Business Law, Exam 2

Front 1

Intellectual property

Back 1

- any property resulting from intellectual, creative processes- the product of one or more individuals mind(s).
• Ex. The chair. intellectual property is the design. Its not the chair, its basically the idea. The creative process. Most valuable today $.
• Laws protecting patents, trademarks, and copyrights are explicitly designed to protect, nature, and reward inventive and artistic creativability.

Front 2

Trademarks

Back 2

A distinctive mark, motto, device, or emblem that a manufacterer stamps, prints, or otherwise affixes to the goods it produces so that they may be indentified on the market on their origins made known.
(Distinguishes its goods and services. )

Front 3

Service mark

Back 3

a mark used in the sale or the adavertising of services to distinguish the services of one person or entity from those of another.
-- tells you what the quality is. ( red tail on plane, northwest) weather good or service.
--- all you have to do is use it.
--- Lasts forever.
---- If people use it you get a injuntion- order from the court they stop doing that.

Front 4

Copy right infringement

Back 4

using copyrighted form of expression of an idea, even with a slight variations, without permission.

Front 5

C with the circle

Back 5

who owns the copyright. Year is important- copyrights don’t last forever, who owns the copyright can affect how long they last. Usually the life of the author + 70 years. So property you can leave to your relatives. You can inherit it.

Front 6

Patents

Back 6

inventions. Have to file to the government. Pact protection for 20 years. The government wont give it unless its unique, and you tell them how it works. You can make them in your garage, or have a license for them to distribute them . Then it enters public domain, then everyone has the right to use it and they don’t have to pay you anything.

Front 7

License

Back 7

licesne to use someone elses inventions.

Front 8

Entering public domain

Back 8

everyone can use it, noone has to pay for it.

Front 9

“ Fair use” doctrine

Back 9

federal law can give you some exceptions for copyrights. Teachers can use copyright material.

Front 10

generic

Back 10

common usage. When your name becomes generic, it enters the public domain and anyone can use it.

Front 11

Actionable

Back 11

legitamit cause of action.- you can sue someone, successfully.

Front 12

Equitable relief

Back 12

people not to use the singer name. forward for relief.

Front 13

Trademark dilution

Back 13

congress amended the lanham act in 1995 to expand trademark protection based on dilution- using a mark similar, but not idealistic

Front 14

Trade secret

Back 14

information or a process that gives a person or a business an advantage over competitiors who do not have access to the information or process. ( secret, like the recipe for Coca Cola ) customer lists. Don’t have to file with the government. NOONE can use your tradesecret. And it is actionable.

Front 15

Agreement-

Back 15

the offeror must offer to enter into an angreement, the offeree must accept the terms of offerors office.

Front 16

Consideration-

Back 16

something of value given or promised to convince a party to agree to deal

Front 17

Contractual capacity

Back 17

both parties must be legelly competent to enter into the agreement

Front 18

Legality

Back 18

the contracts purpose must be to accomplish some goal that is legal and not against public policy

Front 19

Genuiness of Assent

Back 19

the apparent consent of both parties must be genuine

Front 20

Form-

Back 20

the agreement must be in whatever form( written, under seal ) the law requires ( optional)
-- have to have all of these, or you don’t have a contract.

Front 21

Contracts-

Back 21

deal with things that’s going to happen in the future.

Front 22

General contract law

Back 22

the given point of time when you have a contract
• gifts are not contracts. Your not paying for it
• past considereation is not consideration

Front 23

Agreement-

Back 23

a meeting of two or more minds in regard to the terms of a contract, through offer and acceptance

Front 24

Offer

Back 24

a promise or commitment to perform or regrain from performing or refrain as offered( you say your gonna do something in the future)

Front 25

Acceptance

Back 25

- a voluntary act by the office- either in the form of words or of conduct- which indicates agreement to the terms of the offer.

Front 26

express contract

Back 26

a contract in which the terms of the agreement are explicitly stated orally or in writing.

Front 27

Promise-

Back 27

a persons decloration that something will or willnot happen in the future

Front 28

Contract

Back 28

agreement between two or more competent parties, for valuable consideration, to perform

Front 29

Intent to offer-

Back 29

a variety of common statements related to business transactions are not offers, including, expressions of opinion, statements of intention, preliminary negotiations.

Front 30

Lapse of time

Back 30

an offer terminates automatically when the time period specified in the offer expires. The offereor tells you how it may be accepted. The offeree does not get to choose.

Front 31

Counteroffer

Back 31

a rejection by the offeree of the original offer, coupled with a new offer made by the original offeree to the original offeror

Front 32

Promissory estoppel-

Back 32

when a promiser makes a clear and definite promise on which the promise, even if it was insufficient to form the basis of a valid, legally binding contract.

