Intellectual Property and Business Law

These flashcards cover key concepts and terms related to Intellectual Property and Business Law.

Intellectual Property

The concept of ownership over creations of the mind, such as inventions, literary and artistic works, symbols, names, and images.

Trade Secrets

Information a company wants to keep secret, which gives a competitive advantage.

Patents

Legal protections granted for inventions, allowing the owner to exclude others from making, using, or selling the invention.

Trademarks

Symbols, words, or marks legally registered or established by use as representing a company or product.

Copyrights

Legal rights granted to the creator of an original work, preventing others from copying or distributing the work without permission.

Non-Disclosure Agreements (NDA)

Legally binding contracts that protect confidential information shared between parties.

Misappropriation

The unauthorized use of secret information, which can lead to legal action.

Economic Espionage Act

A law making it a crime to steal trade secrets.

Novel

A requirement for patenting that refers to the invention being new or different from prior art.

Non-obviousness

A requirement for patents stating that the invention must not be obvious to someone skilled in the relevant field.

Trademark Infringement

Unauthorized use of a trademark that causes confusion or dilutes its distinctiveness.

Copyright Infringement

The use of copyrighted material without permission from the copyright owner.

Exclusionary Rule

A legal principle that excludes evidence obtained through illegal means from being used in trial.

Miranda Rights

Rights read to a person in custody, informing them of their rights to remain silent and to an attorney.

Double Jeopardy

The legal principle that prohibits an individual from being tried twice for the same crime.

Sole Proprietorship

A business organization limited to one owner who is personally liable for all aspects of the business.

General Partnership

A business structure where all partners share liability and management responsibilities.

Limited Partnership

A partnership consisting of one or more general partners and one or more limited partners.

Corporation

An artificial legal entity created under state law, with perpetual existence and limited liability for its shareholders.

Limited Liability Company (LLC)

A hybrid business structure that provides liability protection for owners and pass-through taxation.