What is a patent?

A patent is a legal mechanism designed to protect the rights of inventors by granting them exclusive ownership and control over their inventions or productions. This exclusivity means that the inventor has the sole authority to make, use, sell, or distribute their invention for a specified period, typically 20 years from the filing date. This legal protection encourages innovation by ensuring that inventors can reap the benefits of their work without competition from others who might replicate or exploit their inventions without permission.

In contrast, the other options describe different financial or legal instruments. A patent does not function as a financial instrument or a document related to stock or bonds; those involve different concepts entirely. A financial instrument, for instance, refers to liquid assets, while the ownership documents certify investments or debts rather than unique inventions. Therefore, the designation of a patent specifically focuses on the legal rights associated with inventions and innovation.