EXAM 5 Flashcards
1
Q
5 Types of Intellectual Property
A
Trade Secrets, Trade Symbols, Trade Names, Copyrights, Patents
2
Q
2 Requirements to qualify as a Trade Secret
A
Secret info, has value to owner due to secrecy
3
Q
Examples of Trade Secrets
A
Algorithms, Formulas
4
Q
Misappropriation is associated with
A
Trade Secrets
5
Q
How to protect against misappropriation?
A
NDA, HR Policies
6
Q
What does an NDA prohibit?
A
(DUCS) Disclosure, Use, Competition, Solicitation
7
Q
What can an NDA require?
A
That all info be destroyed or returned
8
Q
Remedies to misappropriation
A
Seek damages that are greater than or equal to the loss of the owner, Injunction
9
Q
Injunction
A
Prevent further disclosure/use
10
Q
What does the Trademark (Lanham) Act of 1946 protect?
A
Trade Symbols
11
Q
3 Types of Trade Symbols
A
Trademark, Service Mark, Certification Mark
12
Q
Trademarks identify
A
GOODS
13
Q
Service Marks identify
A
SERVICES
14
Q
Certification Marks example
A
USDA
15
Q
2 Mark Requirements
A
Inherently Distinctive, Cannot Cause Confusion
16
Q
Example of Fanciful
A
Pepsi, Exxon
17
Q
Example of Arbitrary
A
Apple, Amazon
18
Q
Example of Suggestive
A
Netflix, Jaguar
19
Q
Example of Descriptive
A
Coca-Cola
20
Q
Example of Generic
A
Band-Aid, Kleenex
21
Q
What to consider when choosing mark?
A
Industry
22
Q
Do you have to register your mark to protect it?
A
NO, UNLESS YOU WANT FEDERAL PROTECTION
23
Q
To register a mark, you must have:
A
Use of mark, Continuous Use, Ability to defend
24
Q
How long do you have between intent and action in use of mark?
A
6 Months
25
How often must marks be renewed?
Every 10 years
26
Limit on number of times a mark can be renewed?
Unlimited
27
When must owner file Affidavit of Use for a mark?
1 year before expiration
28
Benefits of registering a mark?
Nationwide notice, enforcement of mark, protection on imports
29
When is a mark incontestable?
≥ 5 years
30
2002 Madrid Protocol
Identifies Mark in > 65 countries
31
When is a mark considered abandoned?
After 3 years of nonuse
32
How to defend mark?
Send cease and desist letter, sue if necessary
33
What do you NOT have to prove for infringement?
PROOF OF INTENT
34
To prove infringement of mark:
Using w/o authorization of identical or substantially indistinguishable mark
35
Testing infringement:
Would an appreciable number of ordinarily prudent purchasers be misled or confused
36
When are marks allowed to be used by a non-owner?
Comparative ads, Non-commercial use, News Reporting
37
Trade Names
Any name used to identify a business/vocation/occupation (includes assumed names)
38
Example of a secondary meaning arising in an industry
Beyoncé
39
_____________________ can be protected in more than one way
Intellectual Property
40
Can Trade Names be registered as a trademark?
YES
41
Copyrights
Protects creators of original works
42
Original Works examples
Music, Literature, Movies, Books, Plays, Computer Software, Art, Contents of a Website
43
When does protection arise for an original work?
When put into tangible form where it can be perceived, reproduced or communicated for MORE THAN A SHORT TIME
44
Does the owner have to register to use the © symbol?
NO, THEY CAN USE IT IMMEDIATELY
45
Examples of work that cannot be copyrighted:
Domain Names, Processes, List of Ingredients, Ideas
46
How to protect an idea:
Original, Tangible Expression, Contractual Relationship between Creator and Infringer
47
Why register a copyright?
Easier to obtain damages, reimbursement, and gives notice
48
If damages occur in the context of a copyright, does the owner have to prove these damages?
NO
49
Sonny Bono Copyright Expression Act of 1988 protects copyrights for how long?
Individual: Lifetime + 70 yrs
Entity: 95 yrs from first publication or 120 yrs from creation
50
Fair Uses of Copyright Material
(CCN TSR) Criticism, Comment, News Reporting, Teaching, Scholarship, Research
51
Patents
Monopolistic right to make/use/sell an invention/process to others (even if second process was developed independently)
52
Where do patented inventions go when they expire?
The Public Domain
53
3 Patent Categories:
Utility, Plant, Design
54
Utility Patent Category
New/Useful Processes, Machines, Manufacturing, Composition
55
When do Utility Patents expire?
20 yrs from application, Drugs can get 5 yr extension
56
Date of Application does NOT signify
Date of Approval
57
Plant Patent Category
New/Distinctive Variety of Plant
58
When do Plant Patents expire?
20 yrs from application
59
Design Patent Category
Ornamental design for an article of manufacture
60
When do Design Patents expire?
14 yrs from application
61
Design Patents can also be:
Copyrighted and Trademarked
62
Can you renew a patent?
NO
63
Do trade secrets expire?
NO
64
What type of patent needs to pay patent maintinence fees?
Utility Patents
65
If employee creates work within the scope of their employment, who owns it?
Employer
66
If work was commissioned to I.C. from principal, who owns it?
