Read the Case Law text box on page 392 of the textbook and answer the questions.
ID: 358541 • Letter: R
Question
Read the Case Law text box on page 392 of the textbook and answer the questions.
Questions
What rights should be protected and in what way? (4 marks)
sale, payment, and po CASE LAW A property owner mortgaged his property to a trust company but shortly thereafter found himself in financial difficulty, and the mortgage fell into arrears. When it became clear that the mortgagor was not in a position to put the mortgage in good standing, the mortgagee put the property up for sale under the power of sale. The mortgagee obtained an appraisal of the property that indicated its value was between $190,000 and $210,000. The property was then adver- tised for sale under the power of sale, and a prospec- tive purchaser offered to purchase the property for willing to pay $210,000 for the property, but the mort- gagor prevented him from accepting the offer. The mortgagee sold the property over the objection of the mortgagor. The mortgagor instituted legal proceedings against the mortgagee on the basis that it owed a duty to obtain a price that reflected the true value of the property. The court agreed with the mortgagor. The court concluded that the mortgagee had a duty to ensure that the best possible price was obtained for the prop erty and awarded the mortgagor $25,000 dam being the difference between the sale price ano market value. $185,000. The mortgagee immediately accepted the offer. The mortgagor, however, had found a purchaser Steine v. Victoria & Grey Trust Co. (1985), 14 D.LR. (4th) 193.Explanation / Answer
What is Intellectual Property?
Intellectual property is the area of law that deals with protecting the rights of those who create original works. It covers everything from original plays and novels to inventions and company identification marks. The purpose of intellectual property laws are to encourage new technologies, artistic expressions and inventions while promoting economic growth. When individuals know that their creative work will be protected and that they can benefit from their labor, they are more likely to continue to produce things that create jobs, develop new technology, make processes more efficient, and create beauty in the world around us.
There are three main mechanisms for protecting intellectual property in the United States: copyrights, patents and trademarks.
Copyrights
Copyrights protect the expressive arts. They give owners exclusive rights to reproduce their work, publicly display or perform their work, and create derivative works. Additionally, owners are given economic rights to financially benefit from their work and prohibit others from doing so without their permission. It is important to realize that copyrights do not protect ideas, only how they're expressed.
Patents
Patents protect an invention from being made, sold or used by others for a certain period of time. There are three different types of patents in the United States:
Inventors may not assume that their creation is patented unless they apply and are approved for a patent by the US Patent and Trademark Office. This process can be complex and time consuming. It is a good idea to hire an intellectual property attorney to make sure you file the appropriate paperwork and get the patent you need to protect your invention and make it profitable.
Trademarks
Trademarks protect the names and identifying marks of products and companies. The purpose of trademarks is to make it easy for consumers to distinguish competitors from each other. Trademarks are automatically assumed once a business begins using a certain mark to identify its company, and may use the symbol TM without filing their symbol or name with the government.
There are strict laws in place to protect intellectual property rights. When intellectual property rights are violated, it is important to hire an intellectual property lawyer. An experienced attorney can help you sue for damages that include lost royalties. If your case is successful, the person who violated your intellectual property rights may be required to pay for all of your legal fees in addition to compensating you for using your work without your permission.
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