|Due By (Pacific Time)||12/04/2016 10:00 am|
Risk Prevention Plan
Background. Worldwide Inc. sells high-tech products and services throughout the world. Today, companies are sued over anything! Worldwide has hired your consulting company to prepare a company-wide plan laying out specific actions Worldwide can take to avoid, or at least minimize, some of the legal pitfalls facing it in today's litigious world (Plan).
Purpose of Assignment. The assignment is to present to Worldwide's management recommendations (strategies) and actions (tactics) that Worldwide can take to avoid, or at least minimize, some of the legal pitfalls it may encounter. Application of knowledge is not the same as being able to summarize a topic's concepts or paraphrase its rules. Application is the act of using knowledge to solve a problem, much as we do in our weekly case discussions. Thus, your paper should not to be a summary of the applicable laws, but rather applying your knowledge of the legal rules you have studied to create plans of action that Worldwide can implement in order to minimize a particular legal risk. To do this, you must identify those problems that can be manipulated or affected by company action (and those that cannot) and what steps you suggest taking to accomplish the goal of minimizing the identified risk. How does a company use the rules of law to minimize its litigation risks? Knowing the rules is not the same as avoiding legal risk.
Example. You know that a mortgage (or, in most states, a deed of trust) is a document giving the lender the legal right to take a borrower's house away if the borrower fails to make payments on the loan used to by the house. (The same would be true of a loan to by a car.) Such transactions are called secured transactions; performance is secured (guaranteed) by something other than a promise. Is there any reason why secured transactions cannot be used to guaranty performance obligations of ordinary business transactions? Thus, a valuable risk-avoidance strategy would be, whenever possible, to take a security interest in some business assets of a party to a contract as a guaranty for performance obligations under that contract (such as personal guaranties or deeds of trust on the business owner's house). In the event of a default in performance, your company will have some protection or at least a fairly immediate remedy. This is an example that illustrates risk-minimization strategies (taking security interests) and tactics (getting a guaranty or deed to trust) in contrast to simply knowing the rules of contract law. I do not expect you to use this example when discussing minimization of contract risk; there are many other, more import methods.
The Plan. While the suggestions in your Plan will require an understanding of the legal concepts that define the risk, and may require a brief definition of the rules associated with a particular area of legal risk, it is not to be a summary of the law. The Plan must focus on and be devoted primarily to presenting practical actionable solutions. However, there are no blanket solutions such as having Worldwide's lawyers review all company actions, company contracts, or using ADR in all disputes (which still costs time and money). Solutions are proactive tactical actions that Worldwide can take in advance to avoid or minimize the legal risk in the first place.
Write a 500 word paper describing some risk avoidance/minimization actions Worldwide might take based on the subjects listed below. Please reference the government law related to the subject areas. Cite at least 2 scholarly references.
1. Protecting Ownership of Employee/Contractor Created IP- Valencia
2. Invention Protection: Differences between trademarks, copyrights, patents, and trade secrets.-Valencia
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