BLAW Module 2

Question 1

IRAC

Answer 1

Issue, Rule, Application, Conclusion
1. Identify the legal question
2. Identify the relevant law
3. Apply the rule to the facts
4. State the outcome based on your application

Question 2

Sole Proprietorship

Answer 2

One person owns “property” in the form of a business enterprise

Question 3

General Partnership

Answer 3

provides the simplest organizational structure for starting a business when two or more individuals decide to associate for the purpose of owning and operating a business

Question 4

Limited Partnership

Answer 4

limited liability and leave the responsibility for managing the partnership to the general partners

Question 5

LLC

Answer 5

operates like a general partnership with one major exception, they can turn into a c-Corp and have limited liability

o Register with the state (USPTO)
o After a year and the name is going to stick trademark it ™ (search the trademark first)

Question 6

Corporation

Answer 6

organization that has a legal existence separate and distinct from its owners
o Has legal characteristics similar to a person
o C-corp
o B-corp
o Corporate veil: legal assumption holding that the actions and obligations of a corporation are separate and distinct from the corps principals

Question 7

Intellectual Property

Answer 7

Intellectual property and the innovative and creative activities it protects are central to the modern information economy. Entrepreneurs are more likely to obtain venture capital funding if they have strong patent portfolios

Question 8

Patent

Answer 8

o Protype  Patent , Use NDA to protect yourself (20 yr protection)
 Patent protects invention, patent, extra patent

Question 9

Trademark

Answer 9

 Brands, logos, slogans, sounds etc. (brand identifiers)
 Register the trademark: more protection
 Federal Court if cease and desist doesn’t work
lifetime

Question 10

Copyrights

Answer 10

artistic, digital works etc. life plus 70 yrs

Question 11

Trade Secrets

Answer 11

recipes, process, use NDA to protect, can be civil or criminal liability
lifetime

Question 12

Antitrust Law

Answer 12

attempts to draw a line between healthy business growth and competitive business tac-tics that are beneficial to society, and unfair tactics that businesses use to dominate the market

Question 13

Sherman Act 1890

Answer 13

sought to limit the ability of firms to monopolize markets or enter into trade-restraining agreements with other firms

Question 14

Clayton Act 1914

Answer 14

which contained a number of specific prohibitions against price discrimination, tying ar-rangements, and anticompetitive mergers, among others

Question 15

per se illegal

Answer 15

the act is inherently illegal

Question 16

rule of reason

Answer 16

used to determine if an agreement unreasonably restrains trade

Question 17

predatory pricing

Answer 17

drops pricing and other companies cannot keep up (rule of reason) itself not a antitrust issue

Question 18

price fixing

Answer 18

fixed prices

Question 19

market allocation

Answer 19

splitting up the market, making an agreement to do so