Legal Terms: Patents, Copyrights, Trademarks, Torts, and Contracts, Quizzes of Business and Labour Law

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TERM 1 Intellectual Property Rights DEFINITION 1 Federal and state laws protect intellectual property rights from misappropriation and infringement patents copyrights trademarks trade secrets TERM 2 Trade Secret DEFINITION 2 A product formula, pattern, design, compilation of data, customer list, or other business secret TERM 3 Federal Patent Statute DEFINITION 3 A federal statute that establishes the requirements for obtaining a patent and protects patented inventions from infringement TERM 4 One-Year "On Sale" Doctrine DEFINITION 4 A doctrine that says a patent may not be granted if the invention was used by the public for more than one year prior to the filing of the patent application TERM 5 American Invention Protection Act DEFINITION 5 A federal statute that permits an inventor to file a provisional application with the U.S. Patent and Trademark Office three months before the filing of a final patent TERM 6 Patent Infringement DEFINITION 6 Unauthorized use of another's patent. A patent holder may recover damages and other remedies against a patent infringer TERM 7 Copyright Revision Act DEFINITION 7 A federal statue that establishes the requirements for obtaining a copyright and protects copyrighted works from infringement TERM 8 Copyright Infringement DEFINITION 8 An infringement that occurs when a party copies a substantial and material part of a plaintiff's copyrighted work without permission copyright holder may recover damages and other remedies against the infringer TERM 9 Fair Use Doctrine DEFINITION 9 A doctrine that permits certain limited use of a copyright by someone other than the copyright holder without the permission of the copyright holder TERM 10 Trademark DEFINITION 10 A distinctive mark, symbol, name, word, motto, or device that identifies the goods of a particular business TERM 21 Intentional Misrepresentation (Fraud) DEFINITION 21 The intentional defrauding of a person out of money, property, or something else of value false statement of material fact knowledge that representation was false and intended todeceiveinnocent party innocent party relied on misrepresentation innocent party injured TERM 22 Unintentional Tort (Negligence) DEFINITION 22 Doctrine that says person is liable for harm that is foreseeable consequence of actions defendant owed duty of care to plaintiff defendant breached this duty plaintiff suffered injury defendant's act was actual cause for plaintiff's injuries defendant's negligent act was proximate cause of plaintiff's injuries, defendant liable only for foreseeable consequences TERM 23 Negligence Per Se DEFINITION 23 Tort in which violation of a statute or ordinance constitutes the breach of the duty of care TERM 24 Strict Liability DEFINITION 24 Liability without faultTort doctrine that makes manufacturers, distributors, wholesalers, retailers, and others in the chain of distribution of a defective product liable for the damages caused by the defect, irrespective of fault TERM 25 Product Defect DEFINITION 25 Something wrong, inadequate, or improper defect in manufacture defect in design failure to warn defect in packaging failure to provide adequate instructions TERM 26 Statute of Limitations DEFINITION 26 Statute that requires an injured person to bring an action within a certain number of years from the time that they were injured by defective product TERM 27 Statute of Repose DEFINITION 27 Statute that limits seller's liability to a certain number of years from date when product was first sold TERM 28 Uniform Commercial Code (UCC) DEFINITION 28 Comprehensive statutory scheme which includes laws that cover aspects of commercial transactions TERM 29 Bilateral Contract DEFINITION 29 Contract entered into by way of exchange of promises of the parties "a promise for a promise" TERM 30 Unilateral Contract DEFINITION 30 Contract in which offeror's offer can be accepted only by the performance of an act by the offeree "a promise for an act" TERM 31 Void Contract DEFINITION 31 Contract that has no legal effect, a nullityVoidable: A contract in which one or both parties have option to avoid contractual obligations--> if contract avoided, both parties released TERM 32 Agreement DEFINITION 32 Manifestation by two or more persons of substance of a contract Offeror- party who makes offer Offeree- party to whom offer has been made TERM 33 Advertisements DEFINITION 33 Invitation to make an offer, or an actual offer TERM 34 Reward DEFINITION 34 Award given for performance of some service or attainmentTo collect award, offeree must have knowledge of reward offer prior to completing requsted act perform requested act TERM 35 Auction with Reserve DEFINITION 35 Auction in which seller retains right to refuse highest bid and withdraw goods from saleWithout Reserve: seller expressly gives up right to withdraw goods from sale and must accept highest bid TERM 46 Unilateral Mistake DEFINITION 46 Mistake in which only one party is mistaken about a material fact regarding the subject matter of a contract TERM 47 Mutual Mistake of Fact DEFINITION 47 Mistake made by both parties concerning material fact that is important to subject matter of contract TERM 48 Mutual Mistake of Value DEFINITION 48 Mistake that occurs if both parties know the object of the contract but are mistaken as to its value TERM 49 Fraudual Misrepresentation DEFINITION 49 Event that occurs when one person consciously decides to induce another person to rely and act on a misrepresentation TERM 50 Scienter DEFINITION 50 Knowledge that a representation is false or that it was made without sufficient knowledge of truth TERM 51 Fraud by Concealment DEFINITION 51 Fraud that occurs when one party takes specific action to conceal a material fact from another party TERM 52 Duress DEFINITION 52 Situation in which one party threatens to do a wrongful act unless the other party enters into a contract TERM 53 Statute of Frauds DEFINITION 53 State statute that requires certain types of contracts to be in writing real property mortgage lease life estate easement TERM 54 One-Year Rule DEFINITION 54 Rule which states that an executory contract that cannot be performed by its own terms within one year of its formation must be in writing TERM 55 UCC Statute of Frauds DEFINITION 55 Section 2-201(1): Sales contracts for sale of goods costing $500 or more must be in writingSection 2A-201(1): Lease contracts involving payments of $1,000 or more must be in writing TERM 56 Part Performance DEFINITION 56 Equitable doctrine that allows court to order an oral contract or the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice TERM 57 Parol Evidence Rule DEFINITION 57 Rule that says if a written contract is a complete and final statement of the parties' agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract TERM 58 Promissory Estapel DEFINITION 58 Equitable contract that permits enforcement of oral contracts that should have been in writing applied to avoid injustice