The Use of Contracts to Protect Property Rights

Instructions

Read the summary of the Wrench LLC v. Taco Bell Corporation case in the "Ethics: Implied-in-Fact Contract Prevents Unjust Result" section of Ch. 9 in Legal Environment of Business. It is suggested that you also research and read the full court opinion, using the summary in the textbook to aid your understanding of the legal issues presented.Write a 700- to 1,050-word paper using Microsoft Word. Address the following questions:What type of intellectual property was at issue in this case? Were these ideas entitled to protection under the law?Explain the difference between an implied-in-law (quasi contract) and an implied-in-fact contract. What type of contract was at issue in this case?Explain what the parties could have done differently to protect their rights and avoid this dispute.Explain how a properly written contract could have been utilized for the licensing and use of the intellectual property to prevent the issue, and provide terms you would recommend be included in such a contract.Identify and explain each of the elements that would have been necessary to form a valid contract.

Answer

The Law of ContractIntroductionThe law of contract is one of the popular laws applied in most cases appearing before courts. This claim is because a breach of agreement is a famous civil mistake committed by individuals in a contract (Savelyev, 2017). This paper explores the case ofWRENCH LLC v. TACO BELL CORP,an example of a law of contract case.The Intellectual Property in the CaseThe intellectual property, in this case, is the Psycho Chihuahua. Intellectual property in law is an original work of the creators or an artist, which does not have any resemblance to another product or service. Shield and Rinks were the creators of the Psycho Chihuahua and demanded royalties and contract fees to the businesses, which will use its idea and image in their advertisements. The Psycho Chihuahua was...
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