Chapter 12 Intellectual Property

How do you get a copyright?

-Apply for registration ++++Before Infringement or within 3 months of publication = Statutory damages +++++After infringement = Actual damages and lost profits

what does a trade secret do for the holder?

-Offers economic benefit to the holder -Efforts are made to maintain secrecy -May last forever

Factors of Fair Use

-Purpose and character of the use -Nature of the copyrighted work -Amount used -Effect of the use on the potential market

Uniform Trade Secrets Act

-The information must be secret, valuable, and reasonable methods must be taken to secure the secret: confidentiality and non-disclosure agreements, other security measures. -Misappropriation may result in injunction, financial compensation, and sometimes even punitive damages and/or attorney fees.

Types of IP

-Trademarks -Copyrights -Patents -Trade Secrets

Utility Patent

-new and useful machine, process, article of manufacture, or composition of matter (or improvement). -Has to be publically disclosed -Average Cost = 15k - 30k

how long does a design patent last for?

14 years from issuance

How long does a plant patent last for?

20 years from filing date

How long does a utility patent last for?

20 years from filing date

How do you get a trademark?

Apply for registration

Example of Utility Patent

Audit Solution Turbo Tax Amazon's One Click System Sandalwood Scent Method for Exercising a Cat Using Lasers Apple Iphone Clock for Keeping Dog Time

Examples of Copyrights

Books, periodicals, lectures Recordings and films Pictures Works of art Music, choreography

Why is IP important to Business?

Business property portfolios are changing Considered a mark of innovation Provides a competitive edge Allows a business to reap the full benefit of their IP

Examples of Trade Secret

Cadbury Chocolate Google Mrs. Field's Chocolate Chip Recipe Thomas English Muffins

Example of Design Patent

Coca-Cola Bottle Apple iPhone Statue of Liberty

Which of these are found in the Constitution?

Copyrights & Patents

Victoria's Secret vs. Victor's Little Secret Case

Court rules that while Victoria Secret unquestionably has an interest in protecting its famous name, federal trademark law requires more evidence that a competitor actually caused harm by using a sound-alike or knockoff name

How often do you renew it (trademark)?

Every 5 to 10 years

Fair Use

Exception allowing use or reproduction of copyrighted work

Examples of Trademark

Exhaust Sound of Harley Motorcycles Coca-Cola Bottle Starbucks LOGO

How do you get one (patent)?

File the patent application: first to file instead of first to invent

What do you do with it (patent)?

Manage portfolio and pay maintenance fees

Lanham Act

May be able to obtain injunction or money damages; state or federal court

Factors to be a patent:

Novel Useful Nonobvious Not naturally occurring Can be living First to file has rights to invention Duty to disclose prior art

Example of Copyright

The Eiffel Tower's Nighttime Lighting Becker's CPA Exam Review Software Mike Tyson - Facial Tattoos Happy Birthday to You Song Statue of Liberty

Trade secret

a formula, practice, process, design, instrument, pattern or compilation of information which is not generally known or reasonably ascertainable.

plant patent

any distinct or new variety of plant (asexual reproduction)

Service Mark

distinguishes the source of a service rather than goods.

Copyright

is a form of protection grounded in the U.S. Constitution and granted by law for original works of authorship fixed in a tangible medium of expression. Copyright covers both published and unpublished works. IF an author fixes their work in a tangible medium of expression, the copyright automatically attaches

Trademark

is a word, phrase, symbol or design, or a combination thereof, that identifies and distinguishes the source of the goods of one party from those of others.

Patent

is an IP right granted by the government to an inventor and excludes others from making, using, offering for sale, or selling the invention in the U.S. or importing into the U.S. for a limited time, in exchange for public disclosure.

Design Patent

new, original and ornamental design for an article of manufacture. -1.5k to 2.5k

what does a design patent do?

protects the way an article looks

What is Intellectual Property?

refers to "creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce."

Monitor for infringement

whether the defendant's use creates the likelihood of confusion & weakens value of the mark.

Symbol for registered trademark

®

Symbol if registration for trademark incomplete

™