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Business Law: Intellectual Property, Contracts, And Corporate Structures

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    Business Law: Intellectual Property, Contracts, and Corporate Structures Question 1 1 points Save A patent may not be issued for: a. a process b. a manufacture c. a composition of matter d. a theory e. any of the above Question 2 1 points Save With respect to warranty disclaimers, under the UCC a seller: a. may never disclaim a warranty b. may only disclaim implied warranties c. may disclaim only express warranties d. may disclaim any warranty except a warranty of title e. may disclaim any warranty so long as the disclaimer follows UCC rules Question 3 1 points Save A 16 - year - old goes to a used car dealership and pays $2,000 cash to buy a car off the lot. a. assuming no fraud by the dealer, and that the car is really worth about $2,000, the contract is valid b. the dealer realizes that the car is worth more than $2,000, so he can void the contract and insist on the car back c. the 16 - year - old can bring the car back the next day and demand his money back because the contract is voidable d. the parents of the 16 - year - old cannot try to get the money back for the car because parents are responsible for providing their children with necessities e. none of the above Question 4 1 points Save Trademarks are classified as: a. generic b. suggestive

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    c. descriptive d. arbitrary and fanciful e. all of the above Question 5 1 points Save Factors that influence the choice of a particular form of business organization may include: a. capital requirements b. duration c. tax rates d. transferability of interests e. all of these Question 6 1 points Save When a persons suffers an injury due to deliberate deception, there may be a tort of: a. fraud b. misrepresentation c. fraudulent misrepresentation d. deceit e. all of the above Question 7 1 points Save Strict liability may be imposed if you, the buyer, receive an oral or written statement about the quality of a good, that statement becomes part of your bargain with the manufacturer, and you suffer an injury because the statement was not accurate. This is known as: a. implied warranty b. express warranty c. caveat emptor d. product warranty e. none of the above Question 8 1 points Save The rules that regulate and govern the internal operations of a corporation are known as:

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    a. the certificate of incorporation b. the bond c. the bylaws d. statutes of business e. the corporate constitution Question 9 1 points Save A composition involves: a. repaying a percentage of the total amount of a debt b. turning over obligations to pay to a third party c. allowing a guarantor to withdraw from a debt obligation d. turning over right to payment to a third party e. rehabilitating a creditor Question 10 1 points Save If a negotiable instrument is assigned, the assignee has: a. has the same contract rights and responsibilities as the assignor b. the same contract rights as the assignor, but is relieved of any responsibilities of the assignor c. the same responsibilities as the assignor, but not the contract rights of the assignor d. has neither the rights or responsibilities of the assignors; those are determined by a new contract between the parties e. none of the above Question 11 1 points Save A private nuisance involves: a. a reasonable interference with the enjoyment of land b. a substantial interference with the use of land c. an unreasonable interference with the enjoyment of land d. either b or c e. violation of a statute prohibiting bad acts Question 12 1 points Save

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    If the parties to a sale under the UCC do not specify when the title to the goods passes, then, assuming goods have to be shipped, title passes to the buyer: a. when the seller completes obligations regarding delivery of the goods b. when the seller ships the title documents and goods c. when the buyer inspects the goods d. when the buyer makes "substantial" payment e. any of the above Question 13 1 points Save A legally binding contract that can be terminated at the option of one of the parties is called: a. an executed contract b. a formal contract with an escape clause c. a voidable contract d. a void contract e. a parol evidence contract Question 14 1 points Save The courts may impose obligations on one party to a dispute to avoid unjust enrichment to the other party. This is called: a. unenforceable contract b. voidable contract c. implied contract d. void contract e. quasi - contract Question 15 1 points Save It is customary for new car dealers to clean and check every new car they seel prior to delivery to the customer. Danver Motors failed to clean and check a car before delivering a new car to a buyer. A check would have revealed that the exhaust was leaking into the passenger compartment. While driving home, the buyer was overcome by carbon monoxide and crashed. Is Danver Motors liable? a. If the buyer can demonstrate his/her "actual reliance" on the seller's expertise, then the dealer may be held liable for a breach

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    of an implied warranty of merchantability. b. The dealer may be liable to a buyer for breach of an implied warranty arising from merchantability. c. If the buyer can demonstrate his/her "actual reliance" on the dealer's expertise and that the dealer had "reason to know" the problem existed, then the dealer may be liable for breach of an implied warranty for fitness for a particular purpose. d. Since the new car was covered by a written warranty, the dealer is liable under a warranty of title.. e. The dealer cannot be held liable; the liability rests solely with the manufacturer. Question 16 1 points Save Contracts that have not been fully performed by either party are what kind of contracts? a. executory b. executed c. implied d. voidable e. none of the above Question 17 1 points Save In a (an) _________________, the debtor makes a minimum monthly payment and more debt can be added to the account over time. a. collections account b. installment account c. revolving account d. open account e. security account Question 18 1 points Save To raise needed capital, small companies often rely on: a. currency exchanges b. commodities markets c. debt financing d. equity financing

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    e. derivative financing Question 19 1 points Save The Uniform Partnership Act (UPA) has been adopted in: a. six states b. twelve states c. twenty - two states d. all but one state e. none of the above; it is a federal statute Question 20 1 points Save Trademarks, trade names, patents, and copyrights represent a category of property called: a. intangible property b. tangible property c. real property d. statutory property e. personal property Question 21 1 points Save The most common defense to a claim of defamation is: a. consent b. proximate cause c. truth d. self - defense e. protection of others Question 22 1 points Save When a wrong doer/tort feasor harms a person's interest in land or personal possessions, this is referred to as: a. a misdemeanor b. a contractual wrong c. a tort against property

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    d. a libel against the person e. none of the above Question 23 1 points Save For many small businesses, the quickest and least expensive way to accomplish liquidation is: a. a Chapter 13 proceeding b. a Chapter 7 proceeding c. an assignment d. a disputation e. a reorganization Question 24 1 points Save The process of settling the accounts and liquidating the assets of a corporation is called: a. termination b. certification c. transference d. dissolution e. none of the above Question 25 1 points Save When a business lends another business money, it should perfect its security interest by: a. applying to the IRS for security b. filing its financing statement with the state secretary of state c. preparing its inventory for satisfaction d. obtaining a late - term guarantor e. none of these courses of action Question 26 1 points Save A ____________ is an association of two or more persons to carry on a business as co - owners for profit. a. proprietorship

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    b. corporation c. partnership d. cooperative e. all of the above Question 27 1 points Save A company sells franchises in a business. Before franchises may be sold to franchisees, the franchisor must: a. register with the SEC under the 1933 Securities Act b. register with the SEC under the Investment Company Act c. register with the CFTC d. comply with FTC regulations, and given a prospective buyer a detailed disclosure document e. none of the above Question 28 1 points Save Which of the following debt item(s) are not extinguished by a Chapter 7 bankruptcy? a. alimony and child support payments b. back taxes c. debts incurred by fraud against creditors d. fines owed to the government e. all of the above Question 29 1 points Save An express warranty may be created by all but which of the following: a. a seller's promise about goods being sold b. a seller's guarantee regarding the safety of a good c. the sample the buyer received from the seller d. the description of the goods provided by the seller e. any of the above Question 30 1 points Save Today a corporation must be created according to:

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