BUS 201 Intellectual Property

I’m studying for my Business Law class and don’t understand how to answer this. Can you help me study?

“In the past, in the United States, patent protection was granted to the first person to invent a given product or process, even though another person may be the first to file for a patent on the same product or process. What are the advantages and disadvantages of this patenting procedure compared to the recent changes in law that grants the right to the first person to file? Explain.”

Your response should be at least 2 pages double-spaced with standard fonts and 1-inch margins all around not including title/cover page/references.

Don’t forget to list your sources including our textbook if you use it.