Examlex
Through an IP audit, a company discovers that it is no longer using two trademarks and two utility patents. What might or should the company do?
Defective
Pertaining to a lack of perfection, flaws, or deficiencies in a product, service, or legal document that impair its quality, functionality, or legality.
Security Interest
Any interest “in personal property or fixtures which secures payment or performance of an obligation” [UCC 1–201(37)].
Repossesses
The act of taking back an item, typically a vehicle or property, when the buyer fails to make the required payments.
Breach of Warranty
The failure to fulfill the terms of a promise or assurance, typically regarding the quality, condition, or performance of a product or service.
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