BLaw 210 1nd EditionExam # 2 Study Guide Lectures: 13-19Lecture 13A 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 processTrademarks 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 worksA bailment is formed by the delivery of personal property without transfer of title by one personto 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 directedLecture 14The WTO aims to increase international trade by promoting lower trade barriers and providing aplatform for the negotiation of tradeThe WTO is a platform for trade negotiation and a platform for trade dispute settlementCorruption is the abuse of entrusted power for private gainBribery 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 dutiesMalfeasance- 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 reasonsLecture 15I. Sole Proprietorshipa. Are individual or married couple in business aloneb. SP’s are the most common form of business structure i. Simple to form and to operatec. May enjoy greater flexibility of management and fewer legal initialsd. But the business owners are personally liable for all debts incurred by thebusiness e. Tax:i. Personal (marginal) tax rateI. General Partnershipa. Composed of two or more persons who agree to contribute money, labor, and/orskills to a businessi. Profit motive/ expectationsb. 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 contractd. Tax: personal maginal rates (draw)Lecture 16II. Limited Partnershipa. Composed of 1 or more General Partners ore one more limites partnershipi. The GP’s manage the business and share fully in its profits and losses are liited to the extent of their investmentii. LPI’s are not usually involved in day to day mgmt./ops of the business (risk) iii. Tax: per GPIII. Limited Liability Companya. Formed by one or more entity with a personal agreementb. Personal liability shieldc. Tax: may yield tax or financial benefits (election)d. PLCCe. Must register with SOSf. Those that form LLC’s are membersi. Managers who can be appointedii. Must register with SOSLecture 17A 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 inan amicable mannerLecture 18Employee-employer- A relationship that results when an employer hires and employee to perform some form of physical servicePrincipal- 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 behalfPrincipal independent contract- A relationship that results when a person or business that is notan employee is employed by a principal to perform a certain task on his or her behalfRace, color, national origin, religion, and gender are all protected casesRespondent superior: employer has liability if the employee acted within the course of his employmentNegligent employment: falling to exercise reasonable care in hiring agentNegligent supervision: failing to exercise proper care in supervising an agentLecture 19Merit- Job-related experience,, education, or unbiased professionally developed ability testSeniority: Length of time an employee has been employed by the employer; Intentional discrimination based on seniority is unlawfulBona 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 BFOQEquitable Remedy: The court may order the payment of back pay, issue an injunction awarding reinstatement, grant fictional seniority, or order some other equitable remedyDamages: 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