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39 Cards in this Set

  • Front
  • Back
What is intellectual Property?
-Created by intellectual effort, often referred to as an intangible property
-Most times today worth more than companies physical assets
-When owner gives you exclusive property rights
What are the ballpark costs of patents, trademarks, and trademarks?
What is Infringement?
The unauthorized use of property rights
What infringement occurs what can one do?
-Seek an injunction, stopping them from continuing to infringe
-Seek damages $
What are trademarks?
-can be a symbol, logo, or name
-helps consumers quickly identify their goods
How do you get a trademark?
-Apply US Patent office (USPTO)
-10 yrs, Renewed, can be used perpetually
How can you tell if a trademark is used on something?
-If you see: TM or small (C)
What are Trade Names?
-Name of a company/business related to the reputation and goodwill of business

-common law principle
-belongs to the 1st to use the name in a geographic area
-applies to where the name has meaning
What are patents?
Grants from federal Gov. to inventor for exclusive right to make, use, or sell patent for 20 yrs
-key conditions: Originality and novelty and utility to society
What is a copyright?
-number of expressions ex: paintings, photographs, scultures, blogs, music, writing
-Protects fixed form, tangible medium of expression
-Protects original expression automatically
How long does a copyright last?
-If work produced pre 1978= life of author + 70 years
If work produced after 1978= life of author + 90 years
What are the 5 exclusive rights of an original copyright?
1) Reproduce
2) Publush/ Distributive works
2) Display work in public
4) Perform work in public
5) Perform derivative works based on original
What is the Fair Use Doctrine?
-copies of copyrighted material without the owners permission
1) Purpose & Character of the use, including whether such use is of a commercial nature or is for nonprofit educational purposes
2) Nature of the copyrighted work
3) Extent portion used in relation to the copyrighted work as a whole
4) Effect copying has on demand for work
What is a trade secret?
1) Not known by competition
2) Business world would love its business secrets
What are some characteristics of a C Corp?
-Double taxation, limited liability, various classes of stock, unlimited shareholders
What are some characteristics of a S Corp?
Single taxation, limited liability, limited shareholders
What do you need file in order to be a corporation?
-articles of incorporation has to be filed- state issues certificate of incorporation
What are bylaws?
-rules governing corporations internal operations
What kind of liability do owners hold in a corporation?
-Separate legal entity from owners- "a person"
Who owns a corporation?
-Shareholders own corporation
-vote shares by proxy: authorize someone to vote with your shares
-inspect books/ records
-not responsible for managing
Who are the board of directors and what are they responsible for?
-Principle of the corporation
-make corporatye policy; managment to conduct
-Duty of care: need to be responsibly prudent
-Duty of loyalty: corporations interest placed 1st, personal 2nd
-Determine dividend
What is the Business judgement rule?
-makes director immune from liability from honest mistakes in judgement
What does piercing corporate veils refer to?
-It is a judicial concept
-court can disregard LLC/Corporation if appropriate formalities are not observed
What is a franchise?
-An agreement between a franchise and franchisor
-Trademark, uniform, product of service
What is an Agency relationship?
-between a principle, agent, and 3rd party
-where agent agrees to act on behalf of principle
Why does the principle establish agent relationship?
- to expand it business opportunities
What is the Principle's duty to the agent?
-It has the duty to: cooperate, compensate, reimburse, identify means to pay for damages or to insure the agent against losses suffered while undertaking authorized transactions
What is the Agents duty to the principle?
-Duty to: obedience, performance, reasonable care, loyalty, account
What is the principle agent relationship?
agent acts on the account of the principle with degree of personal discretion.
What is an employer independent contractor relationship?
-independent contractor is not considered an employee
-person who hires independent contractor does not control details of performance (crucial)
What does vicarious Liability Mean?
-"let the master answer"
-principles ort employer can be held liable for torts of agents and employees
-torts must be committed within scope of employment
In Vicarious liability what does torts must be committed within scope of employment mean?
1) act was of same general nature as those authorized by principle
2) Agent was authorized to be where he/she was at the time act occurred (general vicinity)
3) Agent was serving principle's interest at time of the act
Can you be held liable when hiring a independent contractor?
-Independent contractor is not an employee
-However if they establish that you exercise certain amount of control over independent contractor he is then looked at like an employee in terms of liability
What is the Occupational safety and health act (OSHA)?
-It is a federal law
-employers provide workplace free from recognized hazards that are causing or likely to cause death or serious physical harm
What is workers compensation?
-State law
-provides financial compensation to employees or dependents when employee injured on job
-employers immune from on job accidents
What are the three criteria for workers compensation?
1) Personal Injury (doesnt have to be physical can be mental)
2) Result of accident or occupational disease
3) Arose out of and during course of employment
What are an advantage and disadvantage from an employers view towards workers compensation?
Disadvantage: employers pay into fund each year
Advantage: cost certainty. Workers compensation will pay out claim
What are an advantage and disadvantage from an employees view towards workers compensation?
Disadvantage: can receive significantly less than in a negligence claim
Advantage: Almost certain will recover without having to go through trial.
Workers compensation is extremely generous
What is the Family Medical Leave Act (FMLA)?
-federal law
-applies to employers who must have more than 50+ employees or Gov employees
-12 weeks of unpaid leave
-childbirth, adoption, sick spouse, parent, child, yourself
-health benefits remain, must be given the same job or comparable upon return
-1250 hrs must have been worked within the past 52 weeks