Intellectual Property Rights: The Legal Environment of Business

These flashcards cover key concepts related to intellectual property rights as outlined in the lecture notes.

Intellectual Property (IP)

An intangible asset that represents significant proprietary value, sometimes exceeding that of physical assets.

Lanham Act (1946)

Legislation that defines trademarks and provides protection against their unauthorized use.

Trademark Infringement

Occurs when a trademark is used without authorization, leading to remedies such as injunctions and monetary damages.

Patent

An exclusive federal grant that allows a patent holder to exclude others from using their invention for up to 20 years.

Patentability Standards

Criteria including novelty and non-obviousness that determine if an invention can be patented.

Copyright

An intangible property right granted automatically to authors or creators upon creation of an original work.

Protected Expression

Only the expression of an idea can be copyrighted, not the idea itself.

Duration of Copyright Protection

Lasts the life of the author plus 70 years, or 95 years from publication for work owned by publishing houses.

First Sale Doctrine

No copyright infringement occurs when a lawful owner resells a copy of a copyrighted work.

Trade Secret

Information that derives economic value from not being known or readily ascertainable, and is kept secret.