Patents grant inventors exclusive legal rights over their creations for a defined period, prohibiting unauthorized production, utilization, distribution, or importation. This system encourages invention by requiring public disclosure of the details.
Let's clarify the other points:
(i) Correct – This accurately defines a patent.
(ii) This describes Copyrights, which safeguard creative works such as literature, art, and music.
(iii) This refers to Trademarks, used to differentiate brands and commercial identities.
(iv) This pertains to Industrial Designs, which protect the visual and aesthetic qualities of products.
Therefore, only statement (i) accurately defines patents.