Chapter Ten
Contract, Real Property, Intellectual
Property and Employment Law
Contract Law
Laws regarding contracts, or agreements
between parties, are among the oldest
laws we have.
These laws originated in English common
law.
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Elements of a Contract

Mutual Consent

Consideration

Capable Parties

Legal Subject Matter
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Legal Principles Affecting the Validity and
Enforceability of a Contract
1. Statute of Frauds
2. Special Legislative
Requirements
3.Parol Evidence Rule
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4.Quasi
Contract
5.Promissory
Estoppel/
6.Detrimental
Reliance
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Breach of Contract
Breach of contract is the failure of
one party to a contract to perform
his or her obligations under the
contract.
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Upper Saddle River, NJ 07458. • All Rights Reserved.
Ownership Interests in Real Property





Fee Simple
Life Estate
Joint Tenancy
Tenants in Common
Community Property
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© 2010 Pearson Higher Education,
Upper Saddle River, NJ 07458. • All Rights Reserved.
Non-Ownership Interests in
Real Property

Easement

Mortgage

Foreclosure

Deed of Trust

Tenancy
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Upper Saddle River, NJ 07458. • All Rights Reserved.
Intellectual Property




Copyrights
Patents
Trademarks
Trade Secrets
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© 2010 Pearson Higher Education,
Upper Saddle River, NJ 07458. • All Rights Reserved.
INTELLECTUAL PROPERTY SUMMARY
I.P.
Work Protected
Works Not Protected
How Protection is
created
Term of Protection
Copyright
Original works of
authorship, e.g. ,
Books, movies, music,
software
Works not in tangible
form;
Titles, General
information
Automatically, when
work created in
“fixed” way;
Filing with U.S.
Copyright Office
Author’s life plus 70
years;
Works for hire,
anonymous works- the
shorter of 95 years
from publication or
120 years from
creation,
Patent
New and useful
invention
Laws of nature,
physical phenomena,
abstract ideas
File patent application
with U.S. Patent and
Trademark Office
20 years from filing of
application
Trademark
Words, pictures,
symbols or designs
that identify a specific
product
Words that just
“describe” the product
Use the trademark or
file with the U.S.
Patent and Trademark
Office; State
protection is also
offered
Indefinitely, if
continuously used;
federal registration
must be renewed
every 10 years.
Trade Secrets
Confidential
information regarding
a business or product
Information that has
been disclosed
Keeping the
information
confidential
Indefinitely, if kept
confidential
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© 2010 Pearson Higher Education,
Upper Saddle River, NJ 07458. • All Rights Reserved.