BUL Smartbook chapter 20
One intellectual property law firm estimated that legal fees and application fees related to obtaining a patent ranged from _______ to ________.
$20,000, $30,000
Under the TILA, which of the following is the maximum amount of unauthorized charges a consumer will be responsible for?
$50
Food safety processes, procedures, and standards are regulated by the
(FDA). Food,and,Drug,Administration
The Credit Card Accountability Responsibility and Disclosure Act of 2009 increased the power and authority of the
(FTC) over credit card issuers. Federal,Trade,Commission
The scope of the
(TILA) is limited to credit extensions made to customers and is used primarily for personal, family or household purposes. (Please enter one word per blank.) Truth,in,Lending,Act
A fraudulent transfer occurs when a debtor transfers property to a third person within of the bankruptcy filing with the intent to delay, hinder, or defraud creditors.
1,year
For the Magnuson-Moss Act provisions on warranty labels to apply, the product being warrantied must cost at least dollars.
10
Although the stigma of Chapter ______ may cause difficulty in raising new capital, the United States Bankruptcy Code gives the debtor in possession power to void pre-petition preferential payments and to cancel or assume pre-petition contracts.
11
Chapter ______ bankruptcy is a plan generally filed by the debtor which articulates a specific strategy and financial plan for emerging from financial distress.
11
Chapter ______ bankruptcy is temporary protection for a corporation from creditors, while the corporation goes through a planning process to pay creditors and continue business operations without the need to terminate the entity entirely.
11
Creditors are given the opportunity to accept or reject a Chapter ______ plan, but if they reject the plan, the United States Bankruptcy Code allows the debtor to request that the court force the creditors to accept the plan. This is known as the cram-down provision.
11
The debtor generally continues to operate the business in a Chapter ______ case.
11
When filing for protection under the United States Bankruptcy Code, the debtor chooses one of three main options -- Chapter 7, Chapter ______, or Chapter 13.
11
A common form of bankruptcy is Chapter ______, which involves debt adjustment and repayment of consumer debt.
13
As a result of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, a substantial number of bankruptcy applicants who previously would have been eligible for a discharge of substantially all debts must now repay them under a Chapter Blank______ filing.
13
Chapter ______ bankruptcy allows debtors with a regular source of income to catch up on mortgage, car,tax, and domestic support payments, repay an adjusted debt to certain creditors over time, and still keep all of their assets.
13
Chapter ______ bankruptcy is also known as the wage-earner plan.
13
Chapter ______ bankruptcy is limited to individuals who have a substantial debt and cannot be used to cover any business debt.
13
Which UCC article governs leases for personal property?
2A
There are Blank______ stages of patent prosecution.
3
An involuntary bankruptcy petition is one filed against a debtor by a group of _____ or more creditors with an unsecured aggregate claim of at least _____ who claim the debtor is failing to pay the debt as it comes due.
3; $15,775
A Chapter ______ bankruptcy petition can be either voluntary or involuntary.
7
A common form of bankruptcy is Chapter ______, which involves liquidation of the debtor's assets and discharge of debts.
7
Chapter ______ bankruptcy is perhaps the most extreme financial measure a business or an individual can take.
7
In order to qualify for protection under Chapter ______ bankruptcy, the debtor's income must be less than the average income in his or her home state.
7
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 overhauled the United States Bankruptcy Code for the first time since 1994 and made it more difficult for debtors to seek protection under Chapter ______.
7
When filing for protection under the United States Bankruptcy Code, the debtor chooses one of three main options -- Chapter ______, Chapter 11, or Chapter 13.
7
Unlike the case in a Chapter ______ proceeding, the debtor generally continues to operate the business in a Chapter ______ case.
7; 11
A bankruptcy trustee is appointed in cases where the debtor seeks liquidation and discharge of debts, known as Chapter ______ bankruptcy, or in cases where the debtor is a consumer attempting to repay much of the debt over a period of time, also known as Chapter ______ bankruptcy.
7; 13
Article ______ of the Uniform Commercial Code provides a procedure for the secured party to establish priority in the collateral over other creditors.
9
Which of the following is not one of the three most common forms of bankruptcy set forth in the United States Bankruptcy Code?
9
A preferential transfer occurs when the debtor makes a payment to satisfy a pre-bankruptcy petition debt to a creditor within ______ days of the petition.
90
Debts incurred within ______ days of the petition for luxury goods of more than $1,000 from a single creditor are nondischargeable in Chapter 7 bankruptcy.
90
According to Article ______ of the Uniform ______ Code, there are two requirements for a creditor to obtain the full benefit of a security interest -- the security agreement and perfection.
9; Commercial
Article ______ of the Uniform ______ Code provides a framework for secured transactions by recognizing the rights of the creditor.
9; Commercial
Article ______ of the Uniform ______ Code provides a uniform set of rules to govern transactions when personal property or fixtures are intended to serve as collateral.
9; Commercial
Which of the following is not included in the voluntary bankruptcy petition?
A list of the debtor's investment plans
Which of the following would not be patentable under the patentable subject matter standard?
Abstract ideas
In 2005, the United States Congress passed legislation intended to curb perceived abuses of statutory bankruptcy protection by enacting the Bankruptcy Prevention and Protection Act.
Abuse,Consumer
The
Act (TILA) provides protection to consumers who purchase a faulty product with their credit card by requiring the card issuer to investigate and perhaps credit the consumer's account. Truth,in,Lending
Which of the following is a requirement of adverse possession?
Actual and exclusive use
possession applies to personal property held for the required statutory time period.
Adverse
Under the ECOA, which of the following is not an unlawful factor to consider when deciding to extend credit?
Applicant's ability to repay loan
What type of relationship is created when the owner of personal property entrusts another party to temporarily hold the property for a purpose that is for the mutual benefit of both parties?
Bailment
Which of the following describes a seller advertising a product for sale at a particularly good price, but the seller has no intention of selling this advertised product. Instead, he tries to get the customer to purchase a higher priced item.
Bait and switch
Which of the following might enforce local use ordinances?
Building inspector
Which of the following is an accurate statement regarding Chapter 11 bankruptcy?
Chapter 11 differs greatly from liquidation bankruptcy.
Which of the following is not one of the three main options available to a debtor when filing for protection under the United States Bankruptcy Code?
Chapter 14
is property pledged by a debtor to secure a loan in the event of default.
Collateral
The Uniform __________ Code refers to the borrower as the debtor.
Commercial
Which of the following statements is accurate regarding the alternatives available to secured and unsecured creditors to collect on a past-due debt?
Compared to an unsecured creditor, a secured creditor has more viable alternatives to collect on a past-due debt.
Which of the following is not a similarity between Chapter 7 and Chapter 11 bankruptcy?
Complete liquidation of the debtor's assets occurs.
proceedings are typically invoked to enforce the power of eminent domain.
