Prove that 3n<n! if n is an integer greater than 6.
2/23/16 CHAPTER 8 – Intellectual Property Rights Important things – trademarks, patents, copyrights, trade dress, and trade secrets Intellectual property – a property that results from the intellectual and creative process of a person, company, or business Although ideas are intangible, they are some of the most important assets if companies and therefore need to be protected Trademark – a distinctive work, symbol, sound, or design that identifies the manufacturer as the source of particular goods and distinguishes its products from those made or sold by others o By using another’s trademark, a business could lead consumers to believe that its goods were made by the other company o Protection for a symbol 2/25/16 Trade dress – refers to the image and appearance of a product o Protected to the same degree as a trademark Trade secrets – anything that makes an individual company unique and would have value to a competitor o Ex. customer lists, marketing techniques, production methods Patent – gives an inventor the exclusive right to make and sell a product for 20 years o Patents for designs are 14 years o The America invents act – the first person to file an application receives protection Copyrights – a property right granted to the author/originator of certain literary or artistic productions o Protection is automatic o Infringement – occurs whenever the form or expression of an idea is copies o The reproduction does not have to be exactly the same as the original 3/01/16 CHAPTER 10 Contract (K) – involves an offer, acceptance, and consideration for the breach of which the law provides a remedy important o Elements: must have all Agreement: offer + acceptance Consideration – something of value must be received or promised Capacity – both parties must be competent to enter a contract Legality – the contract’s purpose must be legal Genuine consent (voluntary) Form – some must be put in writing Fair price is not an element o Bilateral – a promise for a promise o Unilateral – a promise for a fact o Formal – must be in a specified format to be enforceable o Informal – no special format is required o Express – formed by words o Implied – formed by the conduct of the parties o If the word ends in “or” the person made the contract o If the word ends in “ee” the person accepts the contract Ex. Mortgagor is the person who needs the money, mortgagee is the person lending it o Contracts can be for services, real property (reality, real estate, land), or personal property 3/03/16 Agreement – requires an offer and acceptance o Offeror – the one who makes the offer (revoke) o Offeree – the one to whom the offer is made (reject) o Requirements – intention to create a contract, reasonably certain terms, communication o Option contract – hold the offer open for a specific period of time in exchange for consideration Minors: can enter into contracts, but they are avoidable at the minor’s request (disaffirmance) Contracts contrary to statute: o Contracts to commit a crime o Usury – charging an illegal interest rate IMPORTANT o Gambling o Incensing statutes Contracts contrary to public policy: o Contracts in restraint of trade o Unconscious contracts – enforcement would be unduly unfair o Exculpatory clauses 3/15/16 Form: o Under the statute of frauds, certain contracts must be in writing Contracts involving land Contracts that cannot be performed within one year and one ay of execution Contracts to answer the debts of another Promises in consideration of marriage Contracts for the sale of goods $500 or more Marriage, Year, Land, Executor contracts (guaranty), Goods over $500 – MYLEG o Exceptions: Confirmations, Admissions, Part performance (started to perform contract), Promissory Estoppel – detrimental reliance, Specially made goods (CAPPS) 3/17/16 CHAPTER 11 – Contract Performance, Breach, and Remedies Voluntary consent – lack of consent can be a defense to enforceability – contracts can be voided if there was no consent Mistakes of fact: o Bilateral – either party can rescind the contract o Unilateral – a mistake regarding a material fact, the person must have known or should have known about the error Fraudulent Misrepresentation – a misrepresentation of material fact occurred o An intent to deceive o The innocent party justifiably relied on misrepresentation o The party was harmed as a result of the misrepresentation Parties can transfer contract rights to a third party: o Delegation – transferring duties to another o Assignment – transferring rights to another Assignments: o Assignor – assigns the rights o Assignee – receives the rights o The assignee can demand performance from the original contracting party o All rights can be assigned unless: The assignment is prohibited by statute The contract is personal It significantly changes the risk or duties of the obligation The contract prohibits assignment Delegations: o Parties: Delegator – delegates the duties Delegatee – receives the delegation If the delegate doesn’t perform, the delegator is obligated to do so Third Party Rights: o Beneficiaries: when the original parties contract to benefit a third person, that person is an intended third party beneficiary o Intended beneficiary – has legal rights and can sue the promisor for breaching the contract Discharge – the termination of the contract obligation o Occurs when the parties have fully performed their contractual obligations Anticipatory repudiation – when one person asserts that they will not be fulfilling their end of the contract – this is treated as a material breach o The other party can immediately sue for damages Types of damages: IMPORTANT o Compensatory – direct losses and costs o Consequential – indirect and foreseeable losses o Punitive – to punish and deter wrongdoing o Nominal – to recognize wrongdoing when no monetary loss is shown 3/22/16 Mitigation of damages – when a breach occurs, the non-breaching party has a duty to reduce damages Liquidated damages – specific amount agreed to be paid as damages in the event of future breach Penalty – designed to penalize, generally unenforceable CHAPTER 12 – The Uniform Commercial Code Uniform commercial code (UCC) – a set of rules that a group of business scholars assembled which provides the rules involving goods/personal property o Allows parties to form contracts more easily than the common law o Applies to personal transactions Applies to all states!!! Article 2 – covers sales (of goods) Article 2A – covers leases (of goods) Merchant – a person/company that holds itself out by occupation by having knowledge or skill unique to the transaction o Can be a seller or buyer Consumers – a person without strong knowledge/skill to the transaction o Can be a seller or buyer The provision that cannot be left open in a contract – quantity All contracts DO NOT have to be in writing to be enforceable under the UCC o Sales of goods under $500 do not have to be in writing