Question

1. Assume you have downloaded an app for your smart phone. In one or two paragraphs, describe how you and the app’s seller have each obtained consideration in the completion of the transaction.

Answer 1

TRADEMARK Trademark is a recognizable and distinct logo, sign, motto, expression or a design that identifies a product. The trademark owner can be a person, business, organization, or a legal entity. Trademarks are used to claim exclusive ownership of products.

Symbol of trademark is TM . A trademark symbol can be used or advertised on the packaging of the product. However, unauthorized, use without prior approval or consent of the owner of trademark, is an illegal act. This may attract a legal action from the owner.

For example; identification sign/logo of the leading printer manufacturing company.

SERVICE MARK Service mark is a trademark that is used to identify a service rather than a product. It is a distinct logo, sign, motto, expression or a design that identifies a service.

Service mark helps the owner to protect the goodwill and reputation earned by the business. They often act as an assurance of quality of service offered.

For example, a food outlet may advertise its service mark on the delivery vehicle, staff dress, and on food container.

TRADE NAME

Trade name is also referred as business name. It is the name used by the business for trading purposes. Business may prefer to use its trade name for its communication, branding or contractual purposes.

For example; a famous fast food chain business has a long (three word) name. But they use the abbreviation (first letter of each word) of their name as their trade name to sound more attractive and catchy in their marketing and communications initiatives.