Contracts
What are the five elements of a valid contract?
Consensus, consideration, capacity, legality, intention.
What is the balancing act of IP law?
Right of creator to benefit financially from their idea and right of others to use that idea to create new and innovative products/services
What are the types of business organizations?
Hint: 3
1. Sole proprietorship
2. Partnerships
3. Corporations
Name two sources of governmental regulation
1. Sale of Goods Act
2. Consumer Protection legislation
3. Competition Act
4. Environmental regulations
5. Food and Drug Act
6. Business Practices and Consumer Protection Act
Name the company that was responsible for the oil spill in the Gulf of Mexico?
British Petroleum (BP) - Deepwater Horizon
What are the types of mistakes?
Hint: 3
1. Common/shared
2. Mutual/misunderstanding
3. One-sided/unilateral
What are the types of IP?
Hint: 4
1. copyright
2. patent
3. trademarks
4. trade secrets
What are the types of partnerships?
Hint: 3
1. General partners
2. Limited partners
3. Limited liability parternship
A _____ must be obtained in order to conduct certain business acts
What was Uber's arbitration clause considered?
What are the types of misrepresentation?
Hint: 3
BONUS: which is the most serious?
1. Innocent
2. Negligent
3. Fraudulent
Fraudulent is the most serious?
1. Original
2. Fixed
3. Connection
What is the duty of officers and directors of a corporation to act honestly and in good faith with the best interest of the company?
Fiduciary duty
How can governmental regulation benefit businesses?
- compliance innovation
- lead to new products, services, and markets
- provide guidance
Why was Chick-Fil-A's trademark infringement case unsuccessful?
The slogan did not cause confusion
What are some of the remedies for contract disputes?
General remedies:
- void or voidable
- rectification
- recission
- damages
Specific remedies:
- damages
- specific performance
- injunction
- accounting
- quantum meruit
What are the criteria for patents?
Hint: 4
1. Patentable subject matter
2. Novelty
3. Non-obvious
4. Utility
This duty obligates businesses to _____ with communities that may be impacted by business activity.
What does MAE or MAC stand for? What are they?
Material adverse effect/material adverse change. Both are clauses that can be used to get out of a contract in extenuating circumstances (such as Covid-19).
How can contracts end?
Hint: 4 ways
2. Frustration
3. Agreement
4. Breach
Remedies for IP infringement
2. seizure
3. accounting
4. damages
5. criminal penalties
What is a benefit of incorporating?
Limited liability
What are some restraints on fair competition?
Hint: 3
1. restraint of trade clauses in contracts
2. Mergers and market domination - monopolies
3. collusion and price-fixing
Which case discussed the alleged theft of the idea for Facebook?
Case three about The Social Network movie.