Introduction to Business Law Test Preparation
Course Introduction
Introduction to Business Law offers students a foundational understanding of the legal principles that govern the world of business. This course explores essential topics such as contract law, torts, agency, property, intellectual property, and the structure of the legal system. Emphasis is placed on how legal concepts impact businesses, including the formation of business entities, regulations, and dispute resolution. Case studies and real-world examples help students develop skills to identify legal issues, assess risk, and navigate complex business environments within an ethical and legal framework.
Recommended Textbook
The Legal Environment of Business A Managerial Approach 1st Edition by Sean P. Melvin
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25 Chapters
2000 Verified Questions
2000 Flashcards
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Page 2
Chapter 1: Legal Foundations
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Sample Questions
Q1) Regulations created and enforced by federal regulatory agencies are examples of:
A) administrative laws.
B) anti-trust laws.
C) labor laws.
D) securities laws
Answer: A
Q2) ________ are recognized as binding between two parties even though no specific statute or regulation provides for the rights of the parties.
Answer: Private laws
Q3) A statute of limitations determines the maximum and minimum amounts of monetary relief that may be granted in different types of civil law suits.
A)True
B)False
Answer: False
Q4) States tend to amend their constitutions less frequently than is the case with the United States Constitution.
A)True
B)False
Answer: False
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Chapter 2: Business and the Constitution
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80 Flashcards
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Sample Questions
Q1) Mike has moved into a privately owned apartment complex.The stated rules of the complex prohibit unmarried men and women from living together in the same apartment.When Mike's girlfriend Kathy moves into his apartment he is served with eviction papers.Mike claims that the apartment complex is violating his constitutional rights since it allows only married people to live together.Is he correct?
Answer: No,Mike is incorrect.Constitutional rights may not be restricted by the federal government under the Constitution or restricted by states under the Fourteenth Amendment.This apartment complex is privately owned so most Constitutional protections will not apply as in this situation.
Q2) Placing conditions on the use of federal money given to states is most often accomplished by interpreting the Commerce Clause. A)True
B)False
Answer: False
Q3) Powers granted to the three branches of the federal government in the Constitution are known as ________ powers.
Answer: Enumerated
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4
Chapter 3: The American Judicial System,Jurisdiction,and Venue
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80 Flashcards
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Sample Questions
Q1) When a United States company conducts business with a foreign company on-line,United States law will automatically apply to the transaction should there be