Risk Arising in Tangible Property and Intellectual Property
A business can own three types of business property: a) Tangible property; b) Intellectual property; and, c) Real property (Jennings, 2006). In this paper, I will define tangible property and intellectual property. I will outline the different types of intellectual property. I will discuss the factual and historical background of the copyright infringement case of Recording Industry of Association of America (RIAA) against Jammie Thomas-Rasset. I will discuss the legal issues in dispute, the legal process used and, the relevant legal principles. In addition, I will enumerate the implications of copyright infringement and strategies to avoid infringement claim. Tangible Property
According to Jennings (2006), tangible property is the type of property that we can see and touch. Tangible properties are classified as real and personal property. There are specific laws governing tangible property, laws that protect against theft and remedies if someone harms or destroys that property. Intellectual Property
The United States Patent and Trademark Office (2006) website defined intellectual property as creations of the mind, creative works or ideas embodied in a form that can be shared or can enable others to recreate, emulate, or manufacture. The law recognizes the right to own and to control intellectual property. There are four recognized types of intellectual rights: copyrights, trademarks, patents, and trade secrets.
Copyrights protect works of authorship, such as writings, music, and works of art that have been tangibly expressed. The Library of Congress registers copyrights which last the life of the author plus 50 years (United States Patent and Trademark Office, 2006). Trademarks
Trademarks protect words, names, symbols, sounds, or colors that distinguish goods and services. Trademarks, unlike patents, can be renewed forever as long as they are being used in...
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