1. The level of protection granted to Patent, copyright and trade marks are
Patent – A Patent is an intellectual property right relating to inventions and is the grant of execlusive right, for limited period, provided by the government to the patentee, in exchange of full disclosure of his invention for excluding others, from making, using, selling, importing the patented product or process producing that product for those purposes. A patent in an exclusive right graned by a country to the owner of an investment to make, use, nanufacture and market the invention, provided the invention satisfies certain conditions stipulated in the law. Exclusivity of right implies that no one else can make, use nanufacture or market the invention without the consent of the patent holder.
The important protection circumstance of patent systems are
Patent system encourages an inventor to disclose his invention insteas of keeping it secret.
Patent gives legal protection to the patentee, enabling him to enjoy the right without any fear of copying and raise the capital for working his invention on a commercial scale.
The industries or R&D centres can make use of the technology disclosed in the patent literature as a stepping stone, avoiding thererby the redundant research, which means “you do not have to reinvent the wheel”.
It provides an inducement to invest capital in the new lines of production and, thus provides immense help for development and up gradation of technology.
One may get a very good return through patent right on the investment made in R&D.
Patent system provides a reasonable assurance of working and commercialization of the invention.
Patented invention becomes open to public for free use when it ceases to be in effect.
It can act as a stimulant for economic groeth by encouraging the foreign investment in joint ventures.
It helps to explore unexplored and uncovered areas.
Patent acts as a tradable industira asset for an enterprise. A strong patent portfolio of the company is an indication of its good economic health.
Protection of Trademarks.
Trademark rights are protected through registration, maintenance, watching, and enforcement. Theseprecautions and proper use, help preserve the ability of marks to indicate the source of a product or service to consumers.
Registration
Trademarks may be registered with the Unisted States Patent and Trademark office (PTO) amd similar agencies throughout the world. In the US marks can also be registrations are of limited value to businesses engaged in interstate commerce. A state registration nromally cannot defeat a federal registration, because federal trademark rights supersede state rights.
Unregistered marks are protected at “common law” in the U.S – marks need not be registered to be recognized and enforced. Nonetheless, marks registered with the PTO have advantages over unregistered marks. The advantages, which inure to the registered trademark owner, include
The ability to bring actions for trademark infringement in federal courts, as well as stare courts.
Eligiblity for up to treble damages in a successful trademark infringement action
A presumption that the registered mark is valid
A presumption that the owner of the registration owns the registered mark
A presumption that the registrant has exclusive rights to use the mark in commerce
A presumption that the registered mark is not confusingly similar to other registered marks.
The ability to file applications for registration in other countries, based upon the U.S registration
The ability to prevent the importation of goods bearing infringing marks, by recording the registration with United States Customs.
U.S registrations are issued for an intial term of ten years. During the fifth year of registration, an affidavit must be filed with the PTO, attesting that the mark is still used in interstate commerce. Faliure to file the affidavit can result in cancelation of the registration.
Protection of Copyright
Copyright protects “orginal works of authorship” that are fixed in a tangible form of expression. The fixation need not be directly perceptible so long as it may be communicatedwith the aid of a machine or device. Copyrightable works include the following categories
Literary works
Musical works, including any accompanying words
Dramatic works, including any accompanying musics
Pnatomimes and choreographic works
Pictorial, graphic and sculptural works
Motion picturesand other audiovisual works
Sound recordings
Architectural works
These categories should be viewed broadly. For example, computer programs and most “compilations” may be registered as “literary works”; maps and architectural plans may be registered as “pictorial, graphic and sculptural works”.
2.The differnce between estate for year and periodic tenancy
Estate of year
The estate for year is also known as leasehold estate. It means, by contrast, lasts for a specific period. The owner fo the leasehold estate – the tenant may take possession but doesnot have title to the undelying real porperty.
When the period of the leasehold ends, the right to possession reverts to the landlord – hence the landlord’s interst during thetenant’s possession in known as a reversionary interest. Although a leasehokd estate is said to be an interest in real property, the leasehold itself is in fact personal porperty. The law recognizes three types of leasehold estates: the estate for years, the periodic tenancy and the tenancy at will.
