What Is Intellectual Property? Why Is It Important for Small

question 89

Essay

What is intellectual property? Why is it important for small businesses to care about it? Intellectual property is "a creation of the mind, such as inventions, literary and artistic works, and symbols, names, images, and designs, used in e-commerce." Music, photos, videos, digital news, and artwork are forms of intellectual property that can be transmitted over the Internet. All small businesses need to be concerned about the theft of intellectual property.

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Definitions:

Common Law Doctrine

A legal principle developed through past court decisions rather than through legislative statutes or written laws.

Unconscionability

A condition where a contract or a clause within the contract is so unjust or overwhelmingly one-sided in favor of the party with the power that it is deemed voidable.

Consumer Situations

Scenarios involving the interaction or transaction between individuals purchasing goods or services for personal use and the businesses providing them.

Risk

The possibility of loss, damage, or an adverse outcome from an action or event.