BUSN311 Midterm Exam SCORE 92 PERCENT

Quiz

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Question 1 (5 points)

 

Debtors who want to repay their debts but need protection from creditors can seek the bankruptcy court's approval of a payment plan under which of the following bankruptcy provisions?

Question 1 options:

	Chapter 7
	Chapter 15
	Chapter 13
	Chapter 11

Question 2 (5 points)

 

Common law refers to unwritten laws that are handed down through court decisions.

Question 2 options:

	True
	False

Question 3 (5 points)

 

When answering a complaint the defendant can do all of the following except:

Question 3 options:

	deny the allegations set forth in the complaint
	admit to the allegations set forth in the complaint
	list defenses
	declare judgment

Question 4 (5 points)

 

Intellectual property (IP) is a vital part of the U.S. economy. Which of the following are some of the reasons why?

Question 4 options:

	The U.S. economy has become more industrial based with over 40 million Americans working in IP-intensive industries. These individuals earn average salaries of over $60,000 while their counterparts in non-IP industries earn average salaries of less than $35,000.
	The U.S. economy has become more knowledge based with over 40 million Americans working in IP-intensive industries. These individuals earn average salaries of over $50,000 while their counterparts in non-IP industries earn average salaries of less than $40,000.
	The U.S. economy has become more industrial based with over 50 million Americans working in IP-intensive industries. These individuals earn average salaries of over $50,000 while their counterparts in non-IP industries earn average salaries of less than $40,000.
	The U.S. economy has become more knowledge based with over 50 million Americans working in IP-intensive industries. These individuals earn average salaries of over $60,000 while their counterparts in non-IP industries earn average salaries of less than $35,000.

Question 5 (5 points)

 

Debtors do not have to be insolvent to file bankruptcy through Chapter 11.

Question 5 options:

	True
	False

Question 6 (5 points)

 

The revenue from a Chapter C corporations is taxed twice.

Question 6 options:

	True
	False

Question 7 (5 points)

 

Which of the following is the correct definition for interlocking directorates?

Question 7 options:

	Interlocking directorates occur when the same individual makes business decisions for companies that compete against one another.
	Interlocking directorates occur when a company buys most, and possibly all, of the stock in a target company in an effort to gain control of the target company.
	Interlocking directorates occur when a sector in the market contains a single business with total control, or close to total control, of the sector.
	Interlocking directorates occur when a business deal unites two existing companies to form one new company.

Question 8 (5 points)

 

All of the following are a type of contract except:

Question 8 options:

	Unilateral
	Express
	Implied
	Enduring

Question 9 (5 points)

 

Examples of antitrust activities include all of the following except for:

Question 9 options:

	standardization among trade association members
	concerted refusal to deal
	allocation of markets
	price fixing

Question 10 (5 points)

 

Federal statute that "bans unfair methods of competition and unfair or deceptive acts or practices."

Question 10 options:

	Sarbanes Oxley Act
	Federal Trade Commission Act
	World Treaty Exchange Act for Fair Trade of 2001
	False Communications Act of 1990

Question 11 (5 points)

 

A business or individual may be able to reorganize and continue operations under which of the following bankruptcy provisions?

Question 11 options:

	Chapter 11
	Chapter 7
	Chapter 13
	Chapter 12

Question 12 (5 points)

 

The federal statute which outlaws every contract, combination, or conspiracy in restraint of trade, and any monopolization, attempted monopolization, or conspiracy or combination to monopolize

Question 12 options:

	Dodd Franks Act
	Sherman Antitrust Act
	Fair Labor Standards Act
	Briggs Noon Monopoly Prohibition Act

Question 13 (5 points)

 

Trade secrets are protected by:

Question 13 options:

	copyright registration
	arbitration
	filing a patent
	nondisclosure agreement

Question 14 (10 points)

 

In a Chapter 7 bankruptcy proceeding, debts owed are are settled and paid according to an order of priority. A Debtor who has filed a Chapter 7 proceeding has the following categories of debt. Number the order in which these will paid out of the Debtor's assets, beginning with "1" being the type of debt paid first.

Question 14 options:

Bottom of Form

Costs incurred for bankruptcy case

 

Federal and state taxes.

 

Business expenses incurred after bankruptcy case filed

 

Secured loans

 

Wages, salaries, or commissions owed (up to $2,000 per creditor)       2. Costs incurred for bankruptcy case   1.     Federal and state taxes.   4. Business expenses incurred after bankruptcy case filed   5. Secured loans   3.     Wages, salaries, or commissions owed (up to $2,000 per creditor)

Question 15 (5 points)

 

The Statute of Frauds does not apply to which of the following?

Question 15 options:

	Promise to pay the debt of another.
	Contract can be completed in less than a year.
	None of the above.
	Contract will take more than a year to complete
	Sale of land

Question 16 (20 points)

 

Match each of the following contract principles with its descriptive term:

Question 16 options:

capacity

 

consideration

 

mutuality

 

agreement		1. of legal age 2. both parties must agree 3. bargained-for exchange 4. concord of understanding and intent
Capacity – Of legal age

 

Consideration- bargained for exchange

 

Mutuality- Both parties must agree Agreement – Concord of understanding and intent

 

 

Question 17 (5 points)

 

In Association for Molecular Pathology v. Myriad Genetics, (2013), the U.S. Supreme Court addressed the legal issue of:

Question 17 options:

	whether human genes can be subjected to scientific research
	whether certain bacteria strains are patentable
	whether human genes are patentable.
	whether human genes can be cloned.

Question 18 (25 points)

 

For the following question, write an essay response. You must include APA7th ed. formatted sources in support of your essay in text and full references at the end to receive credit for your answer. Further -- you must use Required Readings to receive full credit.

ESSAY QUESTION

YOUR ESSAY IS BASED ON THESE FACTS: George and Sophia are entrepreneurs who together own a limited liability company, SOPhiGEo, LLC. They are inventors and have invented a widget that can be plugged into a mobile phone or personal computer to detect unsolicited third party access of camera and/or audio recording features on the equipment and block it with a repeating loop of nonsense gibberish that can be stopped only by the widget's primary user. This widget has a proprietary design and operating code. SOPhiGEo is calling it "LoktYU."

ESSAY: Write an essay providing the following:

Identify and define the three types of intellectual property (IP) that SOPhiGEo needs to put in place to protect its interest in LoktYU. Be specific as to which aspect(s) of the invention will be protected by each type of IP. Further, explain how each type of IP is obtained and maintained, and how long the protection of each lasts.

Question 18 options:

Skip Toolbars for .

Question 19 (20 points)

 

List the four (4) conditions for a negotiable instrument to be valid under under the Uniform Commercial Code (UCC).

Remember to provide the APA citation for the source for your answer.