Condemnation
Which of the following sources of federal legislation is considered the centerpiece of consumer credit transaction protection?
Consumer Credit Protection Act
The Truth in Lending Act is part of the
Consumer Credit Protection Act.
Which of the following entities sets forth additional disclosure protections for home buyers throughout the mortgage process?
Consumer Financial Protection Bureau
Which of the following was created to provide oversight and regulation of consumer lending practices?
Consumer Financial Protection Bureau
Which of the following regulates consumer leasing?
Consumer Leasing Act
Which of the following is focused on keeping products safe and informing consumers of dangers associated with consumer products?
Consumer Product Safety Commission
The Flammable Fabrics Act, the Child Protection and Toy Safety Act, and the Poison Prevention Packaging Act are all administered by the
Consumer Product Safety Commission.
Which of the following are regulated under the Consumer Credit Protection Act?
Consumer credit reporting and debt collection from consumers
Which of the following offers protection for original work of authorship fixed in any tangible medium of expression, not known or later developed from which it can be perceived, reproduced, or otherwise communicated, either directly or with the aid of a machine or device?
Copyright
protection is granted if the work is original, creative, and fixed in a durable medium.
Copyright
Copyrights are regulated by the
Copyright Act.
______ refers to a third party with sufficient creditworthiness and assets signing the loan agreement and thereby becoming jointly liable with the debtor for his promise to repay the loan.
Cosigning
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires the debtor to complete a course called before receiving a discharge of debts.
Credit,education
patents will protect inventors for any new, original, and ornamental design for an article of manufacture.
Design
Which of the following covers the invention of new ornamental designs for manufacture?
Design patents
If a copyright owner can prove that he has legal ownership of the work and that an infringer copied the work without permission, what type of infringement has occurred?
Direct infringement
Charging higher interest rates based on discriminatory factors is illegal under the:
ECOA.
According to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the debtor must complete a course known as Credit ______ before receiving a discharge of debts.
Education
Which of the following was created to combat discrimination in lending practices?
Equal Credit Opportunity Act
Zoning laws that discriminate violate the Blank______ Clause.
Equal Protection
What type of property is an individual debtor allowed to keep in bankruptcy?
Exempt
Misrepresenting the prices of a competitor is a common example of advertising as it relates to prices.
FALSE
True or false: All types of trade secrets are protected by either patent or copyright laws.
FALSE
True or false: Copyright holders have complete and exclusive rights to their protected work.
FALSE
True or false: In order to obtain copyright protection, the work must be registered with the United States Copyright Office.
FALSE
True or false: Pricing advertisements are not subject to consumer protection regulations.
FALSE
True or false: Registration of a mark is automatic.
FALSE
True or false: Reverse engineering of a product constitutes misappropriation of a trade secret.
FALSE
True or false: The Bankruptcy Code does not allow a debtor to keep any assets once bankruptcy is filed.
FALSE
Drugs approved by the FDA are subject to which of the following agency's advertising regulations?
FDA
Which of the following investigates a public outbreak of illnesses associated with contaminated food?
FDA
Which of the following is considered the primary enforcer of federal consumer debt collection statutes?
FTC
Which of the following is a remedy for deceptive advertising?
FTC regulation
False testimonials and false endorsements are prohibited by the
FTC.
Under indirect copyright infringement, which of the following will be liable for damages?
Facilitator of the infringement
Which of the following sets forth privacy rights for consumer credit reports?
Fair Credit Reporting Act
Which of the following legislation regulates consumer debt collection tactics?
Fair Debt Collection Practices Act
Which of the following regulates the consumer debt collection process when the debt is collected by an agent of the creditor?
Fair Debt Collection Practices Act
Which of the following was created to provide consumers protection when the victim of identify theft?
Fair and Accurate Credit Transactions Act
Which of the following is the most common defense to a claim of copyright infringement?
Fair use
Which of the following is prohibited by the FTC?
Fake testimonials
Which act provides for criminal punishment for changing the mile counter device in a motor vehicle?
Federal Odometer Act
The Consumer Financial Protection Bureau is an independent agency housed within the:
Federal Reserve
Which of the following was created to prevent unfair and deceptive trade acts and practices?
Federal Trade Commission
Which of the following is considered one of the first statutory protections for American consumers?
Federal Trade Commission Act
Trademark infringement relief is available under the Lanham Act and the
Federal Trademark Dilution Act, as amended by the TDRA.
Which of the following is the statutorily created right to file a lawsuit in federal court?
Federal cause of action
simple would be an example of a real property ownership interest.
Fee
Which of the following is considered the highest level of real property ownership?
Fee simple
Which of the following means that rights are generally unrestricted, infinite in duration, and inheritable by the owner's heirs?
Fee simple absolute
Which of the following are considered to be the two most important disclosure requirements under Regulation Z?
Financing charge and the annual percentage rate
The Amendment prevents government regulators from denying mark registration because the mark is likely to offend others.
First
Which of the of following allows the owner of a copyrighted work to resell or gift the work to another without the permission of the copyright owner?
First sale doctrine
are anything affixed to a structure.
Fixtures
The ______ was created to regulate the testing, manufacturing and distributing of foods, medications, medical devices and cosmetics.
Food and Drug Administration (FDA)
In recognition of the mortgage foreclosure crisis that began in 2007, the United States Congress passed the Mortgage Debt Relief Act.
Forgiveness
Which of the following statements is correct about the bait and switch sales tactic?
Government authorities have gotten more aggressive about investigating such claims.
Which of the following is not a major provision of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005?
Greater protection for debtors who incur substantial medical expenses
theft occurs when someone assumes the identity of an individual for the purposes of making fraudulent credit transactions in the victim's name.
Identity
infringement involves the copyright holder, the direct infringer, and the facilitator of the infringement.
Indirect
Which of the following presented the need for Congress to pass the Consumer Product Safety Act?
Injuries and deaths caused by defective products
Which of the following would fall into the category of a utility patent?
Invention of new machine
What type of bankruptcy petition is filed against a debtor by a group of three or more creditors with an unsecured aggregate claim of at least $15,775 who claim the debtor is failing to pay the debt as it comes due?
Involuntary
Which of the following statements are correct regarding a federal cause of action?
It gives a plaintiff the right to sue a violator in federal court,It gives a federal court subject matter jurisdiction
How is trade secret protection different from other forms of intellectual property?
It requires no formal registration.
Under the Act, more distinctive marks are provided with greater protection.
Lanham
Which of the following gives a mark holder protection?
Lanham Act
Which of the following works to combat the confusion of customers by preventing competitors from getting a \free ride\" at the expense of a more famous brand?"
Lanham Act
Which of the following describes the relationship where the owner of personal property gives the leasing party the exclusive right to possession and use of the personal property in question for a fixed period of time?
