BLaw 210 1nd Edition Exam 2 Study Guide Lectures 13 19 Lecture 13 A patent is a statutory right granted by the government to inventors and is others deriving that right from the inventor for a fixed period of years to exclude others from manufacturing using selling a potential product or from utilizing a patented method or process Trademarks are protected by the law since they allow an owner of the trademark to identify a product or service and to distinguish it from imitations Copyrights A statutory right granted by the government to authors to exclude other persons from reproducing distributing or performing their works A bailment is formed by the delivery of personal property without transfer of title by one person to another On completion of the purpose the Bailee is obligated to return the bailed property in the same or better condition to the bailer or to dispose of it as directed Lecture 14 The WTO aims to increase international trade by promoting lower trade barriers and providing a platform for the negotiation of trade The WTO is a platform for trade negotiation and a platform for trade dispute settlement Corruption is the abuse of entrusted power for private gain Bribery is the offering giving receiving or soliciting of something of value for the purpose of influencing the action of an official in the discharge of his public or legal duties Malfeasance Intentionally doing something either legally or morally wrong which one had no right to do It always involves dishonesty illegally or knowingly exceeding authority for improper reasons Lecture 15 I Sole Proprietorship a Are individual or married couple in business alone b SP s are the most common form of business structure i Simple to form and to operate c May enjoy greater flexibility of management and fewer legal initials d But the business owners are personally liable for all debts incurred by the I business e Tax i Personal marginal tax rate General Partnership a Composed of two or more persons who agree to contribute money labor and or skills to a business i Profit motive expectations b Each partner shared the profits loses and management of the business and each partner is personally and equally liable for the debts of the partnership c Formal terms of the partnership are per a written partnership contract d Tax personal maginal rates draw Lecture 16 II III Limited Partnership a Composed of 1 or more General Partners ore one more limites partnership i The GP s manage the business and share fully in its profits and losses are liited to the extent of their investment ii LPI s are not usually involved in day to day mgmt ops of the business risk iii Tax per GP Limited Liability Company a Formed by one or more entity with a personal agreement b Personal liability shield c Tax may yield tax or financial benefits election d PLCC e Must register with SOS f Those that form LLC s are members i Managers who can be appointed ii Must register with SOS Lecture 17 A form of Arbitration Dispute Resolution in which parties chose an impartial third party to hear and decide the dispute Many contracts require that disputes arising out of the contract be submitted to arbitration binding Mediation is a process under which a Mediator attempts to resolve a dispute between parties in an amicable manner Lecture 18 Employee employer A relationship that results when an employer hires and employee to perform some form of physical service Principal agent A relationship that results when an employer hires an employee and gives that employee authority to act and enter into contracts on his or her behalf Principal independent contract A relationship that results when a person or business that is not an employee is employed by a principal to perform a certain task on his or her behalf Race color national origin religion and gender are all protected cases Respondent superior employer has liability if the employee acted within the course of his employment Negligent employment falling to exercise reasonable care in hiring agent Negligent supervision failing to exercise proper care in supervising an agent Lecture 19 Merit Job related experience education or unbiased professionally developed ability test Seniority Length of time an employee has been employed by the employer Intentional discrimination based on seniority is unlawful Bona fide occupational qualification BFOQ Discrimination based on gender religion or national origin is permitted if it is a valid BFOQ for the position Qualifications based on race or color is not a permissible BFOQ Equitable Remedy The court may order the payment of back pay issue an injunction awarding reinstatement grant fictional seniority or order some other equitable remedy Damages The court can award compensatory damages in cases of intentional discrimination The court can award punitive damages in cases involving an employer s malice or reckless indifference to federally protected rights