BUSA 310 Final Lecture Intellectual Property Patents protected for 20 years o Chemicals devices inventions ideas o Generic drug companies what happens after 20 yrs o Novel nonobvious useful o First person to file gets patent o Provisional Patento Copyright 70 years after death of last inventor author Walt Disney lobbied for this o Infringement suit for a copyright o First Sell Doctrine Digital Music o 40 Billion worth of songs stolen per year Registered Trademark o Percentage of sales made off using trademark o Cannot trademark generic things Domains on computer o Websites coming up 1st on search engines Real Property Buildings life land plant life Appliances fixtures in houses are part of real property Land two people can own it at the same time concurrent estate o Tenants in common o Joint tenant if you sell your interest during your lifetime then you become tenants in common o Joint tenants cannot leave to your heirs other joint tenant will automatically goes to other tenant o Partition in kind o Two arguing tenants judge Orders property to be sold in auction earnings split between tenants Adverse possession o Maintaining piece of property for certain period of time can petition to the court to give deed to property o Continuously be on the property o Exclusive user of the property o Notorious possession of property o Meet proper number of years Zoning o Ordinances made by city o Maintain value of property keep businesses where they should be and homes where they should be o Restrictive covenant comes with deed of the house committees to approve what can cannot be done to houses designed to keep property value up o Eminent Domain if public use for piece of property can be used for better good of public city can take property from you and use for public purpose Landlord Tenant Covenants duties responsibilities of landlord and tenant o If covenant is violated lease becomes voidable Conditions that makes the lease void if violated Leases tenancy for years set period but carries over from year to year o Tenancy at will either party can get out of lease at any time Landlords cannot keep you from the quiet enjoyment of your property o Can come inspect but need to give notice and cannot be at odd hours Landlords must keep with all implied warranties building codes maintenance Return of security deposits Personal Property Gifts once a gift is accepted the giver cannot get it back o Must physically transfer ownership o Promise to make a gift not a gift cannot be conditional o Causa Mortis ready to die and give gift if live the gift is void if dies then gift is valid promise something death is immanent can be revoked before death or if giver doesn t die Found Property o Always be redelivered to the owner o Good faith effort to return until owner shows up Abandoned Property o Trash on a curb can be taken Lost Property o Fine property on somebody else s premise you cannot keep it you must give it to premise owner and they must try to find owner Common carrier Inn keeper liability