Lease
Which of the following offers the least amount of rights because it allows only a qualified right to use real property in an exclusive manner for a limited period of time?
Leasehold estate
Which of the following occurs when a landowner gives permission to another to use property, but the use may be revoked at the owner's discretion?
License
Which of the following is an ownership interest that lasts for the lifetime of a particular person?
Life estate
Which of the following is a life estate with a restriction attached?
Life estate defeasible
Which level of government is generally responsible for zoning ordinances?
Local
Which of the following requires that warranties be written conspicuously, in plain and clear language?
Magnuson-Moss Act
distinguish products.
Marks
Which of the following types of trademarks are likely to be rejected by the United States Patent and Trademark Office (USPTO)? (Check all that apply.)
Marks that are immoral,Marks with scandalous matter,Deceptive marks
Which of the following are factors which courts use to analyze whether a business's information constitutes a trade secret? (Check all that apply.)
Measures taken to guard the confidentiality of the information,Amount of money invested by the business in developing the information
Which of the following refers to a real estate creditor's effort to take title and possession of the real estate in hopes of selling the property to satisfy the debt owed?
Mortgage foreclosure
Which of the following is an accurate statement regarding eligibility for relief under the Mortgage Forgiveness Debt Relief Act?
Neither properties owned by individuals for business purposes nor properties owned by businesses are eligible for relief under the act.
Which of the following imposes criminal sanctions for violations of the Copyright Act?
No Electronic Theft Act
Which of the following is not unlawful under the FDCPA?
Notifying the debtor of their rights
Which of the following is not a situation when perfection of a security interest occurs?
Officially filing a statement of notice with the United States Department of Commerce
Which of the following parties are not covered by the FDCPA?
Original creditors
Which of the following creates a monopoly right that allows an inventor the exclusive entitlement to make, use, license, and sell an invention for a limited period of time?
Patent
Which of the following is not a remedy used by the FTC to enforce the FDCPA?
Paying the consumer debt
Which of the following terms refers to the act of establishing the secured party's rights ahead of the rights of other creditors?
Perfection
______ of a security interest is the act of establishing the secured party's rights ahead of the rights of other creditors.
Perfection
Which of the following is not an option available to ownership when a business becomes insolvent?
Phase-in
Which of the following is the least common patent?
Plant
Which of the following constitutional provisions gives local governments the power to pass ordinances?
Police power
______ transfers to insiders are voidable.
Preferential
Work in which of the following is not protectable under copyright laws?
Public domain
is a nonfactual statement commonly used in advertising.
Puffery
Which of the following is not part of the public domain?
Recently copyrighted material
Individuals who engage in Illegal file sharing have been pursued by the
Recording Industry Association of America.
Which of the following distinguishes an easement from a license?
Revocation
marks are used to identify business services.
Service
What clause of the United States Bankruptcy Code allows the debtor in possession to avoid any obligation or transfer of property that the debtor would otherwise be obligated to perform?
Strong-arm
A mark is considered which of the following if imagination, thought, and perception are required to understand how it is tied to the underlying product or service?
Suggestive
The provides for a statutory process for consumers claiming a billing error on their card statement.
TILA
True or false: If a transaction is covered by the Magnuson-Moss Act, a seller may not disclaim any implied warranties.
TRUE
True or false: Subsurface rights can be separated from the landowner's rights and sold to a third party.
TRUE
Which of the following is a situation when perfection of a security interest occurs?
Taking physical possession of the collateral
A regulatory taking that deprives a landowner of all of the economic value of her property and grants her just compensation is called the: ______.
Takings Clause
Which of the following allows consumers to opt out of receiving unwanted calls from telemarketers?
Telemarketing and Consumer Fraud and Abuse Prevention Act
Which of the following is a primary statute designed to prevent deceptive telemarketing practices?
Telephone Consumer Protection Act
Which of the following created the Food and Drug Administration?
The Food, Drug, and Cosmetic Act
What initiates bankruptcy proceedings?
The filing of a bankruptcy petition
In order to qualify for protection under Chapter 7 bankruptcy, the debtor's income must be less than the average income in his or her home state. What is this requirement known as?
The means test
is the term used to define ownership rights in property.
Title
protection is designed to prevent others from fooling customers into thinking that a product is produced by the mark holder.
Trademark
Service marks are typically associated with: (Check all that apply)
Transportation,Accommodations
Which of the following requires lenders to disclose relevant information regarding the terms of credit to a consumer?
Truth in Lending Act
Registration of a work for copyright protection would be registered with the ___________.
U.S. Copyright Office
Which of the following allows a seller to disclaim both implied and express warranties under certain conditions?
UCC
A mark holder must submit an application for registration of a mark to the
USPTO.
A trademark holder acquires rights through use in commerce or by registering the mark with the
USPTO.
Most state statutes define misappropriation as the term is defined in the
UTSA.
Which of the following provides the definition for a trade secret?
Uniform Trade Secret Act
Which of the following are not exempt from the Do Not Call Act's requirements?
Unsolicited telemarketer phone calls
Which of the following covers the invention of a new process, machine or article of manufacture?
Utility patent
Which of the following would account for circumstances where a court would most likely find that the fair use doctrine will not be a sufficient defense for copyright infringement?
Value of the copyrighted work is diminished by the use
rights are known as riparian rights.
Water
Which of the following is not typically included in a security agreement?
When the debt will be unsecured
Regulation requires that certain written disclosures be made to a consumer prior to the time the credit transaction is completed.
Z
regulations typically establish districts for property use.
Zoning
Suggestive marks are given
a high level of protection.
Which of the following is (are) true:
a mark holder can prevent another from using their mark,a mark holder must take steps to protect the exclusive use of the mark
Commercial real estate is usually transferred by: ______.
a sale
In terms of restoring the financial stability of a business, the process of hiring a turnaround specialist and attempting to settle past debts is known as
a workout.
Continuous possession for adverse possession purposes means that the adverse possessor cannot the property in question for a period of time.
abandon
Suppose Dwayne tosses an old cell phone charger in the trashcan that is waiting to be picked up in front of his home. Tom, who is looking for valuables in the neighborhood garbage, finds the charger. In this scenario, the cell phone charger would be characterized as ______.
abandoned
Profit from lost sales and royalties for any sale made by the infringer are examples of damages in patent infringement suits.
actual
A finder of lost property typically obtains title by possession, except as it relates to the: ______.
actual owner.
When the infringing device does more than is described in the patent application of the protected invention, the rule of applies.
additional
Food that contains a filthy, putrid, or decomposed substance or any food unfit for consumption is defined by the FDA as food.
adulterated
Open and notorious possession that is visible and exclusive and for a continuous period of set time is ______ possession.
adverse
To gain title to a parcel of land through possession, the one claiming title must have occupied the property for a certain period of time.
adverse
Exclusive and actual possession is a requirement of: ______.
adverse possession.
