Business Law Final Exam
False
A "C corporation" is Milbrandt's recommended form for a new business startup.
creation and fixing of a protected work
A copyright comes into existence upon the:
creation and fixing of a protected work.
A copyright comes into existence upon the:
False
A promise to refrain from smoking cannot be legal consideration because it does not convey anything of economic value to the other party.
False
A sole proprietorship and a partnership are essentially the same with the the difference that sole proprietorship allows for multiple parties in the business.
False
An "S Corporation" can offer shares publicly (i.e. on a public stock exchange).
True
An LLC has the benefit of limited liability, limited debt risk, and pass-through taxation.
Trademark
Any word, name, symbol, device, or combination thereof used by a manufacturer or seller to identify its products and distinguish them from the products of competitors is called a:
False
Contracts must always be in writing to be enforceable.
True
Customer lists are not patentable but may be subject to trade secret protection.
True
Even though no one else had developed an invention like that of the patent applicant, the application will be denied if, at the time of the invention, the invention would have been obvious to a person having ordinary skill in the area.
False
Generally speaking, advertisements are considered to be offers.
True
Generally, the terms of a standardized contract are negotiable.
20 Years
How long is the legal temporary monopoly that present patent laws provide to the inventor after the filing of the patent application?
20 years
How long is the legal temporary monopoly that present patent laws provide to the inventor after the filing of the patent application?
True
Mutual mistake (both parties were mistaken) is more likely to make a contract voidable than is unilateral mistake (one party is mistaken).
False
Offers that fail to provide a specific time for acceptance are invalid because they are deemed to be indefinite.
True
Passthrough taxation allows for business income and losses to be included in your personal taxes.
infringement
Patent _____ occurs when a defendant, without authorization from the patentee, usurps the patentee's rights by making, using, or selling the patented invention.
True
The essence of a contract is that it is a legally enforceable promise or set of promises.
False
The general rule on the duration of a copyright is that it lasts for 50 years from the time the copyrighted work was created and fixed in tangible form.
True
The three requirements for a valid offer are: present intent to contract, definiteness, and communication to the offeree.
False
To hold a trademark for a product, you do NOT need to actually sell the product.
To start one, the owner must file with the secretary of state and pay a $165 fee.
Which of the following is NOT a limitation of the sole proprietorship and partnership?
Generic
Which type of marks is LEAST likely to be registered for trademark protection?
Arbitrary
Which type of marks is most likely to be registered for trademark protection?