1. 1.Why are intellectual property rights important, both from an economic and ethical viewpoint,? Are the concept of copyright and fair use dated in the information age, and what would you suggest to take its place? Discuss benefits and criticisms of copyright law as it is currently enforced. In your discussion of copyright and fair use, be sure to include what can and can not be copyrighted, and the requirements of copyright and fair use in general. Apply these requirements to the following hypo: a news and entertainment site is republishing material (pictures, sound, and text) without permission. They receive a cease and desist letter telling them to stop it- should they? What additional facts would affect your analysis? 2. Consider the following scenario: Dynex has discovered certain genes in the human genome that cause a rare blood disorder and patents the manufacturing method and genome required to produce a vaccine. This manufacturing process is an improvement over an existing manufacturing process by another company who never patented it. Dynex later produces a scientific paper on the subject that details their discovery, but leaves out certain key information due to commercial and security concerns. Rynex, a competitor of Dynex, takes the information from this paper and produces a cure for the disorder independently, though its later learned that a former employee of Dynex assisted Rynex in significant ways. Discuss what causes of action Dynex and Rynex have against each other. What result? Ethically, should any idea that meets the legal requirements of patent be patentable, or should some things be free to the world? What alternates exist or could be created to incentivize inventors and scientists if patent protection were unavailable for certain discoveries? 3. Give an example of each type of trademark while analyzing this hypo: Joe Imastore wants to create the best clothing store in the area. However, he wants to come up with a name for both his store and shirts that really stands out. How would you advise Joe as to advantages and disadvantages of each type of trademark for his shirts? Joe decides to use Joe Imastore as his trademark but a competitor, MikeySteals, opens nearby and starts to sell shirts that say Joe smells bad shirts. What action could Joe take, if any, and provide pros and cons of your decision? What if the shirts just say Joe Imastore? Make sure to include any additional facts that could change your analysis