The movie Forrest Gump is about a fantastic business success story–and I mean fantastic literally, as in, it’s a complete fantasy. But a funny and poignant story. It does point out one truth, however; business success often has a component of luck within it. Notwithstanding, you need to understand business law basics as part of your business planning and to work pro actively, rather than reactively once legal issues arise.
A legal issue, such as discovering that part of your product is covered by a patent or copyright owned by another person or entity, can be just as devastating, like the hurricane in Forrest Gump. It could violate the warranty of non-infringement, which would breach the contract with every sale of the product made and subject the business to serious legal repercussions, i.e., damages and injunctions.
- Find a real life case of a business or individual having an intellectual property problem. Describe the case briefly.