Business Law and Ethics 4350

Mary owns a trademark and has an interest in allowing third parties to develop, manufacture and sell unrelated products that leverage her brand. Mary should engage in: a. A trademark license b. A patent cross license c. A copyright assignment d. None of these are correct

a. A trademark license

John has invented a process that he believes could qualify for utility patent protection. To avoid wasting time and money, John should: a. Hire lawyers from a large law firm b. Conduct a prior art search c. File multiple patents at once d. None of these are correct

b. Conduct a prior art search

A pharmaceutical company is interested in licensing the patent owned by a startup biotechnology company. To best protect its investment in the license and avoid competition, the pharmaceutical company should negotiate a(n): a. Short-term license b. Exclusive license c. Limited geographic term d. None of these are correct

b. Exclusive license

Jennifer is interested in licensing her patent to a large company. She would like to share in the proceeds of every sale made by the large company using her invention. Jennifer should negotiate the payments as a(n): a. Lump sum b. Royalty c. Assignment d. None of these are correct Hide Feedback

b. Royalty

Establishing a ___________ program involves securing employee commitment, requiring employees to sign nondisclosure agreements, providing employee education and exit interviews and assuring building security. a. Compliance b. Trade secret protection c. Risk management d. None of these is correct.

b. Trade secret protection

Most state trade secret laws are based on the: a. Defend Trade Secrets Act b. Uniform Trade Secrets Act c. Uniform Commercial Code d. Economic Espionage Ac

b. Uniform Trade Secrets Act

Stephanie has developed a new type of machine and would like to stop anyone from using the machine while she seeks investors. Her best methods of protecting this innovation is to use: a. Design patents b. Utility patents c. Trademarks d. Copyrights

b. Utility patents

_________ are typically used to transfer intellectual property when a company sells some or all of its assets to another company. a. Non-competes b. UCC Financing Statements c. Assignments d. Work-made-for-hire agreements

c. Assignments

Joanna has created a novel that is secured with copyright. She has adapted the novel for a theatrical production. This new work can be protected as a: a. Patent b. Trade secret c. Derivative copyright d. Trademark

c. Derivative copyright

Steven has developed a business plan that is protected by copyright. Tom has independently derived the same business idea. Steven plans to sue Tom for copyright infringement. Steven's lawsuit will: a. Succeed since copyright protects ideas b. Succeed since copyright protects facts c. Not succeed since copyright does not protect ideas d. Not succeed since copyright cannot protect business plans Hide Feedback

c. Not succeed since copyright does not protect ideas

Jerry hires Sally as an independent contractor to create an ad for his business. If Jerry would like to own the copyright to the ad, he should ask Sally to sign a: a. Non-compete agreement b. Non-disclosure agreement c. Work-made-for-hire agreement d. Non-solicitation agreement

c. Work-made-for-hire agreement

Carlos wants to license intellectual property from Company A. To conduct due diligence on this transaction, Carlos should: a. Obtain representations and warranties b. Obtain indemnification c. Search the USPTO databases to verify the status of IP rights d. All of these are correct

d. All of these are correct

Which of the following can be protected as trade secrets? a. Sales and marketing plans b. Software c. Formulas d. All of these are correct.

d. All of these are correct

Intellectual property can: a. Create barriers to entry b. Generate brand equity c. Support premium prices for innovative products d. All of these are correct

d. All of these are correct.

To be eligible for copyright protection, the work must: a. Be fixed in a tangible medium of expression b. Original c. Contain some minimal level of creativity d. All of these are correct.

d. All of these are correct.

To obtain a utility patent, the invention must be: a. New b. Useful c. Non-obvious d. All of these are correct.

d. All of these are correct.

Mark encounters an image online that he'd like to use for his business. He searches for a copyright notice and does not find any. Mark should: a. Use the image since it is likely not copyrighted b. Use the image since copyright requires a notice of registration c. Not use the image because all works are registered by their creators d. Not use the image because it is likely copyrighted even if there no notice

d. Not use the image because it is likely copyrighted even if there no notice

Improper means of acquiring trade secrets include all of the following, except: a. Theft b. Misrepresentation c. Bribery d. Reverse engineering

d. Reverse engineering

Copyright for an individual creator lasts: a. 20 years b. 50 years c. The life of the author d. The life of the author plus 70 years

d. The life of the author plus 70 years

A _________ is any word (or phrase), name, symbol, sounds, or design that identifies and distinguishes one company's products from those made or sold by competitors. a. Utility patent b. Design patent c. Copyright d. Trademark

d. Trademark