Test 3. Chapters 8,10,11,12

Question 1

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.

Answer 1

Intellectual property

Question 2

examples of intangible assets

Answer 2

brands
names
originals words
secret business information

Question 3

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.

Answer 3

Trademark

Question 4

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

Answer 4

The Lanham Act of 1946

Question 5

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

Answer 5

Trademark dilution

Question 6

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

Answer 6

Trademark infringement

Question 7

what are the rights of a trade mark owner?

Answer 7

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

Question 8

• 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.

Answer 8

Trade name

Question 9

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

Answer 9

licensing

Question 10

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

Answer 10

patent

Question 11

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

Answer 11

The America Invents Act

Question 12

What Is Patentable?

Answer 12

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

Question 13

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

Answer 13

patent infringement

Question 14

a patent prevents others from…

Answer 14

making, using or selling the invention

Question 15

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

Answer 15

copyright

Question 16

Copyright owners are protected against…

Answer 16

• Reproduction of the work
• Development of derivative works
• Distribution of the work
• Public display of the work

Question 17

• Occurs whenever the form or expression of an idea is copied
• The reproduction does not have to be exactly the same as the original.

Answer 17

copyright infringement

Question 18

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

Answer 18

the “fair use”Exception

Question 19

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

Answer 19

trade secret

Question 20

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

Answer 20

A contract

Question 21

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

Answer 21

Unilateral Contract

Question 22

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

Answer 22

Bilateral Contract

Question 23

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

Answer 23

Mutual assent

Question 24

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

Answer 24

offer

Question 25

what are Three Requirements for Valid Offer?

Answer 25

Intent to contract Definiteness and certainty Communication to offeree

Question 26

At common law a valid offer must include?

Answer 26

``` Identification of subject matter of contract Quantity Price Payment terms Delivery Terms ```

Question 27

Offers terminate upon?

Answer 27

Revocation Rejection/counteroffer Lapse of time

Question 28

- 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

Answer 28

fraudulent misrepresentation

Question 29

involves wrongful pressure exerted on a person during the bargaining process

Answer 29

Undue influence

Question 30

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

Answer 30

duress

Question 31

Groups lacking capacity...

Answer 31

- Minors - Those suffering a mental disability - Those who are intoxicated

Question 32

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

Answer 32

intoxication

Question 33

Right to avoid a contract

Answer 33

disaffirm

Question 34

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

Answer 34

Ratification

Question 35

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

Answer 35

Void

Question 36

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

Answer 36

Voidable

Question 37

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).

Answer 37

Valid

Question 38

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

Answer 38

Statute of Limitation (SOL)

Question 39

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

Answer 39

Statute of Frauds (SOF)

Question 40

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

Answer 40

Impossibility

Question 41

before acceptance of offer, terminates the offer.

Answer 41

Destruction of the Subject Matter

Question 42

automatically terminates unless irrevocable offer.

Answer 42

Death or Incompetence of the Offeror or Offeree

Question 43

Three broad categories of damages:

Answer 43

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

Question 44

Compensates non-breaching party for loss of the bargain.

Answer 44

Compensatory Damages

Question 45

the cost of substitute performance versus the contract price

Answer 45

Standard Measure

Question 46

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.

Answer 46

Merchant’s Firm Offer

Question 47

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

Answer 47

Non-conforming goods

Question 48

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

Answer 48

Tender of delivery

Question 49

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

Answer 49

Perfect tender rule

Question 50

seller can replace defective goods within the time of contract performance

Answer 50

cure

Question 51

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.

Answer 51

Anticipatory Repudiation

Question 52

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

Answer 52

warranties

Question 53

the seller makes representations about the quality of the goods - Affirmation of fact or promise - Description - Sample or Model

Answer 53

Express warranty

Question 54

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

Answer 54

Implied warranty

Question 55

manufacturers must exercise due care to make a product safe

Answer 55

negligence

Question 56

when a buyer is knowingly misled about a product

Answer 56

misrepresentation