Proving that one possessed real property in a certain way for a certain period of time may give rise to title under the doctrine of: ______.
adverse possession.
In some jurisdictions, a shorter period of time than what is set forth in the statute may be allowed for adverse possession claims if the:
adverse possessor pays taxes on the land.
Deceptive advertising as it relates to pricing is evidenced in all of the following except
advertising a sale in a local newspaper.
Using the transformative factor, the courts will look at Blank______ to see if the new work infringes on the copyrighted work.
aesthetics
The Fair Debt Collection Practices Act only applies to of the creditor when attempting to collect the debt from a consumer.
agents
Rights to the space above one's property are referred to as rights.
airspace
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 gives and support obligations a higher priority than certain other creditors.
alimony
A consent order is issued by:
an administrative agency
A representation of fact about a product is
an express warranty.
\This chair is made of 100% walnut wood\" is an example of"
an express warranty.
A real word that is part of a mark, but has nothing to do with the word's literal meaning is called a(n) mark.
arbitrary
A mark that has no direct connection to the service or product is categorized as
arbitrary or fanciful.
The state general typically enforces state consumer protection laws.
attorney
An original work of authorship is a work that is original to the
author.
Filing for bankruptcy protects the debtor through an immediate
automatic stay.
A(n) is a legal prohibition of creditors' either initiating or continuing any debt collection action against the debtor or her property.
automatic,stay
A(n) suspends debt collection activity temporarily, giving the court time to determine the validity of the bankruptcy petition.
automatic,stay
Once the court determines the validity of the bankruptcy petition, an order for relief is granted, the effectively becomes permanent, and the bankruptcy proceeds.
automatic,stay
The filing of a bankruptcy petition gives protection to the debtor immediately, meaning that creditors must suspend all debt collection activity as of the day the petition is filed. This is known as a(n) .
automatic,stay
The means test set forth in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is determined by comparing the applicant's current monthly income to the income for the applicant's state.
average
A(n) is the party entrusted to temporarily hold personal property.
bailee
In a bailment relationship, a duty of care and a duty to act reasonably in protecting the property is owed by the: ______.
bailee.
In a bailment relationship, the owner of the personal property is the: ______.
bailor.
The and switch is considered a deceptive sales tactic.
bait
Trademark dilution through occurs when the distinctive quality of a mark is identified with goods that are not alike.
blurring
Collateral is pledged by the to secure a loan.
borrower
In a mortgage transaction, the ______ is known as the mortgagor.
borrower
When a borrower fails to pay back a loan or make payments toward the loan as agreed, the unsecured creditor's exclusive legal remedy is to bring a lawsuit against the borrower and obtain a judgment from the court. Essentially, the basis of such a debt collection lawsuit is of .
breach,agreement
As it relates to personal property, title is thought of as a: ______.
bundle of rights.
Under the TILA, the seller must inform the buyer of the right to the loan contract for any reason within three business days of the transaction.
cancel
Property or land that a debtor promises to a creditor in the event of default on a loan is known as:
collateral
When credit is secured by a pledge of ______ by the borrower, the creditor has more viable alternatives to collect the debt.
collateral
When personal property or fixtures to real estate are intended to serve as ______, Article 9 of the Uniform Commercial Code provides a uniform set of rules to govern the transaction.
collateral
A lender's extension of credit for an unsecured debt is based on the borrower's creditworthiness, rather than the borrower's promise to pledge
collateral.
Credit that is not ______ is known as unsecured debt.
collateralized
A mark holder may _______.
collect damages from an infringer
Laws that protect creditors' rights come primarily from law and statutory law at the state level.
common
If the government and private property owner cannot agree on the sales terms regarding real estate, the government will institute ______ proceedings.
condemnation
In proceedings, the government must prove that its action of taking private property is rationally related to a public purpose.
condemnation
A order is issued by an administrative agency and entails the imposition of a remedy.
consent
Which of the following are true about consent orders:
consent orders impose sanctions on the violator,consent orders have the effect of a court order
A(n) is one who purchases or leases a good with the intent of using it for personal reasons.
consumer
The CARD Act limits the issuing of a credit card to
consumers under 21.
The RIAA enforces:
copyright laws
Literary works, dramatic works, and sound recordings are examples of works that can be protected by
copyrights.
When a third party with sufficient creditworthiness and assets signs the loan agreement and becomes jointly liable with the debtor for his promise to repay the loan, this is known as ______.
cosigning
Once the creditor has obtained a judgment against the debtor for failing to repay his or her debt obligations, either the borrower must pay the full amount of the judgment or the creditor may pursue a(n)
court order.
The bankruptcy trustee is a representative of the
court.
To help define the term \copy\" as it pertains to copyright laws
courts have developed the" substantial similarity standard.
Creditors are given the opportunity to accept or reject a Chapter 11 reorganization plan, but if they reject the plan, the United States Bankruptcy Code allows the debtor to request that the court force the creditors to accept the plan. This is known as the - provision.
cram,down
Original work, in order to receive copyright protection, must contain some
creative element.
Before filing for bankruptcy, the debtor must complete a short - seminar.
credit,counseling
In a mortgage transaction, the ______ is known as the mortgagee.
creditor
Within 30 days of the order of relief, the bankruptcy court calls for a meeting of
creditors.
A lender's extension of credit for an unsecured debt is based on the borrower's
creditworthiness.
Designs, colors, and shapes of products help
customers create a link to a particular product.
Failure to give notice of patent protection may result in the inability to collect against patent infringers.
damages
The Uniform Commercial Code refers to the borrower as the .
debtor
The is the party borrowing money, also called the borrower.
debtor
A Chapter 11 reorganization plan is generally filed by the
debtor.
An voluntary bankruptcy is filed by the
debtor.
The Uniform Commercial Code refers to the borrower as the
debtor.
The strong-arm clause of the United States Bankruptcy Code allows the ______ in ______ to avoid any obligation or transfer of property that he or she would otherwise be obligated to perform.
debtor; possession
Title to real property is usually conveyed through a(n): .
deed
Ownership of real property is typically evidenced by a(n): ______.
deed.
As an extreme measure to collect on a real estate debt, a creditor can declare the loan in and institute a mortgage in an effort to take title and possession of the real estate in hopes of selling the property to satisfy the debt owed.
default,foreclosure
A fee simple is a fee simple right with certain restrictions.
defeasible
Marks that require no leap of imagination to connect to the product are called marks.
descriptive
Marks that make specific references to qualities, features or characteristics of a product or service are considered
descriptive.
A current trend in strategic business planning is to trademark product ______ as a form of trade dress.
design
Design patents focus mainly on the of an article.
design
To protect product through trademark protection laws, a business must overcome any notion that the design purpose was to allow the product to function properly rather than as a distinctive trademark.
design
In Chapter 7, the bankruptcy court gives legal protection to the debtor by ______ any remaining debts.
discharging
Using bold print and capital letters are common ways to a warranty.
disclaim
The Federal Odometer Act requires defective odometers be
disclosed in writing.
