Dalton runs a successful art and picture framing business. He uses several marks for his goods and services, including Wood Frame Whisperer for his custom wood frames. Dalton obtained a federal registration for the Wood Frame Whisperer mark, which is still valid.

Monique, a long-time employee of Dalton, has always worked in the wood frame department of his business. Dalton and Monique negotiate an agreement whereby Monique buys the rights to the Wood Frame Whisperer mark and associated goodwill and, in exchange, Dalton receives a small cut of Monique's revenue. The two parties shake hands and assure one another that they have an immediately effective and binding agreement. Monique rents a storefront and starts buying equipment. Dalton then calls Monique to tell her that he does not want to go through with the agreement. Monique threatens to sue for infringement if Dalton continues to use the Wood Frame Whisperer mark. Who does the mark belong to? What if the parties signed an agreement, but had not recorded the assignment with the United States Patent and Trademark Office (USPTO)?