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64 Cards in this Set
- Front
- Back
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Intellectual Property
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Intangible rights protecting the products of human intelligence and creation, such as copyrightable works.
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Patent
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The right to the exclusive use of an invention for 20 years.
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Copyright
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Under federal law, the holder of a copyrights owns a particular expression of an idea, but not the idea itself. This ownership right applies to creative activities such as literature, music, drama, and soft-ware.
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Trademark
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Any combination of words and symbols that a business uses to identify its products or services and that federal law will protect.
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Service Marks
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Are used to identify services, not products. Fitness First, Burger King, and Weight Watchers are service marks.
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Trade Dress
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The image and overall appearance of a business or product. May include size, shape, color, or texture.
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Trade Secret
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A formula, device, process, method, or compilation of information that, when used in business, gives the owner an advantage over competitors who does not know it.
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Voidable Contract
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An agreement that neither party may legally enforce, usually because the purpose of the bargain was illegal or because one of the parties lacked capacity to make it.
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Promissory Estoppel
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A doctrine in which a court may enforce a promise made by the defendant even when there is no contract, if the defendant knew that the plaintiff was likely to rely on the promise, the plaintiff did in fact rely, and enforcement of it is the only way to avoid injustice.
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Quasi Contract
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A legal fiction in which, to avoid injustice, the court awards damages as if a contract had existed, although one did not. (In cases of Unjust Enrichment)
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Uniform Commercial Code
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Code designed to modernize commercial law and make it uniform throughout the country. Applies to sale of goods.
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Merchant
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One who routinely deals in the particular goods involved, or who appears to have special knowledge or skill in those goods.
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Revocation
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In general, the offeror may revoke the offer any time before it has been accepted. Revocation is effective as soon as the offeree receives it.
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Firm Offer
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Generally states that it will remain open for a set time during which it is incapable of being revoked. If the offer is accepted without a change during that period, there is a firm enforceable contract. Its in the UCC and must be from a merchant, in writing, signed by merchant, and state offer will be held upon until....
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Option Contract
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A privilege that a person paid money for that grants them the right to purchase or sell certain things at any time within an agreed period for a fixed price.
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Counter-offer
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An offer made in response to a previous offer by the other party during negotiations for a final contract. A counter offer automatically rejects the prior offer and requires acceptance under the terms.
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Mirror Image Rule
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Requires that acceptance be on precisely the same terms as the offer.
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Mailbox Rule
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Making a written offer or acceptance of offer is valid if sent in the mail with postage, within the time in which the offer must be accepted.
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Consideration
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Something of legal value that has been bargained for and given in exchange by the parties.
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Covenant
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Reasonable in geography, time and scope.
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Exculpatory Clause
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A contract provision that attempts to release one party from liability in the event the other party is injured.
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Unconscionable Contract
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An agreement that a court refuses to enforce because it is fundamentally unfair as a result of unequal bargaining power by one party.
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Adhesion Contract
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Legally binding agreement between two parties to do a certain thing, in which one side has all the bargaining power and uses it to write the contract in their favor.
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Lack of Capacity
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Lack of the legal ability to enter into a contract. Makes a contract voidable. (Minors, mental infirmities- can't understand the significance of their actions)
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Misrepresentation
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A factually incorrect statement made during contract negotiations.
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Mistake
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Mistake of Fact is when a person believes that a condition or event exists when it does not. Mistake of Law is made by a person who has knowledge of the correct facts but is wrong about the legal consequences of an act or event.
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Duress
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1)A criminal defense in which the defendant shows that she committed the wrongful act because a third person threatened her with imminent physical harm. 2) An improper threat made to force another party to enter into a contract.
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Undue Influence
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A judicially created defense to transactions that have been imposed upon weak and vulnerable persons that allows the transactions to be set aside.
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Statute of Frauds
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This law provides that certain contracts are not enforceable unless in writing.
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Good Faith
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A sincere belief or motive without any malice or the desire to defraud others. A good faith purchaser is protected by the UCC.
