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39 Cards in this Set
- Front
- Back
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What is intellectual Property?
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-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 |
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What are the ballpark costs of patents, trademarks, and trademarks?
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Patents=200,000
Trademarks=150,000 Copyright=600,000 |
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What is Infringement?
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The unauthorized use of property rights
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What infringement occurs what can one do?
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-Seek an injunction, stopping them from continuing to infringe
-Seek damages $ |
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What are trademarks?
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-can be a symbol, logo, or name
-helps consumers quickly identify their goods |
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How do you get a trademark?
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-Apply US Patent office (USPTO)
-10 yrs, Renewed, can be used perpetually |
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How can you tell if a trademark is used on something?
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-If you see: TM or small (C)
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What are Trade Names?
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-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 |
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What are patents?
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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 |
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What is a copyright?
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-number of expressions ex: paintings, photographs, scultures, blogs, music, writing
-Protects fixed form, tangible medium of expression -Protects original expression automatically |
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How long does a copyright last?
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-If work produced pre 1978= life of author + 70 years
If work produced after 1978= life of author + 90 years |
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What are the 5 exclusive rights of an original copyright?
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1) Reproduce
2) Publush/ Distributive works 2) Display work in public 4) Perform work in public 5) Perform derivative works based on original |
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What is the Fair Use Doctrine?
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-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 |
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What is a trade secret?
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1) Not known by competition
2) Business world would love its business secrets 3) |
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What are some characteristics of a C Corp?
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-Double taxation, limited liability, various classes of stock, unlimited shareholders
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What are some characteristics of a S Corp?
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Single taxation, limited liability, limited shareholders
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What do you need file in order to be a corporation?
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-articles of incorporation has to be filed- state issues certificate of incorporation
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What are bylaws?
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-rules governing corporations internal operations
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What kind of liability do owners hold in a corporation?
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-Separate legal entity from owners- "a person"
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Who owns a corporation?
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-Shareholders own corporation
-vote shares by proxy: authorize someone to vote with your shares -inspect books/ records -not responsible for managing |
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Who are the board of directors and what are they responsible for?
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-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 |
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What is the Business judgement rule?
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-makes director immune from liability from honest mistakes in judgement
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What does piercing corporate veils refer to?
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-It is a judicial concept
-court can disregard LLC/Corporation if appropriate formalities are not observed |
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What is a franchise?
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-An agreement between a franchise and franchisor
-Trademark, uniform, product of service |
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What is an Agency relationship?
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-between a principle, agent, and 3rd party
-where agent agrees to act on behalf of principle |
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Why does the principle establish agent relationship?
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- to expand it business opportunities
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What is the Principle's duty to the agent?
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-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
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What is the Agents duty to the principle?
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-Duty to: obedience, performance, reasonable care, loyalty, account
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What is the principle agent relationship?
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agent acts on the account of the principle with degree of personal discretion.
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What is an employer independent contractor relationship?
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-independent contractor is not considered an employee
-person who hires independent contractor does not control details of performance (crucial) |
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What does vicarious Liability Mean?
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-"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 |
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In Vicarious liability what does torts must be committed within scope of employment mean?
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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 |
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Can you be held liable when hiring a independent contractor?
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-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 |
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What is the Occupational safety and health act (OSHA)?
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-It is a federal law
-employers provide workplace free from recognized hazards that are causing or likely to cause death or serious physical harm |
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What is workers compensation?
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-State law
-provides financial compensation to employees or dependents when employee injured on job -employers immune from on job accidents |
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What are the three criteria for workers compensation?
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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 |
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What are an advantage and disadvantage from an employers view towards workers compensation?
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Disadvantage: employers pay into fund each year
Advantage: cost certainty. Workers compensation will pay out claim |
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What are an advantage and disadvantage from an employees view towards workers compensation?
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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 |
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What is the Family Medical Leave Act (FMLA)?
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-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 |
