Deck 22: The Legal Environment: Business Law and Government Regulation

Question 1

What is product liability Explain the charges that most often form the basis for product liability claims. What must a customer prove under these charges

Answer 1

Product Liability is the space of law during which makers, distributors, suppliers, retailers and agencies build merchandise. It is obtainable to the general public area control; accountable for the injuries which merchandise cause.
The charges that form claims for product liability are as follows-
Merchandise liability
It defines the liability of any or all parties on the chain of manufacturer of any product for injury caused by that product. This includes an aggregation manufacturer, the middleman and therefore the business establishment owner.
Product Liability
It distinguishes certain major forms of product liability claims those area unit producing design defect and failure to warn.
Design defects
It occurs wherever the merchandise style is inherently dangerous or useless despite rigorously manufactured. This could be incontestable either by showing that the merchandise fails to satisfy normal shopper expectations or constitutes a secure product, that the risks of the merchandise outweigh its advantages.
Failure-to-warn The defects arise in merchandise that carry no obvious dangers slaked through adequate warnings to the user. These dangers square measure the merchandise is factory-made and designed for its meant purpose.
Thus, the customers file a case against the vendor in case of product, design defects and failure to warn liability.
• It does not require the injured party to prove the injury occurred from the supplier.
• The negligence charges focuses on the concerned party.
Thus, it reflects the remedies for a customer to attain his product or funds back from the vendor. In case of vendor being a defaulter.

Question 2

What is intellectual property What tools do entrepreneurs have to protect their intellectual property

Answer 2

Intellectual property is outlined as assortment of ideas and ideas. There are divided into 3 ways to safeguard property within the United States: through the utilization patents, emblems or copyrights. A patent applied for specific product style, a trademark for name, phrase or image and a copyright used for writing. These three ways have limitations.
A copyright can defend as the subsequent classes of various sorts of works those area unit literary works, musical works, as well as any related words, dramatic works, as well as any related music, pc programs sometimes the graphical user interface and websites ideas or ideas don't have copyright protection. Copyright protects the expression of the thought, however not the ideas themselves. Generally, the sole protection for ideas and ideas is thru secret law and/or confidentiality agreements, which give a written agreement remedy for misuse or revealing of the thought.
Patents defend processes, ways and inventions that area unit "novel," "non-obvious" and "useful." If granted, a patent provides you a 20-year monopoly on commerce, using, creating or importation associate degree invention.
A trademark is sort of a brand. It's any word or symbol that represents a product to spot and distinguish it from different merchandise within the marketplace.
A trademark divided into 3 ways:
• By filing a "use" application when the mark has been used.
• By filing associate degree "intent to use" application if the mark has not however been used.
• In bound circumstances within which an overseas application exists, you'll accept that.
The trademark is also used straightaway next to your mark. The registration image could solely be used once the mark is registered with the power takeoff. It's unlawful to use this image together with your mark before receiving associate degree issued registration from the power takeoff.
Trade secrets seek advice from things like recipes that area unit distinctive and supply a business with a competitive advantage, however that can't be safeguarded below current sorts of plan protection like copyright, trademark or patent. One among the foremost notable and best-kept trade secrets is that the formula for Coca-Cola.

Question 3

Explain the differences among patents, trademarks, and copyrights. What does each protect How long does each last

Answer 3

A copyright is a type of protection for a "creative work" a painting, book, photo, piece of United States etc. It offers the owner the perquisite to create and distribute copies, perform a piece, or create by-product works. It also refers to infringement, if somebody violates those rights by creating prohibited copies.
Trademark
It provides an individualized right to US as a particular mark, sound, color, word, design. It indicates a specific source and quality of branded product or services. Trademarks used in interstate or foreign commerce may be registered with the Patent and Trademark workplace.
Patents The patents are assigned for new products and with the change in existing products giving a revised addition for existing market.
The each confidential agreement protects an organization in following ways-
Patents:
Protect functional expressions of a concept not the concept itself. A machines, method/ process, manufacture, compositions of matter, and enhancements of any of these things are often patented.
Copyright:
A copyright protects your painting of a stack; however it might not forbid another painter from expressing their art or viewpoint by additionally painting a stack. Likewise, whereas Fleming was ready to receive a copyright on his explicit expression of the concept of a spy, he couldn't forestall wealthy Wilkes from receiving a copyright on his expression of the thought of a spy. Protect the specific creative expression of an idea through any medium of artistic or creative expression.
Trademark:
Protect any symbol that indicates the source or origin of the products or services to that it's affixed.
The trade secrets provide advantage to business to a limited extend as given below-
• A patent guarantees its owner with 20years of monopoly.
• The trademarks are unique logos and emblems attached with the organization for lifetime.
• The copyright reserves the form only in which an idea is expressed.

Question 4

What must an inventor prove to receive a patent

Question 5

Briefly explain the patent application process.

Question 6

What is an agent What duties does an agent have to a principal What duties does a principal have to an agent

Question 7

Explain the differences between Chapter 7 bankruptcy and Chapter 11 bankruptcy.

Question 8

What is a contract List and describe the four elements required for a valid contract. Must a contract be in writing to be valid

Question 9

Explain the statement "For each benefit gained by regulation, there is a cost."

Question 10

What constitutes an agreement

Question 11

What groups of people lack contractual capacity How do the courts view contracts that minors create Intoxicated people Insane people

Question 12

What circumstances eliminate genuineness of assent in the parties' agreement

Question 13

What is breach of contract What remedies are available to a party injured by a breach

Question 14

What is the UCC To which kinds of contracts does the UCC apply How does it alter the requirements for a sales contract

Question 15

Under the UCC, what remedies does a seller have when a buyer breaches a sales contract What remedies does a buyer have when a seller breaches a contract

Question 16

What is a sales warranty Explain the different kinds of warranties that sellers offer.

Question 17

Explain the different kinds of implied warranties the UCC imposes on sellers of goods. Can sellers disclaim these implied warranties If so, how