Many companies in the United States use non-compete agreements for their employees. These agreements have been around for a long time and are there to protect the company from losing its intellectual property to another company. But lawmakers are trying to put an end to non-compete agreements.
Intellectual property is important for many businesses. When there are suspected trademark infringements, it can hurt a company's brand. New York City is home to many creative people who generate new ideas, products and services. It is important that a company's trademarks are protected.
New York corporate officers are supposed to act in the best interests of the corporation they lead. They have a fiduciary duty to their corporation and the corporation's shareholders. If a court finds that a corporate officer is not acting their corporation's best interest, the court can take steps including stopping a merger from taking place. A recent case here in Manhattan illustrates the duties officers have and what can happen if the duties are ignored.
The contract is one of the fundamental concepts of business law in New York. Most businesses here make contracts and fulfill their terms in pursuit of success. If contracts are breached, there usually is some negotiation between the parties. If this negotiation isn't successful in resolving the contract dispute, litigation may result. Two important parts of any contract are offer and acceptance.
What started as a business-to-business contract in 2013, ended as an intellectual property infringement case filed in 2015 and settled finally in 2018. The owner of Grumpy Cat brand joined forces with a coffee maker called Grenade Beverage for a limited product offering based on the internet star who first appeared online in 2012 known as Grumpy Cat and owned by Tabatha Bundesen. However, Grenade launched other products beyond the scope of the original agreement, including a line of ground coffee, resulting in Grumpy Cat Limited's brand owner, Bundesen, filing a lawsuit for copyright and trademark infringement.