BLS 342 Final Exam Questions with Correct Answers Latest Update

BLS 342 Final Exam Questions with Correct Answers Latest Update Intellectual Property (IP) - Answers property that comes from creativity Trade Secret - Answers A process, product, method of operation, or compilation of information that provides a competitive advantage. Also includes inventions or designs. Everything applies unless decided otherwise. how to protect trade secrets - Answers Protected by common law from unlawful appropriation by competitors as long as it is kept secret and consists of elements not generally known in the trade. Cannot be reverse engineered! Methods of protecting trade secrets - Answers reasonable efforts, building security, limited number of people who know, NDAs how long are trade secrets protected? - Answers indefinitely purpose of trade secret law - Answers protect businesses from having their valuable secrets stolen by competitors Trade Dress - Answers The overall appearance and image of a product or company. Nonfunctional and distinctive. Trade Dress protection/law - Answers Same as Trademark, may also use patent aspects for packaging. Patent - Answers Protection that grants the holder the exclusive right to produce, sell, and use the object. Protects products, inventions, processes, machines, or plants produced by asexual reproduction Patent criteria - Answers Novel, useful, non-obvious How are patents protected - Answers Submit an application to the US PTO and make info public How long are patents protected? - Answers 20 years Purpose of patent law - Answers To allow inventions in the public domain after the limited period of legal property right. Encourges people to spend time on research and development. Copyright - Answers Protects creative endeavors in fixed forms (expression of creative ideas) Elements of a copyright - Answers fixed form, original, creative How are copyrights protected? - Answers Register them and send to the US Library of Congress - does not need to be officially registered. Need to label with author and date when placed into the public sphere to alert of ownership. How long are copyrights protected? - Answers life of creator plus 70 years purpose of copyright law - Answers to benefit the public by promoting the progress of science and useful arts Trademark - Answers A distinctive mark, word, design, picture, or arrangement that is used by a producer in conjunction with a product and tends to cause consumers to identify the product with the producer. How are trademarks protected - Answers Register with the US PTO to be protected under common law. How long are trademarks protected? - Answers renewed in the 5th and 6th year, and then every 10 years thereafter (depends on specifics). Renewable indefinitely. purpose of trademark law - Answers To protect the owner of a mark and to prevent others from using the mark in a way that will cause consumer confusion. Principal - Answers The party that hires and agent to act on their behalf (the employer) Agent - Answers a person who acts or does business for another (employee) Agency - Answers The fiduciary relationship that arises when one person consents to have another act on their behalf and subject to their control and the other consents to do so. Fiduciary and Fiduciary Duty - Answers The agent must act in the best interest of the principal rather than acting according to their own self-interest. Advantages of being classified as an employee rather than an independent contractor: - Answers Safety requirements for employees (OSHA) Discrimination protection Right to collectively bargain (Unionize) Entitled to benefits (such as workers comp and FMLA leave) Subject to minimum wage and overtime Advantage of being an independent contractor rather than an employee: - Answers Autonomy over their work What factors will the court look at to determine if a worker is an employee or an independent contractor? - Answers - Does the worker find their own business? - Is work done under the supervision of an employer?