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

1
Q

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?

A
  • 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.
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2
Q

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

A
  • 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.
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3
Q

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

A
  • 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.
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4
Q

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?

A

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.

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