BUSINESS LAW 3
after submitting it to the City authorities. He therefore has no legal claim over the watch
anymore.
b. Copyright is a form of protection that safeguards creative work. It protects the original
work of ingenuity from being copied. The most common challenge for copyright
protection is counterfeiting. On the other hand, patents involve the protection of
inventions, designs, and processes. Therefore, copyrights protect authorship while patents
protect scientific innovation.
Question 3
a. The law of contract is clear in its description of the rights and liability of parties privy to
a contract. A valid contract requires Serna to accept Toyota’s offer and pay consideration
(Nervi, 2013). Therefore, the contract between them would be enforced once the money
is paid, which is within two days. Meanwhile, Toyota will bear the risk since there is no
enforceable contract.
b. Serena will bear the risk of the damage that occurred when the car was damaged during
transit. Her liability to this loss is because Toyota would only be held liable for the
damage in court if the damage happened to the original car that Serena wanted to
purchase. Therefore, her new preference as a result this is referred as a counter-offer
meaning where Toyota will not bear the risk of the damage to the red car.
c.
Question 4
a. The purpose of registration is to provide sufficient information and reduce chances of
deceit, fraud or misrepresentation. This way, an investor will understand the security
offered and any ensuing contract will be fair to all parties privy to it.