The Consumer Financial Protection Bureau promulgated new rules to make _______ more transparent
disclosures in a residential real estate closing
With the lights-out option, the debtor company usually files an out-of-existence certificate or articles of ______ with the state corporation bureau and simply ceases doing business.
dissolution
Marks that suggest the product or service without literally describing it are considered highly .
distinct
A trademark that identifies the source of a particular product is said to be
distinctive.
The use of a mark by competitors threatens the mark's ____________.
distinctiveness
A business is considered insolvent when it
does not have adequate assets to maintain operations and cannot pay its bills as they become due in the usual course of trade and business.
Textures, shapes, and color combinations have been given trade protection.
dress
A regulation that completely deprives a landowner of all the economic value of his or her property will require just compensation under the power of domain.
eminent
Property exemptions available to an individual debtor in Chapter 7 bankruptcy include up to $22,975 in ______ in the debtor's primary ______.
equity; residence
The doctrine of allows courts to find patent infringement when an invention, compared with a patented device performs, substantially the same function in substantially the same way to achieve the same result.
equivalency
Real property is also referred to as real .
estate
The bankruptcy consists of the debtor's interest in real, personal, tangible, and intangible property.
estate
The trustee is responsible for collecting the debtor's available assets, known as the bankruptcy .
estate
The trustee is responsible for managing the bankruptcy ______.
estate
When the infringer makes, uses or sells an invention that is exactly the same as the patent holder's claims in the patent application, the rule of ______ applies.
exactness
A holder of a mark has the right to use the mark.
exclusive
A titleholder of personal property typically has use of the personal property.
exclusive
If the debtor is an individual, not all property is subject to liquidation. The debtor is entitled to hold on to certain property known as ______ assets.
exempt
Assets that a debtor gets to keep even if going through a bankruptcy are known as:
exempt assets
An easement created in writing and found on the property deed is known as a(n)
express grant.
Warranties can be
express or implied.
Trade secret protection is lost if the owner:
fails to take reasonable steps to keep the information secret
Reasonable educational use of copyrighted material is usually recognized under the defense of
fair use.
Copyright owners do not enjoy unlimited rights to their work; rather, the law balances public interests with the property rights of copyright owners. The most common and powerful defense to a copyright infringement claim is .
fair,use
The fraud exception prevents the discharge of any money obtained through debt for money to the extent obtained by which of the following ______.
false representation,false pretenses
A mark that centers upon a word made up with the intention of being used as a distinctive term is considered .
fanciful
Bankruptcy laws are primarily ______ statutes.
federal
Which of the following are common examples of real property ownership interests? (Check all that apply)
fee simple,life estate,leasehold
The sale doctrine allows the owner of a copyrighted work to resell or gift the work to another without the permission of the copyright holder.
first
The idea that the first inventor to file a patent application is given the patent is the ______ rule.
first inventor-to-file
In terms of the order of distribution of proceeds to unsecured creditors in Chapter 7 bankruptcy, expenses incurred in the administration of the bankruptcy estate, including court costs and trustee and attorney fees, are paid
first.
As an extreme measure to collect on a real estate debt, a creditor can declare the loan in default and institute a mortgage ______ in an effort to take title and possession of the real estate in hopes of selling the property to satisfy the debt owed.
foreclosure
A Ponzi scheme is a type of _____________.
fraud
Historically, the only protection a consumer had against a deceitful seller of goods was a common law action for .
fraud
The exception to the Bankruptcy Code prevents the discharge of any money obtained through debt to the extent obtained by false pretenses.
fraud
A(n) occurs when a debtor transfers property to a third person within one year of the bankruptcy petition filing with the intent to delay, hinder, or defraud creditors.
fraudulent,transfer
Any time a credit report is used in a credit-making decision, the consumer has a the right to obtain the report
free of charge.
Which of the following mark categories cannot be registered as a trademark?
generic
Which of the following mark categories cannot be registered as a trademark:
generic,descriptive with no secondary meaning
Rights are lost through when a word becomes too generic to the point where it has lost its distinctiveness,
genericide
A(n) purchaser is one who purchases personal property without knowledge that the property was stolen.
good,faith
Water contained in soil is called .
groundwater
When a party agrees to be liable only if the debtor actually defaults, she is known as a(n) .
guarantor
When a party agrees to be liable only if the debtor actually defaults, he is known as a(n)
guarantor.
Business owners and managers often encounter suretyship concepts in the personal of a business loan.
guaranty
Creditors realize that without a personal , a principal of a debtor corporation could simply walk away from the business debt without any personal liability for the loan.
guaranty
When a business borrows money, the creditor will often require the owners of small and mid-size companies to give their personal to support the business loan.
guaranty
With a personal ______, if the business defaults on a loan, the ______ have pledged their personal assets if the assets of the business are insufficient to repay the loan.
guaranty; principals
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 gives alimony and support obligations ______ priority compared to certain other creditors.
higher
An owner of a mark is called the .
holder
The exemption allows a debtor to keep some or all of the equity in their home even if participating in bankruptcy.
homestead
Filing for bankruptcy protects the debtor through a(n) ______ automatic stay.
immediate
An easement by or necessity is created because property is landlocked between other properties and the owner must cross through the property of another to gain access to her property.
implication
A(n) warranty may protect a buyer of a product even if there has not been a representation of fact.
implied
If a buyer can prove that a seller knew of the buyer's desire to use a product in a certain way and that the buyer relied on the seller's recommendation, the buyer may have protection under the __________.
implied warranty of fitness for a particular purpose
In order for the __________ warranty of fitness for a(n) __________ purpose to be created, the buyer must prove that the seller knew of the buyer's desire to use the product in a specified way, and the buyer relied on the seller's advice and recommendation.
implied; particular
Permanent structures built on real property are known as: ______.
improvements
One who makes, uses or sells a patented invention without permission is guilty of patent .
infringement
One who actively induces infringement of a patent is considered a(n) .
infringer
Preferential transfers to , including relatives, partners, officers, and directors of an individual or corporate debtor, are voidable.
insiders
A business is considered when it no longer has adequate assets to maintain its operations and can no longer pay its bills as they become due in the usual course of trade and business.
insolvent
When a business no longer has adequate assets to maintain its operations and can no longer pay its bills as they become due in the usual course of trade and business, it is considered
insolvent.
Copyright protection is a(n)
intangible right.
Patents are classified as Blank______ property.
intellectual
The key to determining whether the property is lost or mislaid is the element of:
involuntariness.
