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BLaw > Test 3. Chapters 8,10,11,12 > Flashcards

Test 3. Chapters 8,10,11,12 Flashcards

1
Q

property that results from the intellectual and creative process.Although ideas are intangible, they are some of the most important assets of companies and therefore need to be protected.

A

Intellectual property

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2
Q

examples of intangible assets

A

brands
names
originals words
secret business information

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3
Q

a distinctive word, symbol, sound, or design that identifies the manufacturer as the source of particular goods and distinguishes its products from those made or sold by others.

A

Trademark

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4
Q

enacted to protect manufacturers from losing business to rival companies that use similar trademarks.

A

The Lanham Act of 1946

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5
Q

Occurs when someone owns a famous distinctive mark, the defendant uses a similar mark that leads to an association between the two, and the association impairs the distinctiveness of the famous mark

A

Trademark dilution

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6
Q

Whenever someone else uses a trademark in its entirety or copies it to a substantial degree, intentionally or unintentionally, the trademark has been infringe

A

Trademark infringement

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7
Q

what are the rights of a trade mark owner?

A

1) USE THE MARK IN COMMERCE
2) PREVENT COMPETITORS FROM USING A CONFUSINGLY SIMILAR MARK
3) PREVENT DILUTION OF A
FAMOUS MARK

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8
Q
  • a name that a business uses to identify itself and its brand.
  • Unique trade names are protected under the common law.
  • a name that is the same as the company’s trademarked product is protected.
A

Trade name

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9
Q

An agreement by the owner of intellectual property to permit another to use a trademark, copyright, patent, or trade secret for certain limited purposes

A

licensing

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10
Q

gives an inventor the exclusive right to make, use, and sell a product for 20 years.

A

patent

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11
Q
  • The first person to file an application receives protection.
  • There is a 9 month limit for challenging a patent.
A

The America Invents Act

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12
Q

What Is Patentable?

A

Almost anything is patentable, except the laws of nature, natural phenomena, and abstract ideas.

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13
Q

Making, using or selling another’s patented product without permission ,May also occur even though not all parts of an invention are copied

A

patent infringement

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14
Q

a patent prevents others from…

A

making, using or selling the invention

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15
Q

a property right granted to the author or originator of certain literary or artistic productions.

A

copyright

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16
Q

Copyright owners are protected against…

A
  • Reproduction of the work
  • Development of derivative works
  • Distribution of the work
  • Public display of the work
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17
Q
  • Occurs whenever the form or expression of an idea is copied
  • The reproduction does not have to be exactly the same as the original.
A

copyright infringement

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18
Q

Material can be reproduced for criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research

A

the “fair use”Exception

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19
Q

a formula, device, idea, process, or other information used in a business that gives the owner a competitive advantage in the marketplace.

A

trade secret

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20
Q

a promise to perform ,that is based on the voluntary agreement of the parties and is enforceable

A

A contract

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21
Q

One promise, given in exchange for performance – contract is not formed until performance is completed.

A

Unilateral Contract

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22
Q

Two promises—promise is exchanged for a promise. Here, a contract is formed as soon as promises are exchanged.

A

Bilateral Contract

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23
Q

often said to be agreeing to the “same bargain at the same time” – a meeting of the minds.

A

Mutual assent

24
Q

A statement by an offeror (OR) that creates the power of acceptance in the receiver – offeree (OE)

A

offer

25
Q

what are Three Requirements for Valid Offer?

A

Intent to contract
Definiteness and certainty
Communication to offeree

26
Q

At common law a valid offer must include?

A 
Identification of subject matter of contract
Quantity
Price
Payment terms
Delivery Terms
27
Q

Offers terminate upon?

A

Revocation
Rejection/counteroffer
Lapse of time

28
Q
  • A misrepresentation of material fact occurred
  • An intent to deceive
  • The innocent party justifiably relied on the misrepresentation
  • The party was harmed as a result of the misrepresentation
A

fraudulent misrepresentation

29
Q

involves wrongful pressure exerted on a person during the bargaining process

A

Undue influence

30
Q

Forcing a party to enter into a contract under fear or threat makes the contract voidable.

A

duress

31
Q

Groups lacking capacity…

A
  • Minors
  • Those suffering a mental disability
  • Those who are intoxicated
32
Q

Lack of capacity at the time the contract is being made. Contract is either voidable or valid, depending on circumstances.

A

intoxication

33
Q

Right to avoid a contract

A

disaffirm

34
Q

occurs when a person who reaches majority indicates that he/she intends to be bound by a contract made while still a minor

A

Ratification

35
Q

person is adjudged mentally incompetent by a court of law and a guardian has been appointed.

A

Void

36
Q

person does not know she is entering into the contract or lacks the mental capacity to comprehend its nature, purpose, and consequences.

A

Voidable

37
Q

when person is able to understand the nature and effect of entering into a contract but may lack capacity to engage in other activities (known as “lucid” intervals).

A

Valid

38
Q

Provides that a legal action must be commenced within a certain period of time,Generally 4-6 years

A

Statute of Limitation (SOL)

39
Q

provides that certain Ks must be in writing to be enforceable:
Involving Interest in Land
Act as surety (i.e., to pay the debt of another)
Sales of Goods over $500

A

Statute of Frauds (SOF)

40
Q

after the parties enter into a contract an event occurs that will make performance of the contract objectively impossible.

A

Impossibility

41
Q

before acceptance of offer, terminates the offer.

A

Destruction of the Subject Matter

42
Q

automatically terminates unless irrevocable offer.

A

Death or Incompetence of the Offeror or Offeree

43
Q

Three broad categories of damages:

A

Compensatory
Consequential
Punitive- (Not generally awarded in Breach of Contract Claims)

44
Q

Compensates non-breaching party for loss of the bargain.

A

Compensatory Damages

45
Q

the cost of substitute performance versus the contract price

A

Standard Measure

46
Q

An offer made by a merchant in writing and signed by the offeror is irrevocable for reasonable period of time (no more than 3 months). No consideration is necessary.

A

Merchant’s Firm Offer

47
Q

is both an acceptance and a breach unless the goods are sent as an accommodation to the buyer with prompt notice

A

Non-conforming goods

48
Q

occurs when seller delivers conforming goods to buyer,Requires reasonable notice,Reasonable hour and manner

A

Tender of delivery

49
Q

If goods, or tender of delivery, fail to conform to the contract, the Buyer has the right to:
Accept the goods
Reject the entire shipment
Accept part and reject part

A

Perfect tender rule

50
Q

seller can replace defective goods within the time of contract performance

A

cure

51
Q

Constitutes breach of contract; the non-breaching party may suspend performance and pursue a remedy
The party can wait a reasonable time to see if the repudiating party will perform.

A

Anticipatory Repudiation

52
Q

an assurance by the seller concerning the goods, arise in most sales,and can be disclaimed or modified in the contract.

A

warranties

53
Q

the seller makes representations about the quality of the goods

  • Affirmation of fact or promise
  • Description
  • Sample or Model
A

Express warranty

54
Q

one that the law derives by inference from the nature of the transaction

A

Implied warranty

55
Q

manufacturers must exercise due care to make a product safe

A

negligence

56
Q

when a buyer is knowingly misled about a product

A

misrepresentation

BLaw (6 decks)

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