Periodic tendency
As its name implies, a periodic tenancy lasts for a period that is renewed automaticaly until either landlord or tenant notifies theother that it will end. The periodic tenancy is sometimes called an estate form year to year. The lease may provide explicitly for the periodic tenancy by specifying that at the expiration of, say, a one year lease, it will be deemed renewed for another year unless one party notifies the other to the contrary within six months prior to the expiration of the term. Or the periodic tenancy may be created by implicatioin, if the lease fails to state a term or is defectivein some other way, but the tenant tales possession and pays rent. The usual method of creating a periodic tenancy occurs when the tenant remains on the premises, when an estate for years under lease has ended. The landlord may eithe reject or accept the implied offer by the tenant remains on the premises when a estate for years under a lease has ended. The landlord may either reject or accept the implied offer by the tenant to rent under a periodic tenancy. If he rejects the implied offer by the tenant to rent under a periodic tenancy. If he rejects the implied offer, the tenant may be ejected and the landlord is entitled to rent for the holdover period. If he accepts the offer, the original lease determines the rent and length of the renewable period, except that no periodic tenancy may last longer than from year to year – that is the renewable period may never be any longer than twelve months.
3.Advantage and disadvantage of business entity
Advantages of Business entity
Easy to form – The business entity is easy to birng into existence as it is subjected to minimumlegal restrictions.
Quick decision making – The business owner takes quick and prompt decisions as theyneed not consult any one
Easy to operate – These business organizations are eashy to operate as they are usually small in size and operation
Highly flexible – As these business organizations do limited operations and are small in size, theyh are highly flexible to changes.
Easy to dissolve – It is easy to discontinue the business at any time.
Disadvantages of business entity
Investment is limited – As only one person invests in the business, the amount of capital that can be invested is limited.
Diffcult to expand business – There is a limitation in getting capital for investing in business for such business organizations. Creditors also hesitate to lend money. Due to these reasone,it becomes difficult ot get capital to expand the business.
Entire responsibility lies with the owner – The owner experiences alll the business pressures as they are liable to all the obligationsand debts of the business.
Limited life of business organization – Usually business entities are people with a higher level of motivation, and risk taking capacity. When the owner dies, usually the business comes to a halt as no one takes over with the same drive and efforts.
Owner has limited knowledge – As the owner has to look into managing funds, production, salesand marketing and so on, due to limited knowledge of the owner, business gets affected.
4.Parole evidence rule and its approach to interpreting contract terms
In general, the parol evidence rule prevents the introduction of evidence of prior or contemporaneous negotiations and agreements that contradict, modify or vary the contractual terms of a written cotract when the written contract is intended to be a complete and final expression of the parties agreement.
There are some exception contract terms to the parol evidence rule such as
Defects in the formation of the contract
The parties intent regarding ambiguous terms in the contract.
Problems with the consideration
A prior valid agreement that is incorrectly reflectedin the written instrument in question
A related agreement, if it does not contradict or change the main contract.
A condition that had to occur before contract performance was due.
Subsequent modification of the contract.
5.The different ways agency relationship can be created.
Agency relationships can be made through an express agreement, which means that both the principal and agent agreed to the agency relatioinship through a written or oral agreement. Apparent authority is created when a thirdparyt reasonaby assume an agency relationship to exist base on the principal’s conduct
All agency relationships are fiduciary relationships. This means the relationship involves a certain level of trust and confidence. The agent is obligated to act in the best interests of the principal because the agent’s actions will create legal obligations for the principal as if the principal was present and acting alone.
5.The different types of warranties under Sales Law
There are two basic types of warranties
Express warranty – The seller expressly makes an affirmation of fact or promise or a description of the goods that becomes part of the basis of the bargain. It is important to note that use of the wordw “warranty” or “guarantee” are not necessary to create an express warranty. Additionally, the seller does not need to intend to create an express warranty for one to be inferred form the sellers descriptions and representations. An express warranty need not be written, but frequently are in writing.
Implied warranty – The law may imply the existence of warranty even if no express warranty is given. The most common implied warranties are
Impplied warranty of Merchantability – If the seller is a merchant in the good sold, then a warranty is implied that the goods are fit for the ordinary purposes for which those goods are used,
Implied warranty of fitness for a particular purpose – This warranty arises if
At the time of contracting, the seller has reason to know the buyer has a particula purpose for which he or she wants to use the
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