Chapter 10

Chapter 10 - Legal Studies Chapter 10 Intellectual Property...

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Legal Studies Chapter 10 02/18/09 Intellectual Property in the Property System Intellectual Property - A type of property in information and its application or expression. (Trade secrets, patents, trademarks, and copyrights) Congress protects intellectual property, Article 1, Section 8, of the Constitution which grants Congress the power, “to promote the Progress of Science (New things and new ways of doing things) and Useful Arts (Business and trade), by securing for limited Times to Authors and Inventors the exclusive Rights to their respective Writings and Discoveries.” The Constitution recognizes that exclusive property boundaries promote, or give incentive to, the business production of what people need and want And if there were no intellectual property in new invention, then most likely the pace of creative research For if there was no intellectual property a company that has to pay for the R&D as well as the cost of production/distribution and try to make a profit are at a complete disadvantage for someone can quickly copy their new invention without having to pay for the Knowledge Assets - Is knowledge about how to make things, how to do things, where to get things, how to sell things, how to buy things, and how to manage people Law applies the exclusive right of property to both tangible and intangible resources, most intangibles are knowledge-based assets… Employee skills and talents Production designs, inventions, and technologies Processes and methods of business operation Reports, manuals, and databases Relationships with customers and suppliers Software New product or service research Marketing plans The boundaries of property often do not apply automatically to protect ownership of these intangible resources. You must assert property in order to protect the time, effort, and money spent in developing knowledge and transforming it into valuable intangible assets Trade Secret - Any form of knowledge or information (1) that the owner (usually a business owner) has taken reasonable measures to keep secret and (2) that has economic value from not being known to the public. To keeping trade secrets you have to… 1
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Legal Studies Chapter 10 02/18/09 Intellectual Property in the Property System 1. Identify knowledge-based resources, and conduct a trade secret audit , which simply lists all the valuable forms of information possessed by the business (formulas, plans, reports, manuals, research, and knowledge of customers and suppliers) 2. Assert its property by preserving secrecy such as locking away written plans, using firewalls and an internal network, as well as carefully regulating who can visit the business and what areas of the business visitors can see 3. Take measures to protect trade secrets from employees, for employers usually require employees to sign confidentiality contracts promising not to disclose what they learn in
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Chapter 10 - Legal Studies Chapter 10 Intellectual Property...

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