A(n) bankruptcy petition is one filed against a debtor by a group of three or more creditors with an unsecured aggregate claim of at least $15,775 who claim the debtor is failing to pay the debt as it comes due.
involuntary
Which of the following is (are) true of the Fair Debt Collection Practices Act:
it applies to agents of the creditor when attempting to collect a consumer debt,it applies to collection practices for consumer debt
The attorney general of a state enforces _________ when it pursues violators of consumer protection laws
its statutes
Property exemptions available to an individual debtor in Chapter 7 bankruptcy include an interest in ______ of up to $1,600.
jewelry
Cosigning refers to a third party with sufficient creditworthiness and assets signing the loan agreement and thereby becoming ______ liable with the ______ for his promise to repay the loan.
jointly; debtor
The - agreement is where a landlord gives a tenant a qualified right to possess and use real estate for a specified time period.
landlord,tenant
In terms of the order of distribution of proceeds to unsecured creditors in Chapter 7 bankruptcy, claims of general unsecured creditors are paid __________.
last
Protection against trade secret misappropriation
lasts for as long as the firm exists.
A(n) relationship is where a creditor lessor gives possession and use of equipment or a motor vehicle to a consumer debtor in exchange for monthly payments over a specified period of time.
lease
In a landlord-tenant agreement, the landlord gives the tenant a qualified right to possess and use the real estate for a specified period of years that is often spelled out in a written .
lease
An agreement between a landlord and a tenant is referred to as a(n):
lease.
A patent infringer acting in bad faith may have to pay the prevailing party's fees.
legal
Registration of copyrighted work allows the owner methods for enforcing the copyright.
legal
An exercise of police power by a local government must advance a(n) objective by the municipality.
legitimate
The is the party extending credit.
lender
Article 9 of the Uniform Commercial Code provides a framework for secured transactions by recognizing the rights of the .
lenders
In an equipment lease, the party with the exclusive right to possess and use the equipment during the lease term is the: ______.
lessee
Potential tax advantages and the right to exclusive use without the expense of purchase are typically advantages in a lease agreement for the: ______.
lessee.
In an equipment lease, the owner of the property is the: .
lessor
The most common form of leasehold estate is the - agreement.
lessor,lessee
A(n) is permission to use property, but such permission can be revoked by the owner at any time.
license
The person who has a life estate interest is known as the .
life,tenant
The out of existence option available to ownership when a business becomes insolvent, also known as the - option, is a non-statutory option in which the venture simply ceases operations without paying creditors.
light,out
In Chapter 7 bankruptcy, the debtor agrees to have most of her property ______ and then the cash distributed to creditors.
liquidated
Business owners and managers often encounter suretyship and guaranty concepts in the personal guaranty of a business
loan.
Cities, boroughs, and townships are examples of ______ governments.
local
In order to qualify for protection under Chapter 7 bankruptcy, the debtor's income must be less than the average income in his or her home state. This requirement is known as the test.
means
The most important change in bankruptcy law resulting from the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was increased statutory requirements for Chapter 7 eligibility by adding a(n) test.
means
At the of , the debtor must appear and submit to questioning by the creditors regarding the debtor's assets, financial affairs, and any attempt to conceal assets or income.
meeting,creditors
The UCC defines a(n) as one who is regularly engaged in the sale of a particular product.
merchant
In order to disclaim the implied warrant of , use of the word \merchantability\" is required."
merchantability
Disclosure or use of a trade secret without express or implied consent of the owner is called .
misappropriation
The use of a trade secret by one who knows or has reason to know that the secret was acquired by improper means is
misappropriation.
Found personal property can be characterized in all of the following ways: ______. (Check all that apply)
mislaid,treasure trove,lost
If Amanda leaves a restaurant but forgets her cell phone on the table she was sitting at, the cell phone is characterized as:
mislaid.
A real estate is typically accompanied by a promissory note, a contract in which the borrower promises to pay back the creditor at a certain rate of interest over a specified period of time.
mortgage
A(n) is a written document that specifies the parties and the real estate and is filed with a state and/or local government agency.
mortgage
When real estate is used to collateralize the loan, the creditor takes an interest in the collateral through the use of a(n) .
mortgage
When real estate is used to collateralize a loan, the creditor takes an interest in the collateral through the use of a(n)
mortgage.
In a mortgage transaction, the creditor is known as the
mortgagee.
In a mortgage transaction, the borrower is known as the __________.
mortgagor
Property exemptions available to an individual debtor in Chapter 7 bankruptcy include up to a $3,775 interest in a(n) .
motor,vehicle
Once a trademark is registered, the holder has rights
nationwide.
A patent will not be given for a relatively obvious improvement under the standard.
nonobvious
Patents will not be given for an invention that is obvious under the ______ standard.
nonobviousness
The discovery of protected information through independent research is
not misappropriation.
In a trademark dilution case, evidence of consumer confusion is
not necessary in order for the mark holder to recover.
A business method may be patentable so long as it accomplishes a useful purpose in a(n) and nonobvious way.
novel
In order to be granted a patent, the standard requires that an invention or patent be unique and original and that no other identical invention or process exists.
novelty
A(n) is the interference with the use and enjoyment of one's property.
nuisance
Noises and foul odors are common types of
nuisances.
No infringement occurs when the alleged infringing invention lacks an essential element of the patent holder's claims in the patent application. This is known as the rule of .
omission
The doctrine of equivalence came about due to the abuse of the rule of .
omission
A fraudulent transfer occurs when a debtor transfers property to a third person within ______ year(s) of the bankruptcy petition filing with the intent to delay, hinder, or defraud creditors.
one
Under certain circumstances, any insider transfers made within ______ of the petition filing can be voided and returned to the bankruptcy estate.
one year
Paying taxes on property and paying maintenance fees are examples of Blank______ possession.
open and notorious
In the context of adverse possession, building a fence on property or other enclosure around property are examples of: ______.
open and visible possession
Once the ______ is granted, the court appoints an interim bankruptcy trustee to oversee the case.
order for relief
Once the court determines the validity of the bankruptcy petition, a(n) ______ is granted, the automatic stay effectively becomes permanent, and the bankruptcy proceeds.
order for relief
The of option, also known as the lights-out option, is a non-statutory option in which the venture simply ceases operations without paying creditors.
out,existence
There are three options available to ownership when a business becomes insolvent -- of , workout, and bankruptcy.
out,existence
The open and notorious requirement of adverse possession requires the party asserting adverse possession to intend to assert a claim of of the property.
ownership
Laws of nature and natural phenomena are not patentable under the
patentable subject matter standard.
Using the word \patent\" or placing the patent number on a particular article are ways to inform users that an article is ."
patented
According to Article 9 of the Uniform Commercial Code, there are two requirements for a creditor to obtain the full benefit of a security interest -- the security agreement and .
perfecting
Article 9 of the Uniform Commercial Code provides a procedure for the secured party to establish priority in the collateral over other creditors; this procedure is known as ______ the interest in the collateral.
perfecting
Bankruptcy proceedings are initiated by the filing of a bankruptcy .
petition
Bankruptcy proceedings are initiated in court by the filing of a bankruptcy
petition.
