LSB 3213 Lecture 25: Chapter 8

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Legal Studies in Business
LSB 3213
William Michael Schuster

Chapter 8 Notes A. Intellectual Property (IP) - Creations of the mind. B. Industrial v. Information Age a. Whit is the primary output? i. Carnegie & Rockefeller v. Dell & Jobs b. Growth i. 1980 (~ 2 million patents) ii. 2016 (~ 7 million patents since 1980) C. Real Property a. Only one person can control it i. It is "rivalrous". There is value in exclusivity D. Personal Property a. Only one can consume it i. It is "rivalrous". There is value in exclusivity E. IP is "non-rivalrous". One party's use of IP doesn't diminish another's ability to enjoy it F. There is no ability to control IP, since it cannot be used up G. IP – Creates the ability to "control" and profit from an intangible H. Types of IP a. Copyright b. Trademark c. Trade Secret d. Patents I. Copyrights a. Scope - Works of Authorship i. Cannot copyright facts b. Term – Life plus 70 years c. Goal - Encourage creation of new works of authorship i. Consumption and Public Domain J. How do you get a copyright? a. Reduce expression in a tangible medium i. Playing a new song on guitar? ii. Someone records you being interviewed? b. General Rule: the party doing the reduction (recording, writing, photographing, drawing, etc.) gets the copyright. c. Infringement - using/distributing something substantially similar? d. Damages and injunction (and potential criminal sanctions) e. Must register work to get certain damages K. Fair Use – certain uses of a copyrighted work are exempt from infringement (including reporting, academies, commentary, criticism, etc.) a. Primary Q: are you supplanting the market for the copyrighted work? L. First Sale Doctrine – copyright holder loses rights over a particular object once they have sold it. Text books? M. Trademarks Chapter 8 Notes a. Scope – Identifying Marks (or sounds, etc.) b. Term – Forever (potentially) c. Goal – Allow consumer to identify manufacturer i. Inform consumers and reduce search costs N. Scope of Trademark a. Generic Terms – a word that identifies the type of product or service involved. They cannot be trademark. Why? b. Gener
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