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Chapter 5
For each assignment, you should define or describe each of the Key Words and Phrases and answer each
of the Review and Application Questions.
Educational Objective 1
Describe the nature of and types of intellectual property protection.
Key Words and Phrases
Intellectual property
Infringement
Review Questions
1-1. Identify the source of intellectual property’s value.
1-2. Identify the method intellectual property owners historically have used to enforce their rights.
1-3. Explain the significance of the Paris Convention to intellectual property rights.
1-4. Identify the intent of a trademark.
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1-5. Define trade secret.
Educational Objective 2
Describe the features of copyrights and risk control measures for copyright loss exposures.
Key Words and Phrases
Work for hire
Laches
Review Questions
2-1. Identify the three important features of copyright.
2-2. Identify the three criteria a work must meet to be considered copyrighted.
2-3. Explain the importance of determining whether an organization or an organization’s employee
owns the copyright on a work the employee creates.
Chapter 5
2-4. Identify examples of risk control measures that can be used for copyright loss exposures.
2-5. Identify two benefits associated with registering a copyright.
2-6. Define restrictive covenant.
Educational Objective 3
Describe the features of trademarks and risk control measures for trademark loss exposures.
Key Words and Phrases
Servicemark
Trade dress
Review Questions
3-1. Identify the purpose of a trademark.
3-2. Identify three important features shared by trademarks, servicemarks, and trade dress.
Chapter 5
3-3. Identify the characteristic of an arbitrary mark that makes it memorable.
3-4. Define fanciful mark.
3-5. Identify risk control measures that may be used for trademark and servicemark loss exposures.
Educational Objective 4
Describe the features of patents and risk control measures for patent loss exposures.
Review Questions
4-1. Identify the three types of patents.
4-2. Identify the three characteristics that an invention must have to be eligible for a patent in the
United States.
4-3. Explain the role of monitoring firms in the patent application process.
4-4. Identify the risk control measures that can be used for patent loss exposures.
Chapter 5
Application Question
4-5. An organization’s management determines that its intellectual property may be vulnerable to theft
in the absence of an employment contract that addresses the topic. Describe the elements the contract
should include to insure that the organization’s employees cannot infringe on its intellectual property.
Educational Objective 5
Describe the features of trade secrets and risk control methods for trade secret loss exposures.
Key Word or Phrase
Reverse engineering
Review Questions
5-1. Identify the most obvious loss exposure associated with trade secrets.
5-2. Identify the starting point courts use to determine whether an invention, idea, or process qualifies
as a trade secret.
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5-3. Identify the questions courts answer to determine trade secret status.
5-4. Identify the risk control measures that can be used to ensure information confidentiality.
Educational Objective 6
Describe the importance of and methods for valuing intellectual property.
Review Questions
6-1. Identify examples of methods organizations can use to safeguard some of their intellectual
property.
6-2. Identify why protecting all of an organization’s intellectual property is challenging.
6-3. Explain the importance of accurately valued intellectual property in a situation in which an
organization is faced with unauthorized use of its intellectual property.
6-4. Describe the most frequently used intellectual property valuation methodologies.
Chapter 5
Educational Objective 7
Describe each of the following with regard to reputation risk:
•
Reputation as a key asset
•
Key risk sources
•
Systemic approach to managing reputation risk
•
Implementation of risk management for reputation risk
Key Word or Phrase
Reputation
Review Questions
7-1. Define reputation in the context of reputation risk.
7-2. Identify why reputation is a key asset to an organization.
7-3. Identify examples of external stakeholders.
7-4. Identify examples of organizational risks that can threaten reputation as a key asset.
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7-5. Summarize the systemic approach to managing reputation risk.
7-6. Identify the three risk management principles that an organization must follow to implement risk
management for risk to reputation.
Review Questions
1-1. Identify the categories of the major bases of legal and regulatory risk.
1-2. Distinguish between criminal law and civil law.
1-3. List the three categories of wrongful acts that constitute torts.
1-4. Explain how legal liability can arise from contracts.
1-5. Describe the requirements of agreement for an enforceable contract.
1-6. Explain how statutes modify the duties that organizations owe to others.
Application Question
1-7. Snowplow Operator clears one foot of snow from the parking lot of Office Building without being
asked to do so. Snowplow Operator submits an invoice, which Office Building refuses to pay.
a. Describe the elements of an enforceable contract.
b. Explain which element of an enforceable contract is missing for Snowplow Operator.
2-1. Identify the consequences of criminal acts.
2-2. Identify the two types of monetary damages that may be awarded in a civil suit.
2-3. Explain why defense costs can be the most expensive loss for an organization.
2-4. Describe the use of an injunction in a civil suit.
3-1. Identify the ways to treat the negative aspects of legal and regulatory risk.
3-2. Describe the circumstances for which avoidance may be used as a risk treatment technique.
3-3. List the clauses that can be added to contracts to remove or limit liability.
3-4. Explain how unilateral notices can limit the likelihood of tort liability.
3-5. Explain how hazard control can be used to modify the likelihood of legal risk.
3-6. Describe the risk control areas a risk management professional should be concerned about for
premises and operations risk exposures.
3-7. Describe the measures to reduce the likelihood of contractual liability.
3-8. Explain how a corporate code of conduct reduces the likelihood of statutory liability.
3-9. Identify the five defenses that are widely used in the litigation process.
3-10. Explain how participating in settlement negotiation can modify the consequences
of tort liability.
3-11. Describe a defense used by organizations to modify the consequences of
statutory liability.
3-12. Alderton Trampoline Company (Alderton) makes trampolines for residential use.
What risk control measures might Alderton use for its products?
3-13. Waxton Road Building Contractor (Waxton) wants a bonus that rewards rapid
completion included in its contract with the highway department. In addition to the
bonus provision, explain how might the highway department further encourage
Waxton to be on time?
4-1. Identify the two major legal systems.
4-2. Name the three stages of a typical civil-law case.
4-3. Describe the common-law legal system.
5-1. Contrast public and private international law.
5-2. Define comity, as it relates to private international law.
5-3. Explain the three areas of jurisdiction that courts in international cases must determine before
presiding over a particular case.
6-1. The premises and operations liability exposure relates to liability for bodily injury or
property damage caused by accidents arising from two sets of circumstances. Describe them.
6-2. Name the three elements a plaintiff must prove in order to recover in a products
liability suit based on strict liability in tort.
6-3. Briefly describe common law and statutory law approaches to imposing auto
liability solely on the basis of auto ownership.
6-4. Explain what a plaintiff must show to establish an auto owner’s liability for
negligent entrustment.
6-5. Explain how under an auto no-fault law, a verbal threshold differs from a
monetary damages threshold.
6-6. Describe the situations in which an employer might be sued by an employee (or family members of
an employee) for work-related injury.
7-1. The risk manager for a chain of grocery stores is in the process of assessing the organization’s legal
and regulatory risks. As part of this process, risk treatment options must also be considered. Describe
the types of wrongful acts that constitute potential torts for this organization. Explain how the risk
manager could use modifying the likelihood of an event as a risk treatment method for torts.
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