Module 5: Law of Property (Sale of Goods & Intellectual Property)

Question 1

What are the main types of property rights and ownership in the sale of goods transactions? What obligations do parties have, and what remedies are available?

Answer 1

• Real Property: Immovable things like lands and buildings.
• Personal Property: Movable, tangible or intangible possessions.
• Tangible Property: Physical items.
• Intangible Property: Value not based on physical characteristics.

Question 2

Can you name different types of intellectual property (IP) and their protective functions? How do these protect innovators, creators, and businesses?

Answer 2

• Patents: Exclusive rights for inventions.
• Copyrights: Exclusive rights for creative works.
• Trademarks: Build brand recognition and loyalty.
• Industrial Design: Safeguards product aesthetics.
• Trade Secrets: Preserves confidential business information.

Question 3

What do you need for a contract for the sale of goods?

Answer 3

• Timing of title transfer affects risk and third-party rights.
• Seller must deliver goods at the right time, place, and quantity.
• Buyer obligations include examination, comparison, and timely payment.

Question 4

What are the good things and the limitations of using different forms of intellectual property protections?
How does knowing this help in protecting innovations, brands, and creative works?

Answer 4

Pros:
- Patents offer exclusive rights to inventors.
- Copyrights protect creative works for a significant period.
- Trademarks build brand recognition and loyalty.
- Industrial designs safeguard product aesthetics.
- Trade secrets provide a competitive edge through confidentiality.

Cons:
- Enforcement of IP can be slow and expensive.
- Loss of trademark protection through generic use is a challenge.
- Unauthorized use of trade secrets may be hard to detect.