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Chapter 10 Terms
Test 1
14
Law
Undergraduate 3
10/06/2008

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Term
Adverse Possession
Definition
Property ownership acquired through open, notorious, actual, exclusive, continuous, and wrongful possession of land for a statutorily prescribed period of time.
Term
Copyright
Definition
(Like a patent) Gives those who have this property a monopoly over copying and marketing for a limited period of time. Copyright deals with EXPRESSION rather than invention. Started with the invention of the printing press.
Term
Eminent Domain
Definition
The governmental power to take private property for "public use" upon the payment of "just compensation."
Term
Intellectual Property
Definition
Includes the application of property in the areas of trade secrets, patents, trademarks, and copyrights. It represents protection of some of the most valuable resources that businesses possess, yet it is relatively easy to deprive a business of its intellectual property merely by copying and selling or using a protected resource.
Term
Natural Law
Definition
It goes beyond the law of government- reflects the minds of those philosophers- something very basic and universal in itself. Refers to the view that certain principles reflect something basic and universal in nature itself.
Term
Patent
Definition
Is a specific legal monopoly in the intangible resource of copying and marketing a new invention. The constitution authorizes Congress to create patents, and Congress has to pass numerous laws affecting exclusive patent right, which, of course, is property. (Ideas themselves are not patentable, only invention that applies new ideas is patentable).
Term
Private Nuisance
Definition
An unreasonable use of one's land that causes substantial interference with the use or enjoyment of another's land. Often involve ongoing noise, odor problems, and health risks coming from someone's use of land.
Term
Property
Definition
Anything that you hold private.
Term
Trade Dress
Definition
Refers to a colored design or shape associated with a product of service.
Term
Trademark
Definition
Form of intellectual property. When they indicate a specific producer, the law protects them against use by others.
Term
Trademark
Definition
Form of intellectual property. When they indicate a specific producer, the law protects them against use by others.
Term
Trademark Dilution
Definition
Law prohibits you from using a mark the same or similar to another's "famous" trademark so as to dilute its significance, reputation, and goodwill.
Term
Trade Secret
Definition
Any form of knowledge or information that the owner (usually a business owner) has taken reasonable measures to keep secret and that has economic value from not being known to the public. Its audits help you identify the valuable information that a business produces.
Term
Zoning Ordinance
Definition
Generally laws that divide counties or municipalities into districts designated residential, commercial, or industrial. The real function of zoning is to protect your land value from some land use by your neighbor that would reduce your land value.
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