Principal
67
If employee/IC was hired for "that type of inventive work", who owns it?
Employer/Principal
68
If inventor uses principal's facilities, who owns it?
Employee, but Principal has non-exclusive royalty-free license to use
69
Digital Millenium Copyright Act of 1998
Protects IP, copyrights on the internet
70
Tangible Personal Property Example
Goods
71
Tangible Real Property Examples
Buildings, Land, Fixtures
72
Intangible Personal Property Examples
Stock, copyrights, patents, contract rights, negotiable instruments
73
Negotiable Instrument Example
Checks
74
Intangible Real Property Examples
Leases, Easements, Mortgages
75
Mortgage is the same as a
Deed of Trust
76
Fixtures
Start off being personal property and then attaches to or made custom for real property
77
Requirements to constitute as a fixture:
Removal would damage realty, purpose to structure, peculiar to the realty
78
What do securities help protect?
Personal Property...(ex. apt fridge)
79
7 Ways to Transfer Personal Property
(PAWSGEC) Possession, Accession, Will, Sale, Gift, Escheat, Confusion
80
Transfer of _________ of not required in a sale to have transferred property
POSSESSION
81
Bill of Sale relates to:
Tangible Personal Property
82
Assignment relates to:
Intangible Personal Property (ex. interest)
83
Requirements for transfer to qualify as a gift:
Delivery, Donor intends to give (unconditional), Donee accepts
84
Accession example:
Cows, Interest
85
In a confusion transfer, ________________ carries the burden of proof
The person at fault
86
Possession means the finder of the lost property,
Has title until true owner takes it back
87
If found underground, who has title?
Landowner
88
If mislaid, who has title?
Possessor of space where item as left
89
True owner can ___________ get lost/mislaid property back
ALWAYS
90
2 Types of Estates:
Freehold and Leasehold
91
Freehold is
OWNERSHIP
92
Leasehold is
CONTRACT FOR POSSESSION/USE
93
Fee Simple
No associated future interest
94
Fee Simple Defeasible
Always associated future interest
95
Who can do more on property in an easement? 3rd party or owner?
3rd Party
96
Lien
Gives bank right to take any land if owner doesn't pay
97
How to transfer Fee Simple
Sale/Gift: Deed
Will/Inheritance: Will/Oath
98
If Fee Simple Defeasible is violated by doing a restriction, FSD goes away and owner...
Gets Fee Simple
99
For FSD, user has _____________ and owner has ______________
Present interest, Future interest
100
When does life estate terminate?
UPON DEATH
101
Anyone with future interest gets what after life estate owner's death?
Fee Simple
102
Is Life Estate transferred by will from owner?
NO
103
If interest in Joint Tenancy is transferred to someone not in JT, JT turns into
Tenancy in Common
104
Tenancy in common has NO
right of survivorship
105
Most common commerical type of lease
Leasehold Estates
106
If the leasehold estate is > 1 yr, it must be
In writing
107
Is prior notice of termination required by law for leasehold estates?
NO, but it will continue to renew for another period
108
Tenancy at Will
Uncommon, Infinite Duration, Not required to notice of termination unless by statute
109
Tenancy Sufferance
Failure to vacate, results in double/triple rent
110
Assignment of Lease
Tenant liable to landlord, landlord can sue T and 3rd Party
111
Sublease
Tenant liable to landlord, L can sue T, T can sue 3rd Party
112
Statute of Frauds requires that a Contract of Sale must be
IN WRITING
113
Where does earnest money go?
To Title Company
114
Due Diligence Period
Buyer inspects property during a fixed period
115
Title Commitment outlines
Owners of title and any encumbrances
116
If land is unsatisfactory,
Buyer can terminate contract of sale, gets earnest money back
117
If land is satisfactory,
Contract goes hard, earnest money becomes non-refundable if buyer doesn't give notice
118
Closing
Deed delivered from seller to buyer
119
Who records the deed?
The Title Company
120
Title Insurance Policy
Insurance for Buyer on losses cause by defects in title
121
Requirements for a valid deed:
In writing, delivery (or proof to), grantor signs, legal description of land
122
NOT REQUIRED for a valid deed:
Consideration, Notary, Recording, Payment
123
A deed is a
CONTRACT
124
Deeds can:
Restrict real property in the future
125
Undisclosed Encumbrance
Not disclosed or expected in contract, orally, title commitment/policy, Deed
126
General Warranty means Grantor has agreed to
Defend title all the way back to patent
127
If Grantor breaches warranty under GW, Grantee can get
A reduction in value of property due to easement
128
Special Warranty means Grantor has agreed to
Defend title to the property for encumbrances/transfers they made themselves
129
Quitclaim Deed means Grantor has agreed to
Simply transfer the title if they have it, they do not defend the title, they are not liable
130
Recordation
Providing a county authority with the original document of the deed
131
Grantee will NOT have easement enforced on them if they
Didn't know about easement, Paid for property
132
Requirements to Record a Deed
Notarized, Original Document, Pay Fee
133
If seller breaches their duty,
Title Insurance can pursue them
134
Adverse Possession requirements
(AEOAC) Actual, Exclusive, Open & Notorious, Adverse, Continuous (3-10yrs)
