1. By Richard A. Mann & Barry S. Roberts
Business Law and the Regulation of Business Chapter 41: Intellectual Property By
Richard A. Mann
&
Barry S. Roberts

2. Topics Covered in this Chapter
A. Trade Secrets
B. Trade Symbols
C. Trade Names
D. Copyrights
E. Patents

3. Trade Secrets Definition - commercially valuable, secret information.
Protection - owner of a trade secret may obtain damages or injunctive relief when the secret is misappropriated (wrongfully used) by an employee or a competitor.

4. Trade Symbols
Registration - to be registered and thus protected by the Lanham Act, a mark must be distinctive and not immoral, deceptive, or scandalous.
Infringement - occurs when a person without authorization uses a substantially indistinguishable mark that is likely to cause confusion, mistake, or deception.
Remedies - the Lanham Act provides the following remedies for infringement: injunctive relief, profits, damages, destruction of infringing articles, costs, and, in exceptional cases, attorneys' fees.

5. Types of Trade Symbols
Trademark - distinctive symbol, word, or design used to identify the manufacturer.
Service Mark - distinctive symbol, word, or design that is used to identify a provider's services.
Certification Mark - distinctive symbol, word, or design used with goods or services to certify specific characteristics.
Collective Mark - distinctive symbol used to indicate membership in an organization.

6. Trade Names
Definition - any name used to identify a business, vocation, or occupation.
Protection - may not be registered under the Lanham Act, but infringement is prohibited.
Remedies - damages and injunctions are available if infringement occurs.

7. Copyrights
Definition - exclusive right, usually for the author's life plus 70 years, to original works.
Procedure - registration is not required but provides additional remedies for infringement.
Rights - to (1)­reproduce the copyrighted work, (2)­prepare derivative works based on the work, (3)­distribute copies of the work, and (4)­perform or display the work publicly.
Ownership - the author is usually the owner of the copyright, which may be transferred in whole or in part.

8. Infringement
Occurs when someone exercises the copyright owner's rights without authorization.
Remedies - if infringement occurs after registration, the following remedies are available: (1)­injunction, (2)­impoundment and possible destruction of infringing articles, (3)­actual damages plus profits or statutory damages, (4)­costs, and (5)­criminal penalties.

9. Patents
Definition - the exclusive right to an invention for twenty years from the date of application for utility and plant patents; fourteen years from grant for design patents.
Patentability - a patentable invention must be (1)­novel, (2)­useful, and (3)­not obvious.
Procedure - patents are issued upon application to and after examination by the U.S. Patent and Trademark Office.

10. Patents
Infringement - occurs when anyone without permission makes, uses, or sells a patented invention.
Remedies - for infringement of a patent are (1)­injunctive relief; (2)­damages; (3)­treble damages, where appropriate; (4)­attorneys' fees; and (5)­costs.

11. Intellectual Property
Trade Secrets
Trade Symbols
Copyright
Patents
What is Protected
Information
Mark
Work of authorship
Invention
Rights Protected
Use or sell
Reproduce, prepare
derivative works,
distribute, perform,
or display
Make, use, or sell
Duration
Until disclosed
Until abandoned
Usually author’s life
plus 50 years
For utility and plant
patents, 20 years
from application;
14 years for design
patents
Federally Protected No
Yes
Requirements for
Protection
Valuable secret
Distinctive
Original and fixed
Novel, useful, and
nonobvious