GEB 3375 Exam 2 ucf - Graded A Q&A Complete

In general, it is fair to assume that laws in foreign countries are the same of different than in the US? - no The three types of legal systems - o Civil Law = based on codification. Systematic collection of laws designed to cover all areas of concern. Bureaucratic. Most widespread system globally. Louisiana. Inquisitorial, judge actively question prosecution, defense, and witnesses, also issues decision. Trial by jury is less frequent o Common Law = relies on decisions made by judges in previous cases along with statutes and regulations made by legislatures. Canada (except Quebec), US (except Louisiana), Australia, Uganda, HK, Singapore Rights of individual exist alongside those of the state Trial is adversarial Defendant is presumed innocent until proven guilty Case law develops through judgements and precedents Case law co-exists with stature law and constitution Crimes are punished and civil wrongs are rectified by compensation More adversarial than civil law systems, more flexible, since the judge is charged with interpreting law, tradition, custom. o Religious Law = religious document is the basis of the legal system. Followed in Iran, Saudi Arabia, Libya, Morocco What is the legal systems of the United States? Common law or civil law? - Common law Extraterritoriality- - A country's attempts to apply its laws to nonresidents and foreigners, and to activities that takes place beyond its borders, must comply with US laws and laws of the country they are doing business in. Arbitration vs Litigation (what is the difference) in the context of "performance of contracts" - o Arbitration - a dispute resolution process agreed to by parties in lieu of going to court, in which one person / body makes a binding decisionQuicker, less expensive, more private than litigation, binding on all parties Instead of going to court o Litigation - a legal proceeding conducted to determine and enforce particular legal right Arbitration - a dispute resolution process agreed to by parties in lieu of going to court, in which one person / body makes a binding decision Litigation - a legal proceeding conducted to determine and enforce particular legal right Which jurisdiction's law should apply and where should it occur? - Each country and state has laws that determine exactly which laws and where Intellectual property (IP) what does it refer to? - o Creative work or invention that is protectable by patents, trademarks, trade names, copyrights, trade secrets. o Operates for every nation's benefit o 186 members Why is the protection of IP such an important issue? - o Encourages commitment of resources for individuals / organizations to be creative, pursue research in new materials, new processes, new meds Types of IP: copyrights, patents, trademarks, industrial designs, and geographical indications: know exactly what each one refers to - Copyrights, Patents, Trademarks, Industrial designs, geographical indications, trade names, trade secretso Copyrights - exclusive legal rights of authors, composers, creators of software, playwrights, artists, publishers to publish and dispose of their work o Patents - exclusive right granted for an invention, product, process that provides a new way of doing something or offers new technical solution to a problem Provides patent owners protections Granted for 20 years o Trademarks - distinctive names, phrase, signs, that identifies a certain goods/services produced or provided by an individual or company 10 years, can be renewed in perpetuity administered by the WIPO o Industrial Designs - ornamental or aesthetic aspect of a product o Geographical Indications - signs used on goods that have a specific geographical origin and possess qualities, a reputation or characteristics that are essentially attributable to that place of origin o Trade Names - name used by merchants and manufacturers to designate and differentiate their products. Protected by WIPO and TRIPS. Can be different or same as brand name o Trade Secrets - any information not generally known to the public and that a business wishes to hold confidential. (formulas, processes, patterns, designs) Most Common Do not require any registration process Do not require the process or innovation be shared with the government. Cheaper than patent Shows that you are trying to keep it a secret Countries with the highest number of patent application (top 3) - o USo Germany o Japan • WIPO- what does it do? - o Created to administer international property treaties • Look at slide #50 (a screenshot from the WIPO webpage) - o Patents - protect the technology used by develop the shoes o Designs - protect the "look" of the shoe o Trademarks - distinguish the shoe from similar products and protect the "reputation" of the shoe o Copyright - protects any artwork and audiovisual creations used to publicize the shoe Zippies and the China vs India development case: What are the key differences between India and China - China India Pop: 1.37 billion Pop: 1.2 billion Larger economy 6.1 million in college Better infrastructure 200 million fluent in English Service powerhouse 1.12 million millionaires MLabor cost: $0.92/hour Manufacturing powerhouse Manufacturing Labor cost: $3.52/hour o Gross Domestic Product (GDP) - measuring the value produced in an economy. Market value of goods and services produced within a nation in a particular year o Gross National Income (GNI) - total value of all income generated by the residents of a nation, including both domestic production of goods and services and income from abroad Country's Income brackets for GNI - High income = GNI per capita of $12,746 or more Middle income = GNI per capita over $1,045 but less than $12,0746 Low income = GNI per capita $1,045 or lessPurchasing power parity (PPP): what is the main idea of this concept? - o Adjusting the exchange rates for 2 currencies so the currencies have equivalent purchasing power Key differences between developing and developed countries - o Developing countries - lower income nations, have less technically developed infrastructures and lower living standards Widespread malnutrition and health problems Deserts, mountains, tropical forest Political instability, deficient government High illiteracy rate o Developed countries - high income, industrialized nations, high living standards and most technically developed infrastructure large financial markets and banking systems, vigorous trading system well established government and legal systems plenty education opportunity low unemployment adequate or high levels of nutrition and access to health care Underground economy - o Undeclared production of goods and services that are legal and illegal (drugs, pirated music, video, gambling undocumented workers, human trafficking, prostitution, money laundering) o More than 60% in Bolivia, Georgia, panama, Zimbabwe key differences among the 3 major (which includes emerging markets) developing countries - o Advanced Economies = 14% o Developing Economies = 25% o Emerging Markets = 61% Markets in different countries - o a) developed countries = (Canada, France, Japan, UK, US) o b) emerging markets = (Brazil, China, India, Indonesia, Turkey)o c) developing countries = (Angola, Bolivia, Nigeria, Bangladesh) developed countries - (Canada, France, Japan, UK, US) emerging markets - (Brazil, China, India, Indonesia, Turkey)