Michael and Johnny are sitting at a bar having
SCENARIO: Michael and Johnny are sitting at a bar having a few beers. Michael is a product engineer and Johnny is an electrical engineer. Johnny says it would be interesting if someone could create a product that not only kept beer cold but could tell your blood alcohol content just by holding it. Michael agrees that's a great idea. Johnny tells Michael more about his idea and shows him the schematic of his concept. Several months later Michael has applied for a patent for the BA Colder; a sleeve for beer that tells the BAC of whoever is holding it.
-Was there a contract of any kind?
-Who has legal rights to the concept?
-Is there any intellectual property violation?
-Discuss any other concepts you feel are relevant.
A written APA formatted paper of at least 750 words with at least three references and citations.
According to Burns of Praxis Legal Solutions (2014), if you run a business, your business depends on all kinds of relationships: With customers or clients; with employees; with vendors of goods and services; with lenders and landlords, just to name a few. Each party to a business relationship brings
to it a set of expectations with respect to what he or she will give and get. A contract is a useful tool for describing and defining the expectations of each party to a business relationship. Why is this important?
Establishing a measure of certainty
Think of a business relationship as a house. A contract is the blueprint for building that house; a reference for its operation and maintenance. A contract captures the rights and obligations of each party; the terms and conditions of their respective performance; and what each party will gain from the relationship. A contract articulates remedies in the event that one or the other party fails to perform as expected/required. By clearly defining the terms and conditions of a business relationship
and the consequences of a failure to perform in accordance with those terms and conditions, a contract provides a measure of certainty, and can quantify the upside and downside inherent in a business relationship.
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Rating:
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Solution: Michael and Johnny are sitting at a bar having