Contracts
What is a contract?
A legal agreement between 2 parties
What is intellectual property? Give an example
Creations of the mind; can be artwork, ideas, inventions etc.
What are the types of business structures?
1. Sole proprietorship
2. Partnership
3. Corporation
The duty that is owed by directors to corporations
Fiduciary duty
How can contracts end?
1. Breach
2. Performance
3. Agreement
4. Frustration
Name the four types of IP
1. Trademark
2. Patent
3. Copyright
4. Trade secret
What are the types of partnerships?
1. General
2. Limited
3. Limited liability
Lifting/piercing the corporate veil
What is a mistake?
A misunderstanding between the parties about what was agreed upon
What are the requirements for copyright?
1. Original
2. Fixed
3. Connection
What is an advantage of incorporating?
Limited personal liability
What is the test for negligence?
ABCD
What is misrepresentation?
Misleading statements about terms of a contract that induce one party to enter the contract
What are the requirements for patents?
1. Patentable subject matter
2. Novelty (new)
3. Non-obvious
4. Utility (useful)
What is a disadvantage of a proprietorship or partnership?
Unlimited personal liability
What is the term for a large corporation that sues a smaller company for IP infringement when unnecessary?
Trademark bully
What are the five elements of a contract?
1. Consensus
2. Consideration
3. Capacity
4. Legality
5. Intention
What is the balancing act of IP law?
Balance the right of the creator to profit from their creation but not allowing a monopoly of a creation indefinitely.
What is the balancing act of starting a business?
Corporations are expected to act in the overall best interests of the company BUT are expected to maximize shareholder value
Damages
Injunction
Specific Performance