Sole Proprietorship - ️️The simplest form of business, in which the owner is the
business. The owner reports business income on his or her personal income tax return
and is legally responsible for all debts and obligations incurred by the business.
Tarnishment - ️️A situation that occurs...
blaw 210 exam 2 griffeath WSU
Sole Proprietorship - ✔️✔️The simplest form of business, in which the owner is the
business. The owner reports business income on his or her personal income tax return
and is legally responsible for all debts and obligations incurred by the business.
Tarnishment - ✔️✔️A situation that occurs when a famous mark is linked to products of
inferior quality or is portrayed in an unflattering, immoral, or reprehensible context likely
to evoke negative beliefs about the mark's owner
copyright infringement - ✔️✔️occurs when someone copies your work without your
permission whether or not they do it for commercial purposes intentionally or
unintentionally
fair use - ✔️✔️a defense of a claim to infrigement
trademark - ✔️✔️a word, phrase, symbol or design, or a combination of words,
phrases, symbols or designs, that identifies and distinguishes the source of the goods of
one party from those of others
trade dress - ✔️✔️An image of a business that is so distinctive, it is only associated
with that business
Cybersquatting - ✔️✔️registering a domain name that is confusingly similar to the
trademark of another company with a bad faith intent to profit off the name.
purpose of trademark law - ✔️✔️To protect the owner of a mark and to prevent others
from using the mark in a way that will cause consumer confusion between products and
services.
copyright - ✔️✔️protects original works of authorship.
infrigement - ✔️✔️the use of someone elses trademark or a confusingly similar mark
for his or her own use which causes harm to the original mark owner
dilution - ✔️✔️remedy for the owners of famous marks to stop those using the mark in
a way that would be harmful to the brand
blurring - ✔️✔️A situation that occurs when a party uses another party's famous mark
to designate a product or service in another market so that the unique significance of
the famous mark is weakened
, trademark fair use - ✔️✔️A defense against trademark infringement
utility patent - ✔️✔️a statutory grant from the federal government giving the inventor of
a novel, genuine, not obvious product the exclusive right to make, use and sell an
invention for 20 years from the date of application
Provisional Patent Application - ✔️✔️Temporary alternative that is far less complicated
to file for than a patent application. Filing date serves as proof that the invention was
created prior to similar products
trade secret - ✔️✔️A formula, device, idea, process, or other information that is a
secret and used in a business that gives the owner a competitive advantage in the
marketplace. (coca cola recipe)
license agreements - ✔️✔️allows to keep ownership of the work, while requiring others
to pay you for the use of your work
arbitrary and fanciful - ✔️✔️completely unrelated names such as Apple
General Partnership - ✔️✔️When two or more competent parties combine their money,
labor, and skills for the purpose of carrying on a lawful business
fiduciary relationship - ✔️✔️Partners have a fiduciary relationship to one another. This
means they have a duty of loyalty, to good faith, and to put the interests of the
partnership above their own.
Uniform Limited Partnership Act - ✔️✔️All states (except Louisiana) have adopted a
version of the Uniform Limited Partnership Act which requires limited partnership
agreements to be in writing
limited partnership - ✔️✔️the main advantage of the limited partnership is that certain
non-managing partners can be designated as limited partners who have no liability for
partnership debts beyond their initial investment. must have atleast one general partner
and one limited partner
shareholders - ✔️✔️owners of a corporation
directors - ✔️✔️The Board of Directors is elected by the shareholders
Business Judgement Rule - ✔️✔️Personal liability will not result from bad decisions
when the Directors are acting in good faith under what is known as the business
judgement rule
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