Module 5: Law of Property (Sale of Goods & Intellectual Property) Flashcards
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?
- 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.
Can you name different types of intellectual property (IP) and their protective functions? How do these protect innovators, creators, and businesses?
- 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.
What do you need for a contract for the sale of goods?
- 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.
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?
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.