Week 2 Vocab Flashcards
Abandon
To relinquish with intent of never resuming right or interest.
Assigne
One to whom property is transferred by assignment
Coogan trust
Since a minor cannot legally control their own money, California Law governs their earnings and creates a fiduciary relationship between the parent and the child. This change in California law also requires that 15% of all minors’ earnings must be set aside in a blocked trust account commonly known as a Coogan Account.
Chain of title
Succession of title ownership to property from one owner to the next, in unbroken line.
Clearance
Permission to use a copyrighted work, with or without payment.
constructive
a legal fiction, wherein something is deemed to have occurred by operation of law, although it may not, in fact, have actually happen
Common law
Body of law, both written and unwritten, which originated in England and which forms the general basis for moth America jurisprudence. Common law is derived from ancient usage and custom, and from the decision courts interpreting such law over centuries, and is distinguished from statutory laws which have originated through legislative acts
consideration
An element of contracts, consideration is that which one party gives to another (e.x, Money) in echange for the consideration received from that other party( e.g goods or service)
Contractor
one who performs services for another, not as an employee but as an independent business venture.
Counterfeit
Forged; False; an imitation. To make or copy without license or right
Executory
something required( as by contract) but not yet performed or done.
Fungible
Those items of property which are completely interchangeable, with each unit thereof being identical and value the nature to any other equal unit.( E.g.., A gallon of crude oil is deemed equivalent to any gallon of crude oil) Fungible property may be readily distinguished from non-fungible property (e.g, real property, intellectual property) b comparison of one unit to another. If there are unique, material characteristics, the property is not fungible. E.g, Two copies of the same edition of the same book, by the same author, in the same binding, neither of which has been altered by annotation, may be fungible; a fisrt edition and recent paperback copy of that same book are not..
Goodwill
An intangible asset of business based on its good reputation and existing relationship
House mark
Housemark refers to a trademark that helps to identify the commercial operations of a company or organization. For example, the housemark of International Business Machines Corp. is IBM and it is is used on all hardware, software, and a bevy of services provided by them. Sometimes a company name can be a housemark.
illegal
That as in which in violation of a structure , regulation or ordinance. Contrary to some specific law
implied contract
An agreement which is found to exist based on the circumstances and the conduct of the parties, although they never reduced the term of their agreement to specific words.
Implied covenant
A promise which is imputed to a contract, although not specifically expressed in word within that contract see “good faith”
Inherent
An object which is inherently dangerous is one that possesses potential hazard by its mere existence, such as explosives
Instrument
Any written and legal document such as a contract , lease, deed,bond, certificate or bond.
Intangible property
items which represent value but which have no intrinsic worth themselves, such as stock in a company.
Intellectual property
Any of various products of the intellect that have commercial value, including copyrighted property such as literary or artistic works, and ideational property, such as patents, business methods, and industrial processes.
intrinsic value
The intrinsic value is the actual value of a company or an asset based on an underlying perception of its true value including all aspects of the business, in terms of both tangible and intangible factors. This value may or may not be the same as the current market value
Lanham act
More formally known as the Trademark Act of 1946 the Lanham Act (15 U.S.C 1051, et seq.) contains federals statutes governing trademark law in the United States. The Act is not the sole source of U.S trademark law, since both common law and statutes also control some aspects of trademark protection
Libel
Publication of false, defamatory material about another by means of print images.
License
Permission to perform a particular act.
Logo
A unique iconic emblem and/ or type-style, adopted by a business, group, or individual as an identifying marl “see also Trademark “
meeting of the minds
A common understanding between contracting parties as to the term of their contract.
Memorandum
A brief writing, note, summary or outline.
Name and Likeness
Unique, identifiable attributes of a person, generally including the person’s name voice, likeness and biographical information. These so-called personality or plubicity rights are protected against unauthorized commercial use under common law and in states, by stature, futher these rights have been held to be intheritable in most
Name and Likeness
Unique, identifiable attributes of a person, generally including the person’s name voice, likeness and biographical information. These so-called personality or publicity rights are protected against unauthorized commercial use under common law and in states, by stature, further these rights have been held to be inheritable in most jurisdictions , and to accrue to the benefit of a decreased personality
Nominative fair use
is a legal doctrine that provides an affirmative defense to trademark infringement as enunciated by the United States Ninth Circuit,[1] by which a person may use the trademark of another as a reference to describe the other product, or to compare it to their own.
Obligation
Legal duty to do some particular thing, or to refrain from doing some particular thing.