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Time is of the Essence
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Generally makes contract dates strictly enforceable.
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Commercial Impracticability
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After the creation of a contract, an entirely unforeseen event occurs which makes enforcement of the contract extraordinarily unfair.
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Force Majeure Clause
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Clause that free both parties from liability when an extraordinary event take place. (earth quake, war, etc.
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Consequential Damages
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Those resulting from the unique circumstances of this injured party.
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Specific Performance
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Forces both parties to perform the contract, only in cases involving the sale of land or some other asset that is unique
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Incidental Damages
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The relatively minor costs, such as storage and advertising, that the injured party suffered when responding to a contract breach.
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Mitigation of Damages
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One party acts to minimize its losses when the other party breaches a contract.
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Liquidated Damages
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A provision in the contract that declares in advance what one party will receive if the other side breaches.
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Cover
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(UCC) The right of a purchaser to buy goods other than those that were originally contracted as a remedy in the event of a breach of contract by the seller. The buyer may then recover the difference between the original goods or contract price and the cost of cover.
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Novation
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A new contract with different parties
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Novation Requirements
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(i) all parties must assent to novation, (ii) there must be a previously valid contract, (iii) the duties provided for in the contract be extinguished immediately, and (iv) a new, enforceable contract need be created.
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Delegation
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To assign authority to another.
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Assignment
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A term used with similar meanings in the law of contracts and in the law of real estate. In both instances, it encompasses the transfer of rights held by one party—the assignor—to another party—the assignee
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Caveat Emptor
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"Let the buyer beware.” Generally, caveat emptor is the property law principle that controls the sale of real property after the date of closing.
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Express Warranty
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A warranty created by a seller via his words or actions; Ex: “This paint won’t fade for three years, even in direct sunlight”
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Implied Warranty of Merchantability
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Unless excluded or modified, a warranty that the goods shall be merchantable is implied in a contract for their sale if the seller is a merchant with respect to goods of that kind.
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Implied Warranty of Fitness for a Particular Purpose
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Suppose a lumber sales clerk knows that a buyer is relying on his advice to choose the best wood for a house being built in a swamp. The code implies a warranty that the wood sold will withstand those special conditions.
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“Merchantable”, In Law
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Goods that are fit for the ordinary purposes for which they are used
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Utility Patent
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available to those who invent: mechanical, electrical or chemical inventions, a process, a machine, or a composition of matter.
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Design Patent
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protects the appearance, not the function, of an item. Only last 14 years instead of 20.
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Requirements for a Patent
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Novel, Nonobvious, Useful
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Copyright Validation
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70 years after the death of the work’s only or last living author. Or, in the case of works owned by a corporation, the copyright lasts 95 years from publication or 120 years from creation.
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First Sale Doctrine
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Permits a person who owns a lawfully made copy of a copyrighted work to sell or otherwise dispose of the copy. However, does not permit the owner to make a copy.
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Fair Use
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permits limited use of copyrighted materials without permission of the author for purposes such as criticism, comment, news reporting, scholarship, or research.
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Bilateral contract
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Both parties make a promise; acceptance is bound by the offeree making a promise in return.
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Unilateral contract
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Offerer makes a promise; offeree must accept by performing
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Service Mark #2
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Protectable mark used in the sale or the advertising of services, such as to distinguish the services of one person from the services of others
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Consideration #2
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"bargained for exchange of value"; a required element for finding existence of a contract
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Liquidated Damages #2
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A remedy for breach of contract, the amount of which is fixed by the terms of the contract
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Unconscionable; Contract Law
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Grossly unfair (usually must involve both unfair procedure/circumstnces AND unfair substantative terms of contract
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Specific Performance
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Remedy; order to do what was promised in the contract
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Treble Damages
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Three times the amount that a court would normally award to compensate for a loss
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White Collar Crime
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business executive defrauds customers out of millions of dollars
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Usury
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Taking of a greater charge for use of money than is permitted by law
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