula is his own intellectual property and he has the right to use it as he sees fit. C) Since the formula can be patented only by Matt, the company is legally required to pay him 30% of the total profits gained. D) The company can receive a fine up to $5 million for drawing a contract that is unenforceable.

+3

Answers (1)

Know the Answer?

Madeline · Answer 1

Option A

Explanation:

In simple words, the innovative technology that Matt has invented is the intellectual property of the organisation he works for due to the clause of the agreement he has signed under their employment.

Matt is contract bound and therefore he has no legal remedy. However, he should be happy for his promotion and incremental package as the company has no need to do so for him whatsoever.