(Answered) : Problem 2 Francisco and Priya have developed an innovative new product and applied for a patent for it. They estimate that th

Problem 2

Francisco and Priya have developed an innovative new product and applied for a patent for it. They estimate that there is an 80% chance that their patent will be approved by the US Patent Office.

They also presented their product to ITNET, a large corporation, after having ITNET sign a confidentiality agreement.

Yesterday, ITNET announced a new product suspiciously similar to Francisco and Priya’s. Francisco’s first impulse was to sue ITNET immediately. However, Priya feels that they should wait until they have received notification of whether their patent is approved. Priya reasoned that their case would be much stronger if they