Wetland preservation ordinances that restrict a landowner's right to develop, fill or dredge land are legitimate exercises of a state's: ______.
police power
Mark holders must protect their rights by their marks.
policing
The debtor generally continues to operate the business in a Chapter 11 case. This process, known as debtor in ______, gives great power to the debtor to rehabilitate the business.
possession
Although the stigma of Chapter 11 may cause difficulty in raising new capital, the United States Bankruptcy Code gives the debtor in possession power to void prepetition payments and to cancel or assume prepetition .
preferential,agreement
A patent infringer is subject to a(n) when it is proven that revenue from possible sales have been withheld from the patentee for a long period of time.
prejudgment,interest
The Consumer Product Safety Commission does not protect the following consumer products:
prescription medicine
The privilege to use an easement acquired through adverse possession is known as:
prescription.
Airspace rights do not include: ______.
preventing airplanes from flying over one's property.
When a party agrees to be ______ liable to pay the loan, he is known as a surety.
primarily
If vicarious infringement is proven, damages can be recovered from the . (Please use one word per blank.)
principal
When the ______ of a business venture wish to continue operations of a business that is underperforming and is in poor financial condition, they may hire a professional to help set the company on sound financial footing.
principals
If an individual is affected by a zoning regulation, he or she may be entitled to due protection.
process
A mortgage is typically accompanied by a
promissory note.
Pursuant to the of requirement of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, debtors must provide the bankruptcy trustee copies of recent tax returns and pay stubs on a timely basis.
proof,income
When the borrower has pledged in order to obtain credit, the creditor is known as a secured creditor.
property
Under the FDCPA, a consumer may a collection agency directly as well as recovering attorney fees.
prosecute
Building public highways and public hospitals are examples of ______ use.
public
A mortgage is a written document that specifies the parties and the real estate and is filed with a state and/or local government agency, thereby becoming a(n) ______ that others can research and examine.
public record
If a copyright has expired, works fall into the .
public,domain
A Ponzi scheme is also referred to as a(n)_______.
pyramid scheme
Land and structures, plant life, and the vegetation attached to it are classified as ______ property.
real
Land and the structures attached to it are property.
real
A mortgage is a written document that specifies the parties and the ______ and is filed with a state and/or local government agency.
real estate
Airspace rights are a form of ______ rights.
real property
When ______ is being used to collateralize a loan, the creditor takes an interest in the collateral through the use of a mortgage.
real property
State statutes and common law principles are the primary sources of law governing: _____.
real property ownership.
Water rights, airspace rights, subsurface rights, and the rights of use and enjoyment are typically thought of as rights associated with the ownership of:Â
real property.
The bankruptcy estate consists of the debtor's interest in ______, ______, tangible and intangible property no matter where that property is located at the time the petition is filed.
real; personal
To prevent the loss of trade secret protection an owner must take steps to keep the information secret.
reasonable
If a product poses an ongoing threat to consumers, the CPSC may require the manufacture to issue a(n) .
recall
The intent of the Mortgage Forgiveness Debt Relief Act is to assist homeowners in avoiding foreclosure by offering them certain guarantees and tax breaks from the government when they ______ a mortgage loan.
refinance
Which of the following is (are) true regarding copyright registration __________.
registration allows the owner to seek damages for infringement,registration is not required
The debtor in possession process gives great power to the debtor to ______ the business.
rehabilitate
Once the court determines the validity of the bankruptcy petition, an order for is granted, the automatic stay effectively becomes permanent, and the bankruptcy proceeds.
relief
Chapter 11 bankruptcy is also known as ______ bankruptcy.
reorganization
If a Chapter 11 petition is properly filed, an order of relief is granted and sets in motion the ______ process.
reorganization
Creditors are given the opportunity to accept or reject a Chapter 11 ______ plan, but if they reject the plan, the United States Bankruptcy Code allows the debtor to request that the court force the creditors to accept the plan. This is known as the ______ provision.
reorganization; cram-down
When property reverts back to the original owner because certain restrictions have been violated, the original owner is said to have the right of: ______.
reversion.
All of the following are real property ownership interests except: ______.
riparian
Rights that allow for the reasonable use of any streams, lakes, and groundwater that are fully or partially part of a landowner's real property are termed ______ rights.
riparian
Rights to streams, lakes, and groundwater are examples of ______ rights.
riparian
In terms of the order of distribution of proceeds to unsecured creditors in Chapter 7 bankruptcy, involuntary bankruptcy expenses incurred from the date of the petition filing until the order of relief is granted are paid
second.
A(n) meaning is created when the consuming public primarily associates a trademark with a particular product, rather than an alternate meaning.
secondary
If the consuming public primarily associates a mark with a particular product and not any alternate meaning, the mark is said to have Blank______ meaning.
secondary
To get protection under the Lanham Act, the holder of a descriptive mark must prove that the mark has
secondary meaning.
The rights of the party are known as a security interest.
secure
When the borrower has pledged collateral in order to obtain credit, the creditor is known as a(n) creditor.
secure
Article 9 of the Uniform Commercial Code provides a framework for transactions by recognizing the rights of the creditor.
secured
For the purposes of Article 9 of the Uniform Commercial Code, the creditor is known as the ______ party.
secured
For the purposes of Article 9 of the Uniform Commercial Code, the creditor is known as the party.
secured
One common way that a creditor attempts to ensure full payment by the borrower is by creating a(n) -party relationship, whereby the borrower pledges certain property of value to collateralize the debt owed.
secured
The creditor in a collateralized loan is known as the party.
secured
The creditor is known as a(n) ______ creditor when the borrower has pledged collateral in order to obtain credit.
secured
The rights of the ______ party are known as a security interest.
secured
Typically, the parties involved in a collateralized debt transaction will enter into a(n) agreement that specifies the parties, describes the collateral, articulates the obligations of the debtor, and states the remedies available to the secured party in the event of default.
secured
When credit is by a pledge of collateral by the borrower, the creditor has more viable alternatives to collect the debt.
secured
Perfection of a(n) is the act of establishing the secured party's rights ahead of the rights of other creditors.
secured,interest
In terms of the order of distribution of proceeds to creditors in Chapter 7 bankruptcy, ______ creditors are paid first and in full so long as the value of the ______ equals or exceeds the amount of their protected interests.
secured; collateral
The rights of the secured party are known as a(n) ______ interest.
security
According to Article 9 of the Uniform Commercial Code, there are two requirements for a creditor to obtain the full benefit of a security interest -- the and perfection.
security,agreement
Under the Magnuson-Moss Act, sellers may set a time frame on the implied warranty of merchantability if they:
set the expiration date to coincide with the expiration date of the express warranty
The CCPA has components that regulate credit transactions between a creditor and a borrower.
six
The primary source of law governing real property ownership is:Â
state statute.
