ch 9
Copyrights can be placed on all of the following except: ideas lectures books music
ideas
Anyone who violates an author's exclusive rights under a copyright is liable for:
infringement
In order to obtain a patent, an application should be filed with
the patent and trademark office in the department of commerce
Because of the fair use doctrine, it is sometimes difficult to establish infringement.
true
Entrepreneurs should be knowledgeable about certain legal concepts that affect their business venture.
true
Every business at some point needs the services of an attorney.
true
If infringement can be proven in court, an award may be given to the trademark holder.
true
Once issued, the trademark is listed with the Patent and Trademark Office.
true
One of the principal advantages of a corporate form of ownership is that liability (the most money a person can lose) is limited to an individual's investment.
true
Patents eventually expire.
true
Straight bankruptcy is often called liquidation.
true
The Bankruptcy Act was set up in order to provide assistance to both debtors and creditors.
true
Which of the following are suggestions to minimize legal costs?
visit the lawyer during normal hours of operation
Copyrights have to be registered with the Copyright Office.
false
It often is possible to obtain more capital and a better range of skills in a sole proprietorship than in a partnership.
false
Laws governing intellectual property rights include copyrights, trademarks, and leases.
false
The patent process is not complex; neither does it require careful planning.
false
The registration of a trademark last for 40 years, with continuous renewal every 10 years.
false
When a trademark becomes the name of a general group of products or services, the trademark protection may be lost because of
generic meaning
Items that can qualify for patent protection include all of the following except: machines products processes ideas
ideas
The two parts of a patent application are specification and claims.
true
Because corporate law makes it difficult for businesses to consider employee, community, and environmental interests in their decision making, the B corporation has been introduced.
true
Three primary legal forms of organization are the sole proprietorship, the partnership, and the corporation.
true
Works created and copyrighted after January 1, 1978, are protected for the life of the author plus 70 years.
true
Trademark registration and search is not costly.
false
The object of a patent is to provide the holder with a temporary monopoly on his or her innovation.
true
At present, it is illegal to attempt incorporation over the Internet.
false
Business owners normally prefer Chapter 7 bankruptcy over any other form of bankruptcy.
false
Chapter 13 bankruptcy involves a reorganization of the enterprise.
false
Chapter 7, Chapter 9, and Chapter 11 are the most common forms of bankruptcy.
false
Design patents last for 20 years.
false
The registration of a trademark has a lifetime of
10 years plus 10-year renewable periods.
design patent protection lasts for _______ years
14
patents that are not design patents have ____ years of prtection
20
Works created after January 1, 1978, have a copyright for the life of the author plus
70
How does death affect the duration of a corporation?
A corporation is unaffected by the death of a shareholder.
Of the following statements, which is true of sole proprietorships? A sole proprietorship is a business that is owned and operated by one person. Proprietors have limited liability for the operation. Proprietors are taxed as businesses. Ordinarily, proprietorships have amounts of capital available to them equal to that available to other types of business organizations.
A sole proprietorship is a business that is owned and operated by one person.
Who defined the corporation as "an artificial being, invisible, intangible, and existing only in contemplation of the law."
Justice John Marshall
From where does an S corporation take its name? corporation takes its name from
Subchapter S of the Internal Revenue Code
Which of the following falls under Chapter 7 bankruptcy? The debtor surrenders most property to a court trustee. The debtor fails to file income taxes. The debtor is relieved of obligations. The debtor is arrested.
The debtor is relieved of obligations.
What percentage of issued patents is considered commercially valuable?
a very small percentage
According to the U.S. Patent Office, the process of obtaining a patent takes how many months?
about 24 months
Copyrights may be expressed in
books, periodicals, motion pictures, (all of the above)
The specification section of a patent application should include all of the following except: an introduction examples/experimental results summary of invention budget for handling infringement
budget for handling infringement
Which of the following is a way in which a trademark may be invalidated? cancellation proceeding competitors lawsuit consumer loss of interest once a trademark is established, no legal action can invalidate it
cancellation proceeding
When considering bankruptcy, entrepreneurs as sole proprietors normally prefer
chapter 13
That part of a patent application which identifies the features that are protected are known as the
claim
In the context of trademark invalidation, if a party seeks to prove that a trademark has not been used within six years of registration, it is known as
cleaning-out proceedings
All of the following are ways of invalidating a trademark except: cleaning out proceedings clear-ing out proceedings abandonment generic meaning
clearing-out proceeding
B corporations' legal structure expands corporate accountability to encompass all of the following except: lower legal accountability standards comprehensive and transparent environmental standards comprehensive and transparent social performance standards good for society
comprehensive and transparent environmental standards
Legal protection is granted to computer programs in what form?
copyright
The emerging body of law governing cyberspace is often referred to as:
cyberlaw
The owner of a copyright may do all of the following except: reproduce the work deduct the intrinsic value of the rights from ones taxes perform the work publicly display the work publicly
deduct the intrinsic value of the rights from ones taxes
The process of trademark registration is
expensive
A person who loses an infringement battle in court may have to pay
extra legal fees
Because of the _____ doctrine, it is sometimes difficult to establish infringement.
fair use
An infringement budget deals with
legal battles
Specific forms of partnership include which of the following? limited partnerships limited partnerships and limited liability partnerships limited partnerships and S partnerships S partnerships and limited liability companies
limited partnerships and limited liability partnerships
Which is not one of the major sections of the bankruptcy act? straight bankruptcy reorganization adjustments of debts liquidation
liquidation
Which of the following is an indicator that an entrepreneur's business is failing? other firms selling advanced products retailer overstocked liquidation R&D budget proportionally less than competition
liquidation
a patent gives the holder a temporary
monopoly
A trademark is a distinctive _____ that is identified with a company's product.
name
Which of the following is a useful rule used to avoid pitfalls in selecting a trademark? trust a lawyers judgement copy a competitors trademark avoid abbreviations & acronyms never choose a trademark without first conducting a trademark search
never choose a trademark without first conducting a trademark search
A typical symptom of impending bankruptcy failure is when
other firms seem to be selling products that are a generation ahead.
All of the following are recognized as advantages of partnerships except: ease of formation possible tax advantages direct rewards lack of continuity
possible tax advantages
To effectively pursue a patent violation, experts recommend that the entrepreneur
prepare a realistic budget for infringement
If an entrepreneur concludes that an innovation will withstand any legal challenge, a patent should be
pursued
Which of the following is not a trademark? sales price logo symbol name mottos generic words
sales price & generic words
There are two parts to a patent application, claims and_______
specification
the text of a patent application is known as the
specification
For the author of creative material to obtain a copyright, the material must be in _____ form.
tangible
The determination of fair use of copyrighted material is based on
the effect of use on potential market
A copyright provides exclusive rights to creative individuals for the protection of their artistic productions.
true
A patent is an intellectual property right.
true
A trademark is a distinctive name, mark, or symbol that is identified with a company's product.
true
An example of a trademark is a logo.
true
Anyone who violates an author's exclusive rights under a copyright is liable for infringement.
true