Front 33

Bilateral contract-

Back 33

accept a promise with a promise

Front 34

Forbarrets-

Back 34

not doing something you have the right to do

Front 35

Consideration-

Back 35

- value given in return for a promise consideration must be 1) legally sufficient and 2) bargained for by the party receiving it.

Front 36

Preexisting duty

Back 36

a promise to do ( or regrain from doing) what one already has a legal duty to do (or refrain from doing) generally does not consistute legally sufficient consideration

Front 37

Unilateral contract

Back 37

a unilateral contract arises when the offeree can only accept the offer by performance ( e.x X offers Y to mow X’s yard)
( promise is not the acceptance) offer and acceptance must match up perfectly.

Front 38

Implied in fact contract

Back 38

a contract formed in whole or in part by the conduct (as opposed to words) of the parties. In order to establish an implied-in-fact contract.

Front 39

Quasi contract

Back 39

a fictional contract imposed on parties by a court in the interests of fairness and justice, typically to prevent the unjust enrichment of one party at the expense of the oether and to allow the party whose actions would otherwise unjustly enrich the other party to recover in quantum mercuit.

Front 40

Executed contract

Back 40

a contract that has been completely performed by both or all parties. ( sign the contract )

Front 41

Valid contract

Back 41

ac contract satisfying all of the requistes discussed earlier- agreement, consideration, capacity, legal purpose, assent, and form. By contrast.

Front 42

Release-

Back 42

an agreement whereby one party forfeits its rights to pursue a legal claim against another party( an agreement to terminate the lawsuit and to not bring other in the future)

Front 43

Usury-

Back 43

deals with the interest you earn on something, such as a loan, or a judgement, a mortage, your only allowed to collect a certain percentage. If a loan violates the usury law, it will be a illegal contract.

Front 44

Gambling

Back 44

most gambling contracts are illegal and void, even in states where certain forms of regulated gambling are permitted.

Front 45

Blue laws

Back 45

some states and localities prohibit engaging in certain business activites on Sundays.

Front 46

Licensing

Back 46

all states require that members of certain professions (attornys, doctors, architects) be licensed by the state.

Front 47

Undue Influence-

Back 47

- arises from relationships in which one party can influence another party to the point of overcoming the influenced partys free will.

Front 48

Mistake-

Back 48

the parties entered into a contract with different understanding of one or more material facts relating to the subject matter of the contract.

Front 49

Mutual mistake of fact

Back 49

a mistake on the part of both contracting parties as to some material fact. In this case, either party may rescind.

Front 50

Mutual mistake of value

Back 50

if, however, the mutual mistake concerns the future market value or some quality of the object of the contract, either party can normally enforce the contract.

Front 51

Unilateral mistake-

Back 51

a mistake made by one of the contracting parties. Generally, a unilateral mistake will not excuse performance of the contract unless, the other party to the contract knew or should have known of the mistake.

Front 52

Applicablitiy

Back 52

the following types of contracts fall under the statue of frauds and must be in writing to be enforceable:
1. Contracts involvoing interests in land
2. Contracats whose terms cannot be performed within one year
3. Collateral promises
4. Promises made in consideration of marriage
5. Contracts for the sale of goods priced at 500 dollars or more
Exceptions- partial performance, admissions, and promissory esstopel

Front 53

Intended beneficiaries

Back 53

a third party for whose benefit a contract is formed.

Front 54

Impossibility, impractictability, and frustration of purpose

Back 54

1) death or incapacitation- prior to performance of a personal services contract
2) destruction of the subject matter
3) a change in the applicable law that makes performance illegal
4) changing market conditions make performance commercially impracticable
5) frustration of purpose- supervening curcumstances making it impossible for both parties to achieve the purpose of contract

Front 55

compensatory damage

Back 55

damage that comensate the non breaching party for the injuries or losses actually sustained as a resulut of the breach

Front 56

Incidental damages

Back 56

expenses or costs that are caused by the breach of contract, such as the costs incurred in obtaining performance from another source

Front 57

Consequental damages-

Back 57

damages resulting indirectly from the breach, which were reasonably foreseeable to the breaching party at the time the breach occurred.

Front 58

Punitive damage

Back 58

damages designed to punish a wrongdoer to deter dimiliar conduct in the future. Such damages are generally not recoverable in breach of contract actions, unless the breaching partys actions give rise to a serperate tort claim.

Front 59

Nominal damage-

Back 59

damages awarded to the non breaching party when only a “technical” injury occurred resulting in no actual damages.

Front 60

Mitigation of damages-

Back 60

in most situations, when a breach of contract occurs, the non- breaching party has a duty to take whatever action is reasonable to minimize the damages caused by the breach.

Front 61

Sale of good

Back 61

- passing title, to a good, in exchange for money ( for a price)

Front 62

Lease of a good

Back 62

one person, transfers the possession and useof tangible, moveable property, in exchange for rental payments.

Front 63

Injunction

Back 63

order from the court that they stop using your "marks"