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Business law Test 2 Notes (got 94% in the course)

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Louisiana State University
Business Law
BLAW 3202

Chapter 4Intellectual PropertyIntellectual Property A number of intangible rights which include trade names trademarks service marks trade secrets copyrights and the right of publicity Integral part of the promotion process LicensesEndorsements Intellectual property rights are often transferred to another party for a feeThe owners can grant another privilege to use it in specified waysAuthorization is usually in the form of a license or endorsement License permission granted by an owner of intellectual property to another party to use the property in an agreed upon mannerEndorsement a public statement of preference for and recommendation of that product or service by a person or entityTrademarksUsed to identify property Includes words symbols or a combination of the twoCan also include shapes colors sounds and movementsoTrademark A mark to identify goods with the manufactureroService Mark A mark to identify the provider of serviceoTrade dress Usually includes a trademark and the entire package fo the product or serviceoTrade name identifies the business itselfoCertification Mark To certify compliance with standards Like Good Housekeeping seal of approvaloCollective mark To indicate membership in a groupThese rights are assets The rights must be protected from other parties who may try to exploit the marks without authorizationTrademark laws are designed to establish who has rights in marks and remedies for infringementLanham Act Designed to prevent nonowners from exploiting the goodwill or recognition of an existing markProvides for registration of trademarks and service marks and creates a federal cause of action of infringement of federally registered trademarks After 5 years of continuous use the registration can become incontestableTrademark registration is valid for 10 years and can be renewed indefinitely provided its actual use in interstate commerceRemedy is to stop use and compensate owner for infringement applies even if the mark isnt registered also protects trade names which cannot be federally registeredTrademark Law Similar to Lanham ActoTrademarkAny work name symbol device or combination used by a person to identify goods made or sold by him and to distinguish them from goods made or sold by othersoService mark Mark used in the sale or advertising of services to identify and distinguish them from the services of othersoMark Any trademark or service mark entitled to registration whether registered or notoTrade name word name symbol device or any combination used by a person to identify his business vocation or occupation and distinguish it from those of othersoTrademark is considered used when it isOn goods when it is placed in any manner on the goods or their containers or the displays associated with or on the tags or labels affixed to such goods throughout the stateOn services when it is used or displayed in the sale or advertising of services rendered in this stateoPowers of the sect of state reservation of trade names trademarks and service namesThe exclusive right to the use of a trade name trademark service mark may be reserved by any person intending to apply for a trade name etcThe sect of state shall not authorize registration or use of any trade name etc which deceptively or falsely suggests that the organization is charitable when it does make a profitoInfringement Liable to a civil action suit by the owner of the registered trademarkNot entitled to recover profitsdamages unless the acts have been committed with the intent to cause confusionoIn order to obtain relief the plaintiff must establish 3 elementsDistinctive A mark must be distinctive to have protection under the lawArbitrary or fanciful marks bear no relationship to the product or service and are the strongest nikeappleSuggestive or descriptive terms suggest a quality about the product or service and can be trademarked but not as easily as distinctiveGeneric terms are common descriptive words it is very difficult to obtain a trademark on a generic termGeneric terms may obtain a secondary meaning if they become the publics association with the product or event
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