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Final Exam

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1.    
Explain the difference between a trademark and a
copyright?

A trademark as the name suggest is the
mark for a company or a product which separates it from the other companies or
products. Trademark can be a word; it can be a logo or it can be some design to
identify the product. Examples of trademark can be a brand name like Gucci, a
slogan like LG which means life’s good or a logo like apple company have.  A copyright
as the name suggest is the right to protect your work so that no other person
or company can make a replication or in simple words cannot copy your work. The
copyrights save the real work like literature, dramatic, music, novels, poetry,
computer software or architectural designs. If a person has copyright his work
it last to the time the person lives plus 70 years. Like copyright a trademark
never expires after the certain timeframe it last forever till the time you
want to use that product or company.

 

2.    
Explain the difference between a principal and
an agent?

The agent is an individual who perform for
the others. In an organization or a company an agent is the manager, CEO or any
individual who has the power given by the company to make decision or to act. To
illustrate further assume a big company having number of offices in different
location, the owner of the company will not be able to interact with everyone in
the company so he will hire managers for each branch and that managers is known
as an agent in business language. Simply we can say that an agent is a person
who interact with the employees and listen to them. The principal is an
individual or group of the persons who hires an agent to work for them. The
principal is a person for which an agent work and the principal is the person
who has given the power to agent to make decisions. The principal does not make
daily decision so that is why the principal hires agent. The person who owns
the company or can give directions to the agent is the principal.

 

3.    
Why is agency law important – that is why is it
important in the business world? What purpose does it serve?

The main
importance of the law of agency is that the even if a person is an agent for
another person still he has the power to make the legal decision with the third
party in place of the principal.  The law
checks with an ordinary theory of the agreement through with someone who make
legal agreement is hold by that agreement. Agency is simply the idea of one
person acting on behalf of another person is legally bound with the action of
an agent. Simply It states that the agent enters the agreement with the other
party, with that contact legally bound against the principal. The law of agency
is very important in today’s business structure because is the most common
structure with which every company works. There is always a contract of agency
within the principal and the agent and there should be offer and acceptance within
the principal and the agent, so that both should know the commitments required.

The law of
agency protects the true legal agent, who is the person who has a contact with
the principal. Agency law principles gives the permission to the companies to
perform. In some cases, people misused the legal format of the company to break
rules, the Agency law helps in such cases to avoid the breakage of rules. The
agency law protects the board members for being sued for some issues. The law
of judgement states that the authorities should make decision for the best of
the corporation. The agency law also protects the shareholder of the company.

To illustrate it further, say you need to buy something from a store, you will
be dealing with the salesperson it means you will enter a contact with the
sales person but your contract is with the owner or the company that owns that
store. In case the product you bought have some problem it is the store who
must refund your money not the salesperson who sold you that product.

 

 

 

 

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