MGMT 351 - Chapter 6: Intellectual Property and Other Legal Issues

Vocabulary flashcards covering key concepts and terms related to intellectual property and legal issues discussed in MGMT 351, Chapter 6.

Intellectual Property (IP)

Includes patents, trademarks, copyrights, or trade secrets held by an entrepreneur that can provide a competitive advantage.

Patent

A contract between the government and the inventor granting exclusive rights to produce and market a product for a set time.

Utility Patent

The most common type of patent lasting for 20 years, covering new inventions.

Design Patent

Covers the ornamental appearance of an object and lasts for 15 years.

Trade Secret

Confidential business information kept secret to maintain a competitive advantage.

Copyright

Protects original works of authorship, covering a wide range of materials, for the life of the author plus 70 years.

Trademark

A word, name, symbol, or slogan used to indicate the source of goods and services, which can be registered with the PTO.

Noncompetition Agreement

A legal contract that restricts employees from working for competitors or starting a competing business after leaving the company.

Contract

A legally binding agreement between two parties that requires clear terms and conditions.

Licensing

The granting of rights to use intellectual property, such as patents or trademarks, to another party for a royalty fee.

Consumer Product Safety Act

A law that mandates companies comply with safety standards for products to protect consumers.

Consideration

Something of value exchanged between parties in a contract, which is necessary for the contract to be binding.

Breach of Contract

Occurs when one party fails to fulfill their obligations as outlined in the contractual agreement.

Liability

Legal responsibility for one's actions or inactions, particularly relating to causing harm or loss.

Fraud

Intentional deception to secure unfair or unlawful gain.

Provisional Patent Application

A temporary patent filing that allows inventors to secure a filing date for their invention while deferring the costs of a full patent application.