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BUS Law > Ch 8 & Ch 11-14 Quiz Flashcards > Flashcards

Ch 8 & Ch 11-14 Quiz Flashcards

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1
Q

Copyright

Ch. 8: Intellectual Property Rights

A

granted to author/originator of
literary or artistic production for life of author
plus 70 years, or if copyright owned by
publishing house, for 95 years from date of
publication or 120 years from date of
creation, whichever is first.

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2
Q

Fair use Exception

Ch. 8: Intellectual Property Rights

A

Fair use of copyrighted works, as stated in US copyright law, “for purposes such as criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research, is not an infringement of copyright.

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3
Q

First Sale Doctrine

Ch. 8: Intellectual Property Rights

A

Provides that an individual who knowingly purchases a copy of a copyrighted work from the copyright holder receives the right to sell, display or otherwise dispose of that particular copy, notwithstanding the interests of the copyright owner.

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4
Q

Trademark dilution

Ch. 8: Intellectual Property Rights

A

A doctrine under which distinctive or famous trademarks are protected from certain unauthorized uses regardless of a showing of competition or a likelihood of confusion

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5
Q

License

Ch. 8: Intellectual Property Rights

A

In the context of intellectual property, a contract allowing the use of a trademark, copyright, patent, or trade secret for certain purposes.

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6
Q

Patent

Ch. 8: Intellectual Property Rights

A

grant from gov’t to give inventor
of an item the right to exclude others from
making, using, and selling an invention for 20
years

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7
Q

Service mark

Ch. 8: Intellectual Property Rights

A

Similar to a trademark, however a service mark refers to the same protected properties to protect a service, rather than a product.

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8
Q

Trade dress

Ch. 8: Intellectual Property Rights

A

The overall decor of an establishment of a company (i.e Target, iHOP, Starbucks, etc.)

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9
Q

Trade secret

Ch. 8: Intellectual Property Rights

A

anything that makes a company
unique and would be valuable to a
competitor, including customer lists, plans,
research and development, pricing,
marketing, production techniques.

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10
Q

Trademark

Ch. 8: Intellectual Property Rights

A

distinctive mark, motto, device, or implement that manufacturer stamps or prints on its goods to be identified in the marketplace.

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11
Q

Infringement

Ch. 8: Intellectual Property Rights

A

Is a breach of utilizing intellectual property covered under a patent or protected under copyright, or copying said property in the pursuit of profit without the orginator’s permission.

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12
Q

Acceptance

Chapter 12: Agreement

A

Made by offeree; voluntary
act indicated by words or of conduct that
indicates agreement to terms of offer

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13
Q

Agreement

Chapter 12: Agreement

One of the elements of a contract

A

Meeting of the minds regarding
a contract reached through Offer and
Acceptance.

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14
Q

Click-on agreement

Chapter 12: Agreement

A

This refers to e-contracts in which an offer has been confirmed due to the action of clicking “send” or “confrim purchase” or something along the lines of an electronic acceptance of a purchase of a product or service.

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15
Q

Counteroffer

Chapter 12: Agreement

A

An offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.

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16
Q

Mailbox rule

Chapter 12: Agreement

A

Refers to communication upon generation of acceptance in which the form of communicaton to accept an offer must be made through a reasonable form of communication (text, email, overnight mail, etc.)

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17
Q

Mirror image rule

Chapter 12: Agreement

A

Requires, for a valid contractual agreement, that the terms of the offeree’s acceptance adhere exactly to the terms of the offeror’s offer.

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18
Q

Offer

Chapter 12: Agreement

A

made by offeror; promise or
commitment to perform/refrain from
specified future act. Contains three elements: Serious Intention to be Bound, Definateness, Communicaton

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19
Q

Option contract

Chapter 12: Agreement

A

A contract under which the offeror cannot revoke his or her offer for a stipulated time period and the offeree can accept or reject the offer at any time during this period.

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20
Q

Revocation

Chapter 12: Agreement

A

The taking back of an offer, PRESENTED BY THE OFFERER. This must be done through communication. (written or stated is known as an expressed offer). The other way it can be done is through an inconsistency with the offerer (by presenting the offer to someone else before acceptance has been confirmed)

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21
Q

Rejection

Chapter 12: Agreement

A

Made by the OFFEREE, in which an offer is turned down, and therefore nullfied, therefore unable to create a contract until another offer is made.

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22
Q

Bilateral contract

Chapter 11: Nature and Terminology

A

A promise for a promise. Ex. Mark promises to deliver John a book, John promises to pay Mark for the agreed price that Mark and John agreed to.

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23
Q

Contract

Chapter 11: Nature and Terminology

A

An Agreement between two or more
competent persons, for valuable
consideration, to perform/to refrain from
performing some act now or in the future.

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24
Q

Executed contract

Chapter 11: Nature and Terminology

A

A contract in which both parties have completely performed upon agreement. (Ex. A service was completed, and servicer was paid.)

25
Q

Executory contract

Chapter 11: Nature and Terminology

A

A contract in which at least one party has not completed performed upon agreement. (Ex. Service has NOT been compeleted, but servicer has been paid.)

26
Q

Implied (in fact) contract

Chapter 11: Nature and Terminology

A

Is a contract that in which elements of the contract are not explicitly stated, BUT actions and implcations of the contract were IMPLIED. Aspects like completed service, expectation to be paid, and opportunity to reject said offer are all elements that are present within an implied contract.

27
Q

Offeree

Chapter 11: Nature and Terminology

A

The individual(s) who accept or decline a promise. The acceptance of from this party is a step in the creation of a contract.

28
Q

Offeror

Chapter 11: Nature and Terminology

A

The individual(s) who generate an offer, in which a promise is formed until the acceptance of the offeree is expressed, therefore following the steps of a legally enforceable contract.

