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
Why do businesses want these governmental regulations/laws?
Laws provide rules to ensure all businesses operate by them
Creates opportunity for innovation, new ideas, etc.
Environmental regulation promotes economic development, innovation
BONUS: Can you think of any examples for environmental regulation being a business opportunity?
What is the risk identification framework and what are the risk response strategies
Identification framework: identify, evaluate, respond
Strategies: Avoid, accept, shift, reduce
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
Why do government want to prevent monopolies?
To prevent market manipulation by big companies
To prevent price fixing by bigger corporations
To prevent smaller businesses from being undermined - trademark bullies!
The doctrine where judges may find directors or upper management personally liable for negligence even though a company is incorporated
Lifting/piercing the corporate veil
What are the 5 elements of a contract?
1. Consensus
2. Consideration
3. Capacity
4. Legality
5. Intention
What are the requirements for copyright?
1. Original
2. Fixed
3. Connection
What is an advantage of incorporating?
Limited personal liability
What are some key regulatory risks for businesses
(think about what areas of law apply / statutes created that governments might pursue legal action over a business for breaking)
consumer protection, false advertising/deceptive marketing, competition, environmental protection
What is one way that IP law balances competing interests?
time limits
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 the duty owed by directors to corporations?
Fiduciary duty
What is the duty to consult?
The obligation to hear the concerns from communities impacted by projects BUT this process does not give these communities a 'veto' over a project.
What is the term for a large corporation that sues a smaller company for IP infringement when unnecessary?
Trademark bully
What is a mistake? And how is a mistake resolved?
A misunderstanding between the parties about what was agreed upon.
Depends on the type of mistake!
- Shared / mutual = voidable
- unilateral = likely to continue
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
What is social licence?
businesses need to work with governments and communities to follow rules and create a 'social licence to operate' even when consultation is not required by law (otherwise there could be more reputational harm and costs than benefit of project)
What are some remedies for breach of contract?
Damages
Injunction
Specific Performance