The movieForrest Gumpis about afantastic business success story–and I mean fantastic literally, as in, it’s a complete fantasy. But a funnyand poignantstory. 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, likethe hurricane inForrest 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.