LAW301: case 2 remake ch4/55

Question 1

What is a ‘Negotiable Instrument’?

Answer 1

A document that includes a ‘promise to pay’ a certain amount of money to the bearer of the document.

It is a mode of transferring a debt from one person to another and is always in written form.

Question 2

Give examples of Negotiable Instruments.

Answer 2

• Cheque
• Promissory note
• Bill of exchange

These are common forms of negotiable instruments used in transactions.

Question 3

What are the functions of Negotiable Instruments?

Answer 3

• Substitute for money
• Credit device
• Record-keeping device

Most purchases by businesses and many individuals are made by negotiable instruments instead of cash.

Question 4

What does it mean for a Negotiable Instrument to be freely transferrable?

Answer 4

The property in a negotiable instrument gets transferred by mere delivery if payable to bearer, or by endorsement and delivery if payable to order.

Question 5

What is meant by recovery concerning Negotiable Instruments?

Answer 5

One can sue upon the instrument in his own name.

Question 6

What is the presumption as to considerations for Negotiable Instruments?

Answer 6

These instruments are presumed to have been made, drawn, accepted, endorsed, negotiated or transferred for consideration.

Question 7

What does ‘payable to order or bearer’ imply for a Negotiable Instrument?

Answer 7

It must be payable either to order or bearer.

Question 8

What is the significance of the holder’s title in Negotiable Instruments?

Answer 8

The holder in due course gets title free from all defects.

Question 9

What is presumed about every holder of a Negotiable Instrument?

Answer 9

Every holder is presumed to be a holder in due course.

Question 11

What are the five points in the Trademark definition?

chapter 5

Answer 11

• ## A trademark, trade mark, or trade-mark is a recognizable sign, design, or expression which identifies products or services of a particular source from those of others, although trademarks used to identify services are usually called service marks.
• A trademark grants property rights on the brand, allowing the trademark holder to exclude others from making, selling, or using the brand.
  -
• The trademark holder can be An individual, business organization, or any legal entity.
• ## A trademark may be located on a package, a label, a voucher, or on the product itself.
• For the sake of corporate identity, trademarks are often displayed on company buildings .

Question 12

What are also😂, the five point in Copyright

Chapter 5

Answer 12

• Copyrighters protect original works of authorship, such as literary works, music, dramatic works, pantomimes and choreographic works, sculptural, pictorial, and graphic works, sound recordings, artistic works, architectural works, and computer software.
  .
• With copyright protection, the holder has the exclusive rights to modify, distribute, perform, create, display, and copy the work.
  .
• In order to qualify under copyright laws, the work must be fixed in a tangible medium of expression, such as words on a piece of paper or music notes written on a sheet.
  .
• A copyright exists from the moment the work gets created, so registration is voluntary.
  .
• However, registered works may be eligible for statutory damages and attorneys fees in a copyright infringement suit.

Question 14

What is a Patents

Answer 14

A patent grants property rights on an invention, allowing the patent holder to exclude others from making, selling, or using the invention.
,
Inventions allow many businesses to be successful because they develop new or better processes or products that offer competitive advantage on the marketplace.

Question 15

Types of Patents?

Answer 15

Utility
Design
Plant

Question 16

A utility patent ?

Answer 16

A utility patent is the most common type, covering any process, machine, article of manufacture, or composition of matter, or any new and useful improvements thereof.
To qualify for a utility patent, the invention must be novel, no obvious, and have some usefulness.
Novel means new and not known by anyone else, while no obvious means that it can’t be immediately obvious to someone having ordinary skills in the industry.

Question 17

A design patent ?

Answer 17

covers any new, original, and ornamental design for an article of manufacture

Question 18

while a plant patent ?

Answer 18

covers any new variety of asexually produced plant.
A design patent lasts for 14 years, and a utility or plant patent lasts for 20 years.

Question 19

What is a ‘Negotiable Instrument

Answer 19

A Negotiable Instrument is that document that includes a ‘promise to pay’ a certain amount of money to the bearer of the document.
Its a mode of transferring a debt from one person to another.
Negotiable Instruments are always in written form.

EX of NI: a cheque, a promissory note, a bill of exchange.

Question 20

Functions of Negotiable Instruments?

Answer 20

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.

Question 21

Characteristics of negotiable instruments

Answer 21

• Freely transferrable: The property in a negotiable instrument gets transferred by a simple process of mere delivery if it is payable to bearer, endorsement and delivery or payable to order.
• Recovery: One can sue upon the instrument in his own name.
• Presumption as to considerations: These instruments are presumed to have been
  made,
  drawn,
  accepted,
  endorsed,
  negotiated
  or transferred for consideration.
• Payable to order or bearer: It must be payable either to order or bearer.
• Holder’s title free from all defects: The holder (one who acquires the instrument in good faith and for consideration) in due course gets title free from all defects.
• Presumption as to holder-:Every holder of negotiable instrument is presumed to be holder in due course.