Entrepreneurial Chapter 6: Intellectual Property and Related Legal Concepts

These flashcards cover key vocabulary related to intellectual property, contracts, copyrights, patents, and trade secrets, based on the lecture notes.

Patent

A contract between the government and the inventor which

gives the inventor an exclusive right to produce and market

a product (creates a legal monopoly for a set period of

time).

Utility Patent

The most common form of patent, lasting for 20 years.

Design Patent

Covers only the new design of an object and lasts for 15 years. ex nike shoes

Plant Patent

Used for biotechnology inventions, lasting for 20 years.

Provisional Patent Application

A less expensive way to quickly protect a concept, requiring a full application within a year.

Trademark

Protection is obtainable through PTO for any word,

name, symbol, design, slogan, musical tone or jingle, or

combination of these that is used on goods to indicate

their source.

Coined Mark

A mark that denotes no relationship between the mark and the goods or services (e.g., Polaroid, Kodak). starts as a blank word, and the company fills it with meaning through branding, marketing, and customer experience.

Arbitrary Mark

A mark that has a common meaning unrelated to the goods or services (e.g., Apple Computer). is a word that already exists in everyday language, but it is used for a product or service that has no natural connection to its meaning.

Suggestive Mark

A mark that suggests qualities or characteristics of the goods or services (e.g., Pampers, Netflix Internet and flip like movies ). hints at or suggests something about the product or service, but does not directly describe it

Descriptive Mark

A mark that describes a quality or characteristic of a product (e.g., Rollerblade). Directly describes a feature, quality, purpose, or characteristic of the product or service.

Copyright

Protection for original works of authorship, covering writings, art, design, and more, lasting for the life of the author plus 70 years.

Trade Secret

Knowledge kept secret to gain a business advantage, protected indefinitely but vulnerable to discovery by fair means. ex. cane’s sauce

Noncompetition Agreement

An agreement that restricts an employee's ability to harm a company by working for competitors after leaving the company.

Licensing

The process of allowing another party to use information or technology protected by a patent, copyright, or trademark for a royalty fee. College Merchandise like Howard and LHP

Product Safety & Liability

The responsibility of companies to meet legal specifications for new products, as outlined by the Consumer Product Safety Act (CPSC) The commission creates safety rules, regulates labeling/advertising, and enforces compliance. Violations can lead to fines and product recalls.

Contract

A legally binding agreement between two parties that requires an offer, acceptance, consideration, capacity, and legality.

Contract Breach

Occurs when one party fails to fulfill its obligations under the contract, potentially resulting in damages or contract restitution.