Intellectual Property Rights are those rights that have been extended to intangible creations of humanity. Intellectual Property theories posit that persons should benefit from their innovations (Mikhalien, 2018). The beneficial interest arises because the item to which intellectual rights are accorded has been transformed from its original form to a new creation. The intellectual rights may be attached to a name, symbol, color, design, and literary work. This paper discusses the Intellectual Property protection accorded to the word 'Exxon.'
The "Exxon" name itself is a work of art. It is a unique and creative combination of alphabetical letters. It presents a distinguishing feature that separates Exxon products from those of other companies. As such, it is protected as a trademark. Registration of a brand allows companies such as Exxon monopoly rights. The rights are recognized nationally in the country in which the company is registered. They are also recognized globally if registered under the International system. The Madrid system is used to register international trademarks.
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Exxon will stand to enjoy exclusive rights to the use of its name in identifying and distinguishing its products from others. There are several advantages in registering Exxon as a trademark. First, the name's use will attract goodwill, which is an asset that can be disposed of for financial value in the future. Should Exxon decide to increase its stock by seeking out investors, its trademark reduces time in the search process. Secondly, Exxon could use its brand for financial gain through licensing, leasing, and franchising.
Other than financial benefits, the trademark guarantees judicial protection against its unauthorized use. As aforementioned, a trademark protects a name to the exclusion of all others. As such, the court may award damages as well as an injunction against a trademark infringement in a passing off or a trademark infringement claim (Xiao, 2020). A passing-off claim will arise when a trademark is unregistered, and an infringement claim will occur when a brand is registered.
The paper has established that the 'Exxon' name will be registered as a trademark since it sets apart its products from other products. As a trademark, Exxon gains both financial and judicial benefits. It, therefore, enjoys such advantages due to the unique nature of the company's name.
References
Mikhalien, B. D. (2018). Justificatory theories for intellectual property viewed through the constitutional prism | Potchefstroom electronic law journal/Potchefstroomse Elektroniese Regsblad . African Journals Online. https://www.ajol.info/index.php/pelj/article/view/183316
Xiao, X. (2020). Trademark Protection in China: Obstacles and Solutions of International Brand Expansion of Multinational Companies [Doctoral dissertation].
