© 2006 Pearson Education, Upper Saddle River, NJ, All Rights Reserved.Hames/Ekern: Introduction to Law, 3 rd edition Chapter Ten Business Practice: Contract Law and Property Law

© 2006 Pearson Education, Upper Saddle River, NJ, All Rights Reserved.Hames/Ekern: Introduction to Law, 3 rd edition Contract Law Laws regarding contracts, or agreements between parties, are among the oldest laws we have. These laws originated in English common law.

© 2006 Pearson Education, Upper Saddle River, NJ, All Rights Reserved.Hames/Ekern: Introduction to Law, 3 rd edition Elements of a Contract Mutual Consent Consideration Capable Parties Legal Subject Matter

© 2006 Pearson Education, Upper Saddle River, NJ, All Rights Reserved.Hames/Ekern: Introduction to Law, 3 rd edition Legal Principles Affecting the Validity and Enforceability of a Contract 1. Statute of Frauds 2. Special Legislative Requirements 3.Parol Evidence Rule 3.Quasi Contract 4.Promissory Estoppel/ 5.Detrimental Reliance

© 2006 Pearson Education, Upper Saddle River, NJ, All Rights Reserved.Hames/Ekern: Introduction to Law, 3 rd edition Breach of Contract Breach of contract is the failure of one party to a contract to perform his or her obligations under the contract.

© 2006 Pearson Education, Upper Saddle River, NJ, All Rights Reserved.Hames/Ekern: Introduction to Law, 3 rd edition Ownership Interests in Real Property Fee Simple Life Estate Joint Tenancy Tenants in Common Community Property

© 2006 Pearson Education, Upper Saddle River, NJ, All Rights Reserved.Hames/Ekern: Introduction to Law, 3 rd edition Non-Ownership Interests in Real Property Easement Mortgage Foreclosure Deed of Trust Tenancy

© 2006 Pearson Education, Upper Saddle River, NJ, All Rights Reserved.Hames/Ekern: Introduction to Law, 3 rd edition Intellectual Property Copyrights Patents Trademarks Trade Secrets

© 2006 Pearson Education, Upper Saddle River, NJ, All Rights Reserved.Hames/Ekern: Introduction to Law, 3 rd edition I.P.Work ProtectedWorks Not ProtectedHow Protection is created Term of Protection CopyrightOriginal works of authorship, e.g., Books, movies, music, software Works not in tangible form; Titles, General information Automatically, when work created in “fixed” way; Filing with U.S. Copyright Office Author’s life plus 70 years; Works for hire, anonymous works- the shorter of 95 years from publication or 120 years from creation, PatentNew and useful invention Laws of nature, physical phenomena, abstract ideas File patent application with U.S. Patent and Trademark Office 20 years from filing of application TrademarkWords, pictures, symbols or designs that identify a specific product Words that just “describe” the product Use the trademark or file with the U.S. Patent and Trademark Office; State protection is also offered Indefinitely, if continuously used; federal registration must be renewed every 10 years. Trade SecretsConfidential information regarding a business or product Information that has been disclosed Keeping the information confidential Indefinitely, if kept confidential INTELLECTUAL PROPERTY SUMMARY