exam 4 2

Flashcards summarizing key concepts in intellectual property, property law, and personal property.

What is intellectual property?

Legal protection for creations of the mind, such as inventions, creative works, brand identifiers, and confidential business information.

What are the four main types of intellectual property?

Patents, copyrights, trademarks, and trade secrets.

What does a patent protect?

New, useful, and nonobvious inventions, processes, machines, or designs.

What are the requirements for a patent?

The invention must be novel, useful, and nonobvious.

How long does a utility patent last?

20 years from the filing date.

What does copyright protect?

Original works of authorship fixed in a tangible medium of expression.

What does copyright NOT protect?

Ideas, facts, concepts, short phrases, or titles.

How long does copyright protection last?

Life of the author plus 70 years.

What is fair use?

Limited use of copyrighted material without permission for purposes like education, criticism, commentary, or news reporting.

What does a trademark protect?

Brand identifiers such as names, logos, slogans, and symbols.

What is the trademark infringement test?

Likelihood of consumer confusion.

How long can trademark protection last?

Indefinitely, as long as the mark is used and renewed.

What is a trade secret?

Confidential business information that has economic value and is kept secret.

What is trade secret misappropriation?

Improper acquisition, disclosure, or use of a trade secret.

What is property?

Legally protected rights and interests in something of value that can be owned.

What is real property?

Land and anything permanently attached to it.

What is personal property?

All property that is not real property.

What is tangible personal property?

Personal property that can be physically touched.

What is intangible personal property?

Property representing rights rather than physical objects.

What is severance?

Removing something from land, converting it from real property to personal property.

What is a fixture?

Personal property permanently attached to real property.

What are the three elements of a valid gift?

Donative intent, delivery, and acceptance.

What is donative intent?

The donor’s intent to transfer ownership immediately.

What is delivery in a gift?

The transfer of possession, either actual or constructive.

What is acceptance of a gift?

The donee’s willingness to receive the gift.

What is accession?

Adding value to personal property through labor or materials.

What is confusion in property law?

Mixing fungible goods so individual ownership cannot be distinguished.

What is mislaid property?

Property intentionally placed somewhere and then forgotten.

Who gets mislaid property?

The owner of the premises becomes the caretaker, not the finder.

What is lost property?

Property unintentionally left by the owner.

Who has rights to lost property?

The finder has rights against everyone except the true owner.

What is abandoned property?

Property intentionally discarded with no intent to reclaim.

Who owns abandoned property?

The finder gains full ownership.

What is conversion?

The wrongful taking or retaining of another’s property.

What is a bailment?

Temporary transfer of possession of personal property without transfer of title.

Who is the bailor?

The owner of the property.

Who is the bailee?

The person temporarily possessing the property.

What are the three elements of a bailment?

Personal property, delivery of possession, and agreement to return or dispose as directed.

What duty of care applies in a bailment for the sole benefit of the bailor?

Slight care.

What duty of care applies in a bailment for the sole benefit of the bailee?

Great (utmost) care.

What duty of care applies in a mutual-benefit bailment?

Reasonable care.

What is an easement?

A legal right to use another person’s land.

What is a license?

Permission to use land that is usually revocable.

What is adverse possession?

Gaining ownership of land through open, hostile, continuous possession for a statutory period.

What is a lease?

A contract granting possession of real property for a set period.

What are a tenant’s basic duties?

Pay rent, avoid waste, and follow lease terms.

What are a landlord’s basic duties?

Maintain habitable conditions and repair common areas.

What is actual eviction?

Physical removal of a tenant from property.

What is constructive eviction?

When conditions are so bad the tenant is forced to leave.

What is an assignment?

Transfer of the entire remaining lease term.

What is a sublease?

Transfer of less than the entire lease term.

What is insurance?

A contract where the insured pays a premium and the insurer agrees to cover certain losses.

What are the four main parts of an insurance policy?

Declarations, insuring agreement, exclusions, and conditions.

What is subrogation?

The insurer’s right to sue a third party after paying the insured.

What is a will?

A legal document that states how property is distributed after death.

What are the requirements for a valid will?

Testamentary capacity, intent, and proper execution.

What is probate?

The court process of administering a deceased person’s estate.

What does intestate mean?

Dying without a valid will.

What is a trust?

A legal arrangement where property is managed for another’s benefit.

Who is the settlor (trustor)?

The person who creates the trust.

Who is the trustee?

The person who manages the trust property.

Who is the beneficiary?

The person who receives benefits from the trust.

What are the trustee’s main duties?

Loyalty, care, acting in the beneficiary’s best interest, and accounting.

What is a trademark?

A distinctive word, symbol, sound, or design that identifies the source of goods and distinguishes them from others.

What laws protect trademarks?

The Lanham Act and the Federal Trademark Dilution Act.

What is trademark infringement?

Using a mark that is the same as or confusingly similar to a protected mark without permission.

What is a patent?

A government grant giving an inventor exclusive rights to make, use, and sell an invention.

How long does a patent last?

20 years from filing; 15 years for design patents.

What are the requirements for patentability?

The invention must be novel, useful, and nonobvious.

What is patent infringement?

Using or selling a patented invention without permission.

What is a copyright?

A federal protection for original literary and artistic works.

How long do copyrights last?

Life of the author plus 70 years.

What is fair use?

Limited use without permission for purposes like education or commentary.

What is a trade secret?

Confidential business information with economic value.

How are trade secrets protected?

State laws and the Economic Espionage Act.

What is personal property?

All property that is not real property.

How can ownership of personal property be acquired?

Purchase, possession, production, gifts, accession, and confusion.

What is mislaid property?

Property intentionally placed and then forgotten; the finder has no ownership rights.

What is lost property?

Property unintentionally lost; the finder has rights except against the true owner.

What is abandoned property?

Property discarded with no intent to reclaim; the finder gains ownership.

What is a bailment?

Temporary transfer of personal property possession without transfer of title.

What are the elements of a bailment?

Personal property, delivery of possession, and an agreement.

What is real property?

Land and anything permanently attached to it.

What is a fee simple estate?

The most complete form of ownership.

What is a life estate?

Ownership for the life of an individual.

What is a tenancy in common?

Ownership where each owner’s share passes to their heirs.

What is a joint tenancy?

Ownership with the right of survivorship.

What is a tenancy for years?

A fixed-term lease.

What is a periodic tenancy?

A lease that automatically renews.

What is a tenancy at will?

A lease with no fixed duration.

What is a tenancy at sufferance?

Possession of property without legal right.

What is the covenant of quiet enjoyment?

The tenant’s right to peaceful possession.

What is the implied warranty of habitability?

The landlord’s duty to keep property livable.

What is an insurance policy?

A contract between the insurer and the insured.

What is an insurable interest?

A financial interest in the insured property or life.

What is a will?

A legal document that distributes property after death.

What is testamentary capacity?

Legal age and sound mind when making a will.

What does intestate mean?

Dying without a valid will.

What is a trust?

Property managed by a trustee for the benefit of a beneficiary.