Man 1107 - Ch A
A patent is protected for _____ years.
20 or twenty
Copyrights last for the lifetime of the author or artist plus _____ years.
70 or seventy
What is a copyright?
A document that protects a creator's rights to materials such as books, articles, photos, paintings, and cartoons.
What is a contract?
A legally enforceable agreement between two or more parties
What is a trademark?
A legally protected name, symbol, or design
What is a warranty?
A promise made by a seller about the quality or performance of goods for sale
What are federal or state institutions and other government organizations created by Congress or state legislatures with delegated power to create rules and regulations within their mandated area of authority?
Administrative agencies
A patent is protected for 20 years.
True
The _____ _____ _____ is a comprehensive commercial law that covers sales laws and other commercial law.
Uniform Commercial Code
The Environmental Protection Agency (EPA) was created by Congress and has the authority to create rules and regulations regarding the environment. The EPA is an example of a(n) ______.
administrative agency
A copyright protects a creator's right to materials such as:
articles paintings books
Section 1 of the Sherman Antitrust Act prohibits which activities?
Contracts, combinations, or conspiracies in restraint of trade
A _____ protects a creator's rights to materials such as books, articles, photos, paintings, and cartoons.
Copyright
Select the most appropriate category of protection for each listed intellectual property. "Just Dance" by Lady Gaga
Copyright
Select the most appropriate category of protection for each listed intellectual property. Harry Potter books
Copyright
Select the most appropriate category of protection for each listed intellectual property. Pictures taken by a professional photographer
Copyright
Which of the following does a trademark legally protect?
Design Symbol Name
The Sherman Antitrust Act of 1890
Designed to prevent large businesses from stifling the competition of smaller or newer firms
The effect of deregulation on the TV industry.
New stations emerged
What are some key responsibilities of legislators to maintain the free-market system?
To pass laws that ensure a competitive atmosphere and promote fair business practices
What is the purpose of the Uniform Commercial Code (UCC)?
To standardize commercial law and facilitate commercial transactions
Select the most appropriate category of protection for each listed intellectual property. Mickey Mouse
Trademark
Select the most appropriate category of protection for each listed intellectual property. Nike Swoosh
Trademark
Select the most appropriate category of protection for each listed intellectual property. Aflac Duck
Trademark
The purpose of the American Inventors Protection Act is to ______.
prevent submarine patents prevent intentionally dragging out of patent applications make patent applications public after 18 months
The part of tort law that holds businesses liable for harm that results from the production, design, or use of products they market is called ______.
product liability
School districts depend on
property taxes
States and local communities make extensive use of
sales taxes.
Express warranties are specific representations by _____ that _____ rely on regarding the goods they purchase.
sellers buyers
What type of law is referred to as a written law?
statutory law
The major fields of law that are important to businesspeople are:
statutory law common law
The government may encourage businesses to hire new employees or purchase new equipment by offering a(n) _____ _____, an amount firms can deduct from their tax bills.
tax credit
The government may encourage businesses to hire new employees by offering
tax credits
Taxpayers can be encouraged or discouraged to undertake certain behaviors by _____.
taxes or taxation
A _____ is a legally protected name, symbol, or design that identifies the goods or services of one seller.
trademark
A(n) _____ is a legally protected name, symbol, or design that identifies the goods or services of one seller and distinguishes them from those of competitors.
trademark
A guarantee that the product sold will be acceptable for the purpose for which the buyer intends to use it is called a ______.
warranty
Statutory law, also called _____ law, includes state and federal constitutions, legislative enactments, treaties of the federal government, and ordinances.
written
Statutory law is also referred to as ______.
written law
The body of law that comes from decisions handed down by courts is called _____ _____.
common law
A key responsibility of legislators is to pass laws that ensure a _____ free-market system.
competitive
The cost of a patent depends on its _____.
complexity
A(n) _____ protects a creator's rights to materials such as books, articles, photos, paintings, and cartoons.
copyright
Creator's rights to materials such as books, photos, and paintings are protected by a ______.
copyright
At both the federal and state levels, trial courts hear cases involving _____ and _____ law.
criminal civil
A social movement that seeks to increase and strengthen the rights and powers of buyers in relation to sellers is called _____.
consumerism
A(n) _____ is a legally enforceable agreement between two or more parties.
contract
Jim claims that Tom breached a contract. What can a judge do?
Award damages, cancel a contract, or direct a party to do or not to do an act
The legal process by which a person, business, or government entity, unable to meet financial obligations, is relieved of those debts by a court is called _____.
Bankruptcy
The result of deregulating the electric power industry.
Blackouts
What occurs when one party fails to follow the terms of a contract?
