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Law 601- Study Notes.docx

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Law and Business
LAW 601
Tim Lowman

Law 601 Intellectual PropertyIdea as PropertyExclusive possession characterizes an individuals ability to exercise power over a thing to the exclusion of all others ie can stop someone from using laptop by locking it into an officeExclusive possession is possible in case of tangible goods bc they can occupy space and can remain in sole control of whoever possesses themExclusive possession of ideas is impossibleIdeals are non exclusive and nonrivalrous NonRivalrous something is nonrivalrous when my possession and enjoyment of it does not diminish your ability to do the sameThe Economics of IdeasThere becomes less of an incentive for creator to toil in creation of ideas if once developed they can be universally possessed without compensation Natural Scarcity occurs when the supply of a natural resource is inadequateNatural resources are finite and market value usually increases when supplies become inadequateIdeas are not subject to natural scarcityIdeas can be possessed by the world at large at virtually zero cost without any loss of enjoyment Artificial Scarcity occurs when an idea is rendered exclusives and rivalrous thereby rendering its supply inadequateArtificial scarcity is introduced into the marketplace of ideas through the laws of intellectual propertyIntellectual Property LawAims to protect products of the mindAlthough it protects to provide incentives to creatorsit also recognizes that creators should not be allowed to monopolize their ideas indefinitelyCreators should be able to build on creative works and ideas of those who came before them Intellectual Property law is a set of rules that aims to balance the rights of creators against the public interestIt issues timelimited monopolies to certain types of innovations goods and services in exchange for permission to share them with the publicCopyright does not protects ideas but rather the manner in which ideas are expressedRewards and protects authors efforts by giving the author an exclusive right to publish or control the distribution of creative worksThe Copyright Act provides creators with both economic and moral rights as incentive to produce creative expressionAlthough copyrights can be registered copyright protection arises automatically upon the creation of an original work in a fixed mediumUnless ownership of copyright is somehow transferred to another person or waived only the author is permitted to produce or reproduce a workand only author can authorize others to do the samePATENTS p439Utility Patent protects functional aspects of invention Ex Crocs passive restraint system that ensures strap stays in place and makes shoe more comfortable The first telephone is known as most valuable patent in history Design Patent Protects the aesthetics of an invention Ex Crocs shape and location of ventilation holes pattern on sole shape and look of shoe strapThe Patent BargainPatent grant a timelimited monopoly to inventors allowing them to exclude others from making using or selling a new and useful invention or improvement to an invention for a period up to 20 years from the date of filling an application They provide an incentive for research and developmentPatent protection allow inventors can be confident that the effort and money spent on creating new products will not be undermined by speedy copycat manufacturers trying to take advantage of invention once it hits marketplaceIn exchange for the fixedterm monopoly pantentees must disclose their inventions to the public Patent Bargain gives the patent holder a fixedterm monopoly in exchange for disclosing the invention to the publicDisclosure allows other inventors to access and build upon the innovations in the patentThe importance od searching patent literature before developing new technologies is key to avoid reinventing the wheelPatentabilityPatent Law Protects inventions which are defined in the Patent Act asAny new and useful art process machine manufacture or composition of matterAlso allows for New and Useful IMPROVEMENTS of existing inventionsuseful does not necessarily mean invention must achieve public benefitIt is up to market not Patent Office to determine which inventions are usefulPatent in available only if it can be demonstrated that the proposed invention isPatentable Subject Matter
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