Chapter 4: Legal System

Question 1

Intellectual Property

Answer 1

• Describes the application of the mind to develop something new and original
• Maintain competitive advantage

Question 2

Patent

Answer 2

• Legal protection for innovations of all kind
• Can be applied at Patent Office or Patent Law Treaty (PLT)
• Last up to 20 years
• Prevent others from using and exploiting the innovation

Question 3

Copyright

Answer 3

• Legal protection for any creative work of authorship
• No registration procedure/ WIPO Copyright Treaty
• Last up to 70 years and can be passed down to descendants
• Prevent others from using copyrighted material

Question 4

Registered Trademark

Answer 4

• A symbol, colour, or words that represents the company
• Registered at the TradeMarks Office/ Trademark Registration Treaty (TRT)
• Last up to 10 years with every 10 years of renewal
• Prevents others from using the trademark in relation to goods and service

Question 5

Product liability

Answer 5

• A manufacturer or seller’s liability to consumers, users or bystanders for physical harm or property damage caused by goods

Question 6

Negligence

Answer 6

• When a business fails to take reasonable care to manufacture, supply and sell safe goods
• Fails to provide adequate warning and instructions
• Only negligent party is liable

Question 7

Strict liability

Answer 7

• Product causes property damage or personal harm to consumers, users and bystanders
• All parties are liable

Question 8

Breach Warranty

Answer 8

• When the warranty does not meet the legal requirement of being fit and suitable for its purpose