Unit 2 Assignment
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LS311 Business Law
Unit 2 Assignment
Student Name: Travis Anthony
Date: April 30, 2024
2
MEMORANDUM
Date: April 30, 2024
To: Miguel Rodriguez
From: Travis Anthony
Re: Protecting iHiker Intellectual Property
Introduction
Your intellectual property is a valuable intangible asset that should be protected to enhance your competitive advantage in the marketplace. (Protect Your Intellectual Property, n.d.). Major forms of intellectual property include copyrights, trademarks, and trade secrets. These rights are crucial for maintaining a competitive edge in the
market, enabling firms to generate indirect revenues, share technical knowledge, secure financing, and assure the safety and quality of their products. Therefore, it is
essential for companies to employ various methods to effectively protect their intellectual property, such as safeguarding trade secrets through password protection and software encryption, as well as registering software. Copyrights
Registering software with the United States Copyright Office is a fundamental practice for protecting a company's intellectual property rights. This process allows the company to establish a public record of ownership over the developed software,
granting it the ability to pursue litigation against any instances of infringement. Also, software registration provides the company with the opportunity to recover attorney fees and statutory damages in cases of infringement, further reinforcing its
intellectual property rights.
Trademarks
3
Trademarks, which include distinctive names, symbols, or images used to identify a business's products and services, grant exclusive rights to the business. One effective method for safeguarding intellectual property is to apply for a registered trademark containing the company's
name with the United States Patent and Trademark Office. This registration gives the company exclusive rights to use its name in connection with the registered products and services, allowing it to prevent other entities from using its name to attract customers. Furthermore, registering a trademark deters potential infringers, providing additional protection against litigation.
Trade Secrets
Trade secrets refer to confidential information owned by a business that provides it with a competitive advantage in the market. Protecting trade secrets through password protection and software encryption is crucial for safeguarding a company's intellectual property. Trade secrets often comprise undisclosed company data that gives the company a competitive edge. The unauthorized acquisition, use or disclosure of such secret information in a manner contrary to honest commercial practices by others is regarded as an unfair practice and a violation of the trade secret protection. (What is Intellectual Property, n.d.). Therefore, safeguarding this information is vital to prevent competitors from accessing it, which could lead to a loss of market
share, customers, and revenue.
Conclusion
The application of trademarks, trade secrets, and copyrights plays a significant role in safeguarding a company's intellectual property. By employing these strategies, a company can maintain a competitive advantage in the market and prevent
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