LAW 301 after midterm Flashcards
For: Quizzes & Final Exams (20 cards)
What are the four main types of IP protection for businesses?
Chapter 4
- Copyrights
- Patents
- Trademarks
- Design rights and registration
Each type serves a different purpose in protecting intellectual property.
What does copyright protect?
Chapter 4
Original works of authorship, such as literary, musical, and artistic works.
This includes sound recordings, architectural works, and computer software.
When does copyright protection exist?
Chapter 4
From the moment the work is created.
Registration is voluntary but offers additional legal benefits.
What is a patent?
Chapter 4
A grant of property rights on an invention, allowing exclusion of others from making, selling, or using it.
Patents are crucial for businesses to gain competitive advantages.
What are the three types of patents?
Chapter 4
- Utility
- Design
- Plant
Each type covers different aspects of inventions and designs.
What qualifies for a utility patent?
Chapter 4
The invention must be novel, non-obvious, and useful.
Novelty means it is new and not known; non-obvious means it is not immediately obvious to industry experts.
What does a design patent cover?
Chapter 4
New, original, and ornamental designs for an article of manufacture.
It lasts for 14 years.
How long does a utility or plant patent last?
Chapter 4
20 years.
This duration protects the inventor’s rights to the invention.
What is a trademark?
Chapter 4
A recognizable sign, design, or expression identifying products or services of a specific source.
Service marks are used for services.
What rights does a trademark grant?
Chapter 4
Property rights on the brand, allowing exclusion of others from using it.
Trademarks can be held by individuals or organizations.
What is intellectual property (IP)?
Chapter 4
Creations of the mind, including inventions, literary and artistic works, designs, and symbols used in commerce.
IP is protected by patents, copyright, and trademarks.
How does the IP system benefit society?
Chapter 4
By balancing the interests of innovators with the public interest to foster creativity and innovation.
This promotes an environment conducive to new ideas.
What does copyright provide to copyright holders?
Chapter 4
- With copyright protection, the holder has the exclusive rights to modify, distribute, perform, create, display, and copy the work.
- However, registered works may be eligible for statutory damages and attorneys fees in a copyright infringement suit.
What are the requirmentIn order to qualify under copyright laws?
Chapter 4
In order to qualify under copyright laws, the work must be fixed in a medium of expression, such as words on a piece of paper or music notes written on a sheet.
What does utility patent convert (as copyright) /protect?
Chapter 4
covering any process, machine, article of manufacture, or composition of matter, or any new and useful improvements thereof.
How long a design patent lasts?
Chapter 4
A design patent lasts for 14 years
What is a ‘Negotiable Instrument ‘?
Chapter 5
- A Negotiable Instrument is that document that includes a ‘promise to pay’ a certain amount of money to the bearer of the document.
- Negotiable Instruments are always in written form.
EX of N.Is. : a cheque, a promissory note, a bill of exchange.
Its a mode of transferring a debt from one person to another.
What is the definition of a negotiable instrument?
Chapter 5
“Documents of a certain type which are used in commercial transactions and monetary dealings, are known Negotiable instruments.”
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- “Negotiable” means transferable by delivery and “instrument” means a written document by which a right is created in favor of some person.
Thus, negotiable instrument means a document which is transferable by delivery.
What Are The Functions of Negotiable Instruments?
Chapter 5
Negotiable instruments serve the following functions:
- Substitute for money
- Credit device
- Record-keeping device
Most purchases by businesses and many individuals are made by negotiable instruments instead of cash.
Explain PROMISSORY NOTES:
Which is one of subtitles of the N.Is. types.
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- Chapter 5
A promissory note an instrument in writing.
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It contains an unconditional undertaking which is signed by the maker to pay of certain sum of money to the order of certain person, or to the bearer of the instruments.
It Goes Under: N.Is. by Statute. (the first type of N.Is.)
- The person, who makes the promissory note, promises to pay and is called the maker.
- The person to whom the payment is to be mode is called the payee.
