1. Class 2 Wrap Up and Takeaways Booth 42201: The Legal Infrastructure of Business Intellectual Property Randal C. Picker Leffmann Professor of Commercial Law The Law School The University of Chicago 773.702.0864/r-picker@uchicago.edu Copyright © 2001-12 Randal C. Picker. All Rights Reserved.

2. Wrap Up and Takeaways Trade Secrets  Protection of inventions without patents  Mix of state common law, statutory law and federal statutory law  No filing requirement; indeed, secrecy is the point  No time limit  Protected from misappropriation if secrecy observed January 15, 2016The Legal Infrastructure of Business. Copyright © 2001-12 Randal C. Picker.2

3. Wrap Up and Takeaways Patents  System requires filing with US PTO to get a property right  Must meet standards of novelty, utility and nonobviousness  Actual inventions protected, not mere ideas  System is in transition from first-to-invent system to first-to-file system January 15, 2016The Legal Infrastructure of Business. Copyright © 2001-12 Randal C. Picker.3

4. Wrap Up and Takeaways  General patent term is 20 years from date of application  Design patents of growing importance, as seen in Apple v. Samsung  Applies to “ornamental design for an article of manufacture”  14 year term January 15, 2016The Legal Infrastructure of Business. Copyright © 2001-12 Randal C. Picker.4

5. Wrap Up and Takeaways Copyright  No filing required to have copyright, but filing required to bring suit  Protections expression but not ideas or facts  Easy to satisfy requirements for copyright: original work of authorship fixed in tangible medium of expression January 15, 2016The Legal Infrastructure of Business. Copyright © 2001-12 Randal C. Picker.5

6. Wrap Up and Takeaways  Section 106 gives defined rights to copyright holder  Key cutback is Section 107 fair use right  Classic examples include parody  Growing permitted uses as transformational uses (see recent book digitization cases) January 15, 2016The Legal Infrastructure of Business. Copyright © 2001-12 Randal C. Picker.6

7. Wrap Up and Takeaways  Grokster case emphasizes conflict between business aims and legal results  Industry has won many cases but hasn’t stopped file sharing January 15, 2016The Legal Infrastructure of Business. Copyright © 2001-12 Randal C. Picker.7

8. Wrap Up and Takeaways Trademarks  The second of the tools for protecting expression  Core of trademark is protecting symbols to provide easy identification of source of products  Open-ended possibilities, including colors, so long as IDs source in the mind of the public January 15, 2016The Legal Infrastructure of Business. Copyright © 2001-12 Randal C. Picker.8