Property law Essay Example | Topics and Well Written Essays - 1500 words

Property law - Essay Example This may require a fee payment to prove the ability. The requirements inform the authority on the types of activities they should do and give them an opportunity to come up with conditions and the limitations. The licensing process is one of the richest retail markets in the world ( Lewicki, Saunders, Minton , & Barry, 2003). However, having a license is not an instant success. It will need good marketing and selling to succeed. It is a cost effective tool for marketing when it is well used. Licensing has three main advantages. First, it means that you have a unique thing, which your competitors do not have. Secondly, it means that you are getting a little better advantage because it is different from the rest. Thirdly, it means that you have something different that you can easily sell to the retailers. Licensing is important to both the licensor and the licensee, to the licensor for example a company that does not want to be involved in the manufacture of some products it can licen se out to any of its partners but retaining its ownership but only get some economic benefit from the royalty income. Licensing out can also help a company expand its operation to other new markets and commercialize its business. It may also be used to get an access to new markets that are not accessible. The licensee may make translation of instruction and labels required to enter a foreign market and to modify the goods to conform to local regulations and rules and the expansion of marketing. To the licensee it makes one reach the market faster, and supply new products with then access of the license and improve its services and marketing after getting a marketing opportunity. Licensing of properties is categorized into; technology licenses, trademark and merchandise licenses and publish and entertainment licenses. Licensing mainly involves trade secrets and patents. The sharia or Islamic law has several sources like the Quran, the Sunna and others. The aspect of property licensin g and protection of property is considered on three aspects: property, contract, and public interest. To establish a law one should be able to point at a verse in the Quran, a tradition or Hadith of the prophet Muhammad. The license under property law Property rights are intangible; they cannot be seen or touched. Due diligence is required before starting on any kind of licensing transaction or agreement. One has to gather enough information on the licensor, the market the market being developed and the legal business environment. Property licensing is therefore the permission given to the licensee by the licensor. It is mainly categorized to patents, trademarks, and copyrights. Property licensing is created by statute; they are created by legislation, which gives the limits and scope of protection of the property. They may vary according to territory for example a patent in U.S.A is enforceable and valid only in the U.S. or it can also be international for example a copyright in a book which is authored in a particular country say England is valid in all Common Wealth countries. The main two categories of property license are hard property rights, which include patents, trademarks and copyrights while the soft property rights include trade secrets, confidential information and know how. A patent is an agreement to license or give a right to a licensee like a manufacturer to sell and use the invention that he has claimed in that patent, and to