Intellectual Property
What are the four types of intellectual property?
Patent, Trademark, Copyright, Trade Secrets
What type of property includes land and things attached to it
Real property
What type of property would a toaster inside your house be?
Personal Property
What are the 3 forms of alternative dispute resolution?
Negotiation, Mediation, Arbitration
Does a property owner have the legal right to sunlight?
No
A legal right granted to an inventor, giving them exclusive rights to make, use, or sell an invention for a certain period
Patent
A right to use part of someone else’s land for a specific purpose. The owner still owns the land, but can’t stop you from using it.
Easement
True or False: Generally, finders of personal property have rights against everyone except the true owner
True
Which form of alternative dispute resolution is the independent third party's decision binding?
Arbitration
A law that sets a time limit for bringing a legal claim.
Statute of Limitations
A word, phrase, symbol, or design that identifies and distinguishes a company’s goods or services
Trademark
A legal principle that allows someone who occupies land they do not own to eventually gain legal ownership if certain conditions are met
Adverse Possession
Why did the court rule in favor of pierson in pierson v post (fox case).
Post did not actually have possession of the fox
Form of ADR where there is an informal discussion between parties to reach an agreement
Negotiation
Officially delivering legal documents to someone being sued.
Serving
How long do utility patents last?
20 Years
Type of real property interest where you own the land for your lifetime. When you die, the land goes to someone else (called a remainderman). You can’t leave it in a will.
Life Estate
when the owner of personal property gives it to someone else to temporarily hold, store, or use.
Bailment
Form of ADR where a neutral third party helps both sides communicate and negotiate, but does not make a decision
Mediation
How many years do you need to occupy a property uninterrupted in New York State in order to claim adverse possession
10 years
How long does a copyright last for?
Creators life plus 70 years
The most complete form of property ownership. You own it forever and can do anything with it (as long as it's legal).
Fee Simple Absolute
Explain the duty of care for bailment.
Must take reasonable care
What is the main downside to arbitration?
Cannot Appeal
This type of judgement happens when the defendant doesn’t respond or show up in court. The court automatically rules in favor of the plaintiff.
Default Judgement