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