Professional Documents
Culture Documents
CLASS : ( )
CLASS CODE : MGMT300401
STUDENT ID : 2010100290
NAME : DONGCHUL LIM ()
1..Define the following terms: common law, code law, Islamic law, Marxist-socialist tenets, prior
use vs. registration, conciliation, arbitration, and litigation.
Answer :
1) Common law
Seeks interpretation through the past decisions of higher courts which interpret the
same statues
2) Code law
Commercial
Civil
Criminal
3) Islamic law
Islamic law defines a complete system that prescribes specific patterns of social and
economic behavior for all individuals
-
Property rights
Among the unique aspects of Islamic law is the prohibition against the payment of
interest
4) Marxist-socialist tenets
Socialist countries are now more directly involved in trade with non-Marxist countries
-
Prior Use whoever can establish first use is typically considered the rightful owner
Registration the first to register a trademark or other property right is considered the
rightful owner
6) conciliation
7) Arbitration
Conducted under the auspices more formal domestic and international arbitration groups
-
Contracts and other legal documents should include clauses specifying the use of
arbitration to settle disputes
To arbitrate in the case of a dispute according to the rules and procedures of some
arbitration tribunal
8) Litigation
Deterrents to litigation
-
The relatively high cost and time required when bringing legal action
Loss of confidentiality
2. What are intellectual property rights? Why should a firm in international marketing take special
steps to protect them?
Answer :
Intellectual property rights are the legally recognized exclusive rights to creations of the mind.
Companies spend millions of dollars establishing brand names or trademarks to symbolize quality,
and design a host of other product features meant to entice customers to buy their brands to the
exclusion of all others. Millions more are spent on research to develop products, processes, designs,
and formulas that provide companies with advantages over their competitors. Such intellectual or
industrial properties are among the more valuable assets a company may possess.
Normally, property rights can be legally protected to prevent other companies from infringing on such
assets. Companies must, however, keep a constant vigil against piracy and counterfeiting. Moreover,
with increasing frequency companies are developing new technologies to prevent piracy, but
counterfeiters are relentless in their criticism of and technological attacks on even the most
sophisticated security measures.