29
Q

Promise

Chapter 11: Nature and Terminology

A

An declaration of an action or future action, that is not enforceable by law due to the lack of requirements to form a contract, which therefore is enforceable by law.

30
Q

Promisor

Chapter 11: Nature and Terminology

A

The individual(s) to declare the performance of an action or future action, without the protection from a contract.

31
Q

Quasi-contract (implied in law contract)

Chapter 11: Nature and Terminology

A

A contract in which a court generates for the purpose of fairness to another party. This is done when the abscence of a contract would cause a severe unfairness to another party.

32
Q

Unilateral contract

Chapter 11: Nature and Terminology

A

A promise for a
performance. Offeree can only accept by
performing. Ex. Mark offers John to pay to paint his house for $100.00. Contract is formed after John paints the house.

33
Q

Valid contract

Chapter 11: Nature and Terminology

A

Meets all of the requirements of a contract. Agreement, Consideration, Legality and Capacity.

34
Q

Void contract

Chapter 11: Nature and Terminology

A

DOES NOT meet the ALL four requirements needed for a contract, and therefore is not enforceable by law.

35
Q

Voidable contract

Chapter 11: Nature and Terminology

A

Refers to the pursuit of a valid contract, but one of the parties has the ability to get out of the contract due to inability or lack of confidence. Most common case being that one of the parties does not meet the age of consent.

36
Q

Accord and satisfaction

Chapter 13: Consideration

A

An agreement for payment (or other performance) between two parties, one of whom has a right of action against the other. After the payment has been accepted or other performance has been made, the “accord and satisfaction” is complete, and the obligation is discharged.

37
Q

Consideration

Chapter 13: Consideration

One of the elements of a contract

A

A value given in return for a promise. Often, expressed as two parts: : “something of value” is promised (Product/Service) and something is “bargained” for in exchange for said item of value.

38
Q

Liquidated debt

Chapter 13: Consideration

A

A debt that is due and certain in amount.

39
Q

Past consideration

Chapter 13: Consideration

A

Promise for an act/event that’s already occurred is not sufficient consideration.

40
Q

Promissory estoppel

Chapter 13: Consideration

A

A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.

41
Q

Release

Chapter 13: Consideration

A

A contract in which the enforcing party forfeits the right to pursue a legal claim against the other party.

42
Q

Unliquidated debt

Chapter 13: Consideration

A

A debt that is uncertain in amount.

43
Q

Pre-existing duty

Chapter 13: Consideration

A

If an individual(s) already have a duty, promise to do perform an action (not sufficient consideration.)
Ex. Police officer.

44
Q

Unforeseen circumstances

Chapter 13: Consideration

A

An exception to pre-exisiting duty in for consideration, occurs when BOTH parties are informed of a factor that would hinder the performance of a contract, therefore adding some consideration to the side of the individual performing a service or offering a product.

45
Q

Age of majority

Chapter 14: Capacity and Legality

A

The age at which an individual is considered legally capable of conducting himself or herself responsibly and is entitled to vote.

46
Q

Contractual capacity

Chapter 14: Capacity and Legality

A

The legal ability to enter into contracts; the threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.

47
Q

Covenant not to compete

Chapter 14: Capacity and Legality

A

A contractual promise to refrain from competing with another party for a certain period of time and within a certain geographic area.

48
Q

Disaffirmance

Chapter 14: Capacity and Legality

A

The act of the MINOR rejecting or getting out of a voidable contract.

49
Q

Exculpatory clause

Chapter 14: Capacity and Legality

A

A clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault.

50
Q

Necessaries

Chapter 14: Capacity and Legality

A

Necessities required for life, such as food, shelter, clothing, and medical attention. If a minor is claimed emancipated (able to meet such necessities and claims themselves as a gaurdian), then meets full capcaity for an enforceable contract.

51
Q

Ratification

Chapter 14: Capacity and Legality

A

The act of accepting and giving legal force to an obligation that previously was not enforceable. Serves as an exception to capacity in which confrims the enforceability of a contract once the party reaches legal age.

52
Q

Unconscionable

Chapter 14: Capacity and Legality

A

A contract or clause that is void on the basis of public policy because one party is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party.

53
Q

Minority

Chapter 14: Capacity and Legality

A

The view in which some courts interpret a contractual case. Ex. States may view a minor misrepresenting their age in a contractual case. The Majority allows for said minor to still disaffirm, but some states that makes the action of misrepresenting age a forfeit to disaffirmance.

54
Q

Intoxication

Chapter 14: Capacity and Legality

A

A defence to enforcement in which the state in which an individual(s) does not have the mental capacity to perform actions otherwise done while not in an intoxicated state, typically from the influence of alcohol.

55
Q

Mental incompetence

Chapter 14: Capacity and Legality

A

A defense to enforcement of contract; claim party did not know he/she was entering into a
contract or that he/she lacks ability to comprehend nature, purpose, or consequences of contract.

56
Q

Adhesion contract

Chapter 14: Capacity and Legality

A

Is a legal agreement that is drafted by one party, but not the other. This means that the party signing the agreement had no chance to bargain for the agreement’s terms. Instead, it is a “take it or leave it” situation.

57
Q

Legality

Chapter 14: Capacity and Legality

One of the elements of a contract

A

One of the elements of a contract, in which a contract must follow. Presents a state of legality within a contract in which some contracts may not possess, (i.e Adhesion contracts and unconscionable contracts)

58
Q

Capacity

Chapter 14: Capacity and Legality

One of the elements of a contract

A

One of the elements of a contract, in which both parties must have the mental capacity to form the legality of a contract, and the mental capacity to form an agreement to a contract. This element is typically argued upon in court in the forms of aspects like intoxication and mental incompetance.

BUS Law (2 decks)

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