Handout 4

Question 1

This is an individual’s unique idea turned into an invention or patent, or utility model.

Answer 1

Intellectual property (IP)

Question 2

Someone’s design or industrial design, a brand name that incorporates the trademark, or a literary and artistic work is also known as

Answer 2

copyright

Question 3

the act that prescribes the intellectual property code and establishing the intellectual property office, providing for its powers and functions and other purposes

Answer 3

Republic Act No. 8293, Intellectual Property Code of the Philippines

Question 4

are an important part of entering entrepreneurship.

Answer 4

Contract and Torts

Question 5

a meeting of minds between two persons whereby one binds himself concerning the other, to give something or to render some service.

Answer 5

contract

Question 6

refers to the legality of the contract, and good faith signifies the fair and honest intention not to destroy the right of any of the agreeing bodies.

Answer 6

Force of law

Question 7

this is being satisfied once parties agree on the terms of the contract

Answer 7

Consent

Question 8

service to be provided or performed under the contract

Answer 8

Object

Question 9

this is the ‘why” of the contract that dictates its nature.

Answer 9

Cause

Question 10

includes or entails other things or undertakings of value

Answer 10

Onerous contracts

Question 11

includes a benefit that holds legal obligations but agrees that the
service or benefit is being remunerated

Answer 11

Remuneratory contracts

Question 12

includes liberality or generosity that involves contracts of donation

Answer 12

Gratuitous contract

Question 13

a liability that arises from the breach of duty affixed by the law that magnifies the invasion of any
legal rights that cause loss or damage, causing an individual to be troubled. A corporation’s liabilities go
the same

Answer 13

tort

Question 14

the law that protects the rights of people from any physical, financial, or privacy breaching harm

Answer 14

Tort Law

Question 15

also known as the Philippine Competition Act (PCA) or the Republic Act 10667

Answer 15

Antitrust Law

Question 16

This promotes and protects a competitive market and sets boundaries for ventures to avoid abusing their position of power that will either exclude or limit other entrepreneurs to access the market

Answer 16

Antitrust Law

Question 17

This happens when there is an interest in a certain aspect – financial, work, personal relationships, or business outside that will compromise each other.

Answer 17

Conflict of Interest

Question 18

conflict of interest arises when a public official or employee is a member of a board, an officer, or a substantial stockholder of a private corporation or owner or has a substantial interest in a business.

Answer 18

Code of Conduct and Ethical Standards for Public Officials and Employees, Section 3”

Question 19

This is the misleading action that uses another person’s identity to deceive and let an offender have an unlawful gain or deny a victim’s right.

Answer 19

Fraud

Question 20

a series of government-mandated do’s and don’ts. It can be decisions or practices, or agreements within a business or related venture aiming to produce various goals related to tourism.

Answer 20

Tourism policies

Question 21

a series of operations set to ensure consistent and fair deliverance of products and services. This is existing and used in businesses to know what, why, and how a hospitality-related venture should be organized and facilitate.

Answer 21

Hospitality policies

Question 22

Some places require this for all the new emerging businesses. In the Philippines, it is mandatory. The Bureau of Internal Revenue (BIR), along with the Department of Trade and Industry (DTI), caters to the concerns for this.

Answer 22

Business Registration Requirements

Question 23

allows a business to collect sales tax and other national taxes required by a state or government. This is being charged to sell goods and other products or services.

Answer 23

Tax Permits

Question 24

a legal grant of protection or right for a new product, process, or design given to its originator. It allows the owner to restrict others from making, using, and selling the product of his invention

Answer 24

patent

Question 25

the authority of the owner of the work, product, or service to reproduce the invention for a specific time frame – seventy years, including the author’s life.

Answer 25

Copyright

Question 26

this differentiates the business giving them the full right to use a name, symbol, jingle, or character in conjunction with a specific product or service, and no one can do the same in selling their products.

Answer 26

Trademark