What Is Intellectual Property Law and What Is the Main Purpose of It

Two well-known examples are Coca-Cola`s recipe and Google`s search algorithm. Although a patent is public, trade secrets are not accessible to anyone other than the owner. Your first-year law courses will introduce you to the fundamental principles of law required for each area of intellectual property law. In your second or third year, you will get to know trade associations, which will help you understand the organizational structures and needs of future IP clients. Most law schools, including The St. Francis School of Law, offer elective courses that teach legal skills and offer practical exercises in intellectual property courses. Intellectual property rights are the rights granted to people over the creation of their mind. They usually give the author an exclusive right to use his creation for a certain period of time. The arguments justifying intellectual property fall into three main categories.

Personality theorists believe that intellectual property is an extension of an individual. Utilitarians believe that intellectual property stimulates social progress and pushes people to innovate more. Lockeans argues that intellectual property is justified on the basis of merit and hard work. [53] Intellectual property lawyers enjoy considerable work, even in times of economic downturn. Pi is of great value to companies because executives protect their assets regardless of a downturn or other financial disruption. Since granted patents require a higher level of knowledge, these positions are more in demand and tend to be financially lucrative. Intellectual property (IP) is an idea – an intangible asset – and patents, copyrights and trademarks are legal forms of intellectual property. That is, types of intellectual property that meet the legal criteria may be protected by law. Whether it is physical or intangible asset, the key to value creation is the ability to control access or use. The objective of intellectual property law is to create a framework that encourages value creation – in particular the development of new ideas and inventions – while allowing the public access to the good or service.

As we will see in this section, patents, copyrights and trademarks protect various types of intellectual property. The abridged version: A patent protects an invention; A copyright protects an original work of art or authorship, and a trademark generally protects brand names and logos. [1] Lawyers involved in the protection of intellectual property complete the processes involved in obtaining the highest rights available. This includes preparing and submitting an application to the United States Patent and Trademark Office (PTO). Lawyers also respond to problems or requests from the agency until the patent or trademark is released and granted A design right (sometimes referred to as a „design right“ or design patent) protects the visual design of objects that are not purely utilitarian. An industrial design consists of the creation of a shape, configuration or composition of pattern or color or a combination of pattern and color in three-dimensional form having aesthetic value. An industrial design can be a two-dimensional or three-dimensional pattern used to make a product, industrial product, or craft. In general, this is what makes a product attractive and, as such, it increases the commercial value of the goods.

[32] The argument that an intellectual property right (in order to better balance relevant private and public interests) should be called an intellectual monopoly privilege (IMP) has been advanced by several researchers, including Birgitte Andersen[84] and Thomas Alured Faunce. [85] Lawyers who advise clients find the best way to protect intellectual property and help their clients obtain and use licenses. For example, executives hire lawyers to research the availability of trademarks. If a similar brand already exists, lawyers help executives decide whether to change their design or abandon it altogether. [I]magine the time when men lived in caves. A smart guy – let`s call him Galt-Magnon – decides to build a log cabin in an open field near his crop. Of course, this is a good idea, and others notice it. They naturally imitate Galt-Magnon and begin to build their own huts. But the first man to invent a house would have the right, according to intellectual property advocates, to prevent others from building houses on their own land with their own tree trunks, or from charging them a fee when they build houses. It is obvious that the innovator in these examples becomes a partial owner of the material property (e.B. Land and tree trunks) is different, not because of the first occupation and use of that property (because it is already in possession), but because of its brainstorming. This rule is clearly in contradiction with the first user homesteading rule, which arbitrarily and unjustifiably prevails over the homesteading rule that underpins all property rights.

[101] Property rights are one of the factors that economists call the „rules of the game,“ or institutions that incentivize individuals and firms not only to develop the goods and services they invent, but also to continually improve them. And as our discussion will show, the aspect of further development is rooted in intellectual property law. Libertarians have different views on intellectual property. [Citation needed] Stephan Kinsella, anarcho-capitalist to the right of libertarianism,[100] argues against intellectual property because the granting of property rights over ideas and information creates an artificial scarcity and violates the right to property of material property. Kinsella uses the following scenario to argue this point: Assuming that intellectual property rights are real rights, Stallman says that this claim does not correspond to the historical intentions behind these laws, which in the case of copyright served as a censorship system and later as a regulatory model for printing, which the authors may have benefited from on the side. but never interfered with the freedom of the average reader. [74] He still refers to copyright and cites legal literature such as the U.S. Constitution and jurisprudence to show that the law is intended to be an optional and experimental trade aimed at temporarily exchanging property rights and freedom of expression for public, not private, benefits in the form of increased artistic production and knowledge. It states that „if copyright were a natural right, there could be no justification for terminating that right after a certain period of time“. [75] The misappropriation of trade secrets is different from violations of other intellectual property laws in that trade secrets are by definition secret, while patents and registered copyrights and trademarks are publicly available. In the United States, trade secrets are protected by state law, and states have passed the Uniform Trade Secrets Act almost everywhere.

The United States also has a federal law in the form of the Industrial Espionage Act of 1996 (18 U.S.C§ §§ 1831-1839), which makes the theft or misappropriation of a trade secret a federal crime. This law contains two provisions that criminalize two types of activities. The first, 18 U.S.C§ 1831(a), criminalizes the theft of trade secrets from foreign powers. The second, 18 U.S.C§ 1832, criminalizes their theft for commercial or economic purposes. .