Management 350 Chapter 17

_____________ is a dispute resolution process held instead of court cases in which both sides present their case to a legal professional.

arbitration

A ____________ patent lasts for 14 years for a new, original, and ornamental design for an article of manufacture.

design

___________________ is where a corporation's earnings are taxed at the corporate rate, and the shareholders are taxed on dividends at their individual rate.

double taxation

T or F: A patent is subject to both being sued by the patent holder and criminal prosecution.

false

An ________ contractor is a person working to achieve a certain goal without being subjected to substantial controls by another.

independent

Someone who uses intellectual property without the owner's permission is known as a patent ___________.

infringer

__________ is property that has no value of its own, but represents value.

intangible property

___________ property is property coming from some sort of original thought.

intellectual

_____________ property is property coming from some sort of original thought.

intellectual

The articles of _____________ is an agreement between the partners of a firm on matters pertaining to the formation and operation of the partnership.

partnership

When shareholders are taxed at their individual rate for the S corporation's earnings, it is called _________ taxation.

pass through

A _______ is a contract by which a new party agrees to perform a duty that one of the original parties to a contract was already legally obligated to perform.

subcontract

A being, human or nonhuman, such as a corporation, that is recognized as having rights and duties, such as the right to own property is known as ____________.

legal entity

A _____________ is a formal dispute resolution method that operates using the court system, typically with a lawyer representing each party.

litigation

__________ is a dispute resolution process where a neutral third party, who is not a judge, hears the disagreement and makes a decision.

mediation

A _______ is a person or other entity filing a lawsuit.

plaintiff

A ______________ is a distinctive word, slogan, or image that identifies a product and its origin.

trademark

T or F: A retainer is a method of billing where an attorney is paid a specified amount every month regardless of the workload for that month.

true

A _____________ is an exclusive right given to the creator of a literary or artistic work to make use of that work.

copyright

___________ fees is a method of billing for lawyers in which a fixed amount is paid for a certain task.

flat

A _______ lasts one year from the time someone discloses their idea outside a firm or to the public.

grace period

_____________ is a type of waiver in which a party agrees not to hold another party responsible for certain events.

hold harmless

Four ways attorneys typically charge for their services are ___________________.

hourly fees, flat fees, contingency fees, retainers

A ___________ agreement is a contract among LLC members outlining how the LLC will conduct itself.

operating

_______________ is when the business' earnings are distributed to the owners who is taxed at their individual rate.

pass through taxation

_____________ taxation is where a business' earnings are taxed once with the owners paying the taxes.

single

A ________________ is confidential information within a company that gives the company a competitive advantage.

trade secret

A __________ patent lasts for 20 years, covering a process, machine, article of manufacture, composition of matter, or any new or useful improvement or an existing one.

utility

When an employer is sued for an accident caused by an employee, it is called a __________ liability.

vicarious

What are some examples of trade secrets?

a recipe, details of new products being released, the name of a key employee

The choice that LLCs can make on their tax returns to be taxed as a corporation or a partnership is called _________ taxation.

check the box

A ___________ is a person or other entity being sued by one of more plaintiffs.

defendant

A _______________ is part of a contract in which a party to the contract states that he or she will not be responsible for certain actions.

exculpatory clause

A ___________ is part of a contract in which a person agrees not to open a certain type of business or seek employment doing certain things in a particular area for a period of time.

noncompete clause

The articles of ____________ is the document setting forth information about a limited liability company that is filed with the state to establish an LLC.

organization

An opinion of ___________ is a report from a patent attorney or agent that is his or her professional opinion of the possibility of obtaining a patent for an idea that the client has described.

patentability

When a court holds that there is no distinction between an entity and its owners, in practice, it is called _______ the veil.

piercing

The name under which a business is operated is called a ______________ name.

trade