Patent rights are created by
statute.
The period of time personal property must be held for adverse possession purposes is set by: ______.
statute.
The required period of time needed for successful adverse possession claims is usually set forth in a jurisdiction's common law or by state: .
statutes
Laws that protect creditors' rights come primarily from common law and law at the state level.
statutory
The filing of a bankruptcy petition gives protection to the debtor immediately, meaning that creditors must suspend all debt collection activity as of the day the petition is filed. This is known as an automatic
stay.
The - clause of the United States Bankruptcy Code allows the debtor in possession to avoid any obligation or transfer of property that the debtor would otherwise be obligated to perform.
strong,arm
A federal cause of action provides for federal court to have jurisdiction over a lawsuit.
subject,matter
Environmental laws and regulations are typically lawful so long as they advance a(n) and state interest.
substantial,legitimate
Proof of copied plots and structures could satisfy the standard.
substantially,similar
A landowner's right to any natural gas within the soil is ensured by rights.
subsurface
Rights to soil or minerals or oil within the soil are considered ______ rights.
subsurface
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 gives alimony and ______ obligations a higher priority than certain other creditors.
support
When a party agrees to be primarily liable to pay the loan, she is known as a(n) .
surety
When a party agrees to be primarily liable to pay the loan, she is known as a(n)
surety.
Durable medium means that the work must
take tangible form.
Personal and real property are forms of ______ property.
tangible
Property that can be touched and physically possessed is property, and it includes real property and personal property.
tangible
Real estate and goods are examples of property.
tangible
Real property is property.
tangible
To receive copyright protection, the work must be in form, such as writing, digital, video, and so forth.
tangible
Property is typically categorized as:
tangible and intellectual.
The bankruptcy estate consists of the debtor's interest in real, personal, ______, and ______ property no matter where that property is located at the time the petition is filed.
tangible; intangible
An association arising from the similarity between a mark or trade name and a famous mark that harms the reputation of the famous mark with something that a consumer might find objectionable or unflattering is dilution by .
tarnishing
According to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, if the debtor has failed to file a(n) for the previous year, he or she may be required to file one as a condition of bankruptcy approval.
tax,return
Chapter 11 is best thought of as ______ protection for a corporation from creditors, while the corporation goes through a ______ process to pay creditors.
temporary; planning
A mark's initial registration period is:
ten years
The landlord-tenant agreement evidences a: ______.
tenancy for years.
The Do Not Call Registry was established by
the Federal Trade Commission.
In Chapter 7 bankruptcy, the order of payment for unsecured debtors is specified in
the United States Bankruptcy Code.
The implied warranty of merchantability applies to every sale of a product where:
the seller is a merchant.
Adverse possession allows for the possessor of goods to be protected from any suit to recover the property, except against: ______.
the true owner.
Within days of the order of relief, the bankruptcy court calls for a meeting of creditors.
thirty
Under the TILA, failing to provide proper notice of a cancellation right extends the right to cancel the contract for up to ______ years.
three
Protection for a product's shape or the color of its packaging is called
trade dress.
Methods, programs, formulas, patterns, and techniques are examples of
trade secrets.
A(n) can be renewed an unlimited number of times so long as the holder pays the registration fee.
trademark
A word, phrase, name, shape, and/or symbol that helps consumers to distinguish one product from another is a
trademark.
The Magnuson-Moss Act does not apply to
transactions between two merchants.
The factor allows a court to first analyze whether the work in question has added new expression or meaning to the copyrighted work.
transformative
A bankruptcy is appointed in cases where the debtor is a consumer attempting to repay much of his or her debt over a period of time, also known as Chapter 13 bankruptcy.
trustee
A bankruptcy is appointed in cases where the debtor seeks liquidation and discharge of debts, also known as Chapter 7 bankruptcy.
trustee
As a representative of the court, the ______ has the responsibility of administering the bankruptcy proceedings in accordance with the law.
trustee
Once the order for relief is granted, the court appoints an interim bankruptcy to oversee the case.
trustee
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires a debtor to provide the bankruptcy ______ with copies of recent tax returns and pay stubs or other income verification on a timely basis.
trustee
The ______ is responsible for collecting the bankruptcy estate.
trustee
The bankruptcy may void a transfer that is considered to be an unfair advantage of one creditor over another creditor.
trustee
In a case of bankruptcy protection, once appointed, a creates a bankruptcy .
trustee,estate
Once the ______ has administered the bankruptcy estate, proceeds are distributed to creditors in an order of priority established by ______.
trustee; the United States Bankruptcy Code
When the principals of a business venture wish to continue operations of a business that is underperforming and is in poor financial condition, they may hire a professional to help set the company on sound financial footing. This person is known as a(n) specialist.
turnaround
When the principals of a business venture wish to continue operations of a business that is underperforming and is in poor financial condition, they may hire a professional to help revise its business model and negotiate with commercial lenders. This person is known as a
turnaround specialist.
A patent of an invention lasts for years from the date of filing.
twenty
To be granted a patent, the invention or process must be Blank______ and Blank______.
unique; original
Credit that is not collateralized is known as ______ debt.
unsecured
A(n) patent applies to the invention of any new or useful process, machine or article of manufacture.
utilities
A good faith purchaser will only acquire valid title to personal property when the seller has: ______.
valid title.
A(n) disclosure informs a debtor of certain rights when a collection agency makes initial contact about the debt.
validation
A(n) is an exception to a zoning ordinance.
variance
Employers will typically be responsible for the unauthorized use of copyrighted material by an employee under the theory of ______ infringement.
vicarious
The bankruptcy trustee may void certain transfers that are considered to be an unfair advantage of one creditor over another creditor. These are known as transfers.
voidable
The bankruptcy trustee may void a transfer that is considered to be an unfair advantage of one creditor over another creditor. This is known as a
voidable transfer.
The most common is a preferential transfer.
voidable,transfer
A(n) ______ bankruptcy petition is filed by the debtor.
voluntary
A Chapter 7 bankruptcy petition can be either or .
voluntary,involuntary
A Chapter 7 bankruptcy petition can be either ______ or ______.
voluntary; involuntary
\As is\" or \"with all faults\" have been considered by courts to be sufficient to disclaim:"
warranties
Debts related to ______ or malicious injury to a person or property are nondischargeable in Chapter 7 bankruptcy.
willful
There are three options available to ownership when a business becomes insolvent -- out of existence, , and bankruptcy.
workout
The various steps associated with turning around a business financially are often referred to by creditors as a
workout.
Provisions of the Magnuson-Moss Act apply when the seller or lessor of goods provides the consumer with a(n):
written express warranty
Retail, industrial, and residential are examples of: ______.
zones.