Breach of contract
What type of law refers to the rules, statutes, codes, and regulations that provide a legal framework for the conduct of commerce and that are enforceable by court action?
Business law
What is the body of law that comes from decisions handed down by courts?
Common law
A principle ruling of law established during a court case is called what?
Common law Precedent
_____ warranties are specific representations by the seller that buyers rely on regarding the goods they purchase.
Express
The two types of warranties are called express and limited warranties.
False Reason: Express and implied warranties are the two types of warranties.
At which two levels of the U.S. court system will you hear cases of criminal and civil law?
Federal and state levels
__________ help the federal and state governments pay for highway construction.
Gasoline taxes
What is product liability?
Holds businesses liable for harm that results from the production, design, or inadequate warnings of products they market
Which of the following is correct about an intentional tort?
Intentional torts include acts that harm other persons. Intentional torts include acts that harm property. The required intent for intentional torts is the desire to cause harm.
What is the branch of government chosen to oversee the legal system through the court system?
Judiciary
How long does copyright protection for published works last?
Life of author, plus 70 years
The Robinson-Patman Act of 1936
Made certain acts of price cutting punishable as criminal offenses by fine and imprisonment
The effect of deregulation in the banking, investment, and mortgage industries.
Market collapsed
What does the Sherman Antitrust Act prohibit?
Monopolization
Select the most appropriate category of protection for each listed intellectual property. Alarm clock
Patent
Select the most appropriate category of protection for each listed intellectual property. Personal computer
Patent
Select the most appropriate category of protection for each listed intellectual property. Razor blade
Patent
Which of the following is true in regards to a patent application fee?
Patents dealing with complex technology will cost more than a patent dealing with simpler technology.
What are the three legal protections individuals can use to protect their ideas?
Patents, copyrights, and trademarks
The effect of deregulation on the airline industry.
Prices decreased
The Clayton Act of 1914
Prohibited exclusive dealing and tying contracts
The Federal Trade Commission Act of 1914
Prohibited unfair methods of competition in commerce
Congress passed the _____ _____ Act in 1890 to stop large organizations from stifling competition.
Sherman Antitrust
__________ are used to reduce consumer use of certain classes of products like liquor.
Sin taxes
_____ law is written law that includes state and federal constitutions, legislative enactments, treaties of the federal government, and ordinances.
Statutory
What are the two major fields of law that are important to businesspeople?
Statutory and common law
_____ are the most common way federal, state, and local governments raise money.
Taxes or Tax
Which of the following laws was passed to address critics who argued that some inventors intentionally delayed or dragged out a patent application because they expected others to eventually develop similar products or technology?
The American Inventor's Protection Act
Who has the right to sell or license the use of a patent to others?
The patent owners
Negotiable instruments are forms of _____ _____ that are transferable among businesses and individuals and represent a promise to pay a specified amount.
commercial paper
The Smith's new roof, installed by John's company, leaked in several places during the next rain. A ceiling and wall had to be replaced and they had to pay a different company to tear off the roof. They were now suing for _____ to pay the new roofer and for the repairs to the interior.
damages
The two types of warranties are _____ warranties and _____ warranties.
express or full implied or limited
The U.S. court system is organized at the _____, _____, and _____ levels.
federal state local
The levels of the U.S. court system are
federal state local
The federal government receives its largest share of taxes from
income taxes
A(n) _____ _____ is a willful act that results in injury.
intentional tort
A willful act that results in injury is called a(n):
intentional tort
The _____ is the branch of government that oversees the legal system through a system of courts.
judiciary or judicial
The reason for creating the Sherman Antitrust Act was that ______.
large companies in oil, railroads, and steel dominated the economy
Business law consists of a _____ framework with rules, statutes, codes, and regulations that provide information for conduct of businesses.
legal
When submitting a patent application, the fees for a patent dealing with complex technology usually cost ______ a patent dealing with simpler concepts.
more than
Forms of commercial paper that are transferable among businesses and individuals and represent a promise to pay a specified amount are called _____.
negotiable instruments
A precedent comes from decisions made in previous cases and guide a judge in the handling of _____ cases.
new, current, or future
Breach of contract means:
one party fails to follow the terms of a contract
Patent _____ have the right to sell or license the use of a patent to others.
owners or holders
A _____ is a document that gives inventors the exclusive right to their inventions.
patent
A document that gives inventors exclusive rights to their inventions for 20 years is called a(n) ______.
patent
People can legally protect their ideas through _____ (gives inventors exclusive rights to their inventions), _____ (protects a creator's rights to materials such as books), and _____ (protects name, symbol, or design).
patents copyrights trademarks
Decisions judges have made in earlier cases that guide the handling of new cases are called _____. (Enter one word in the blank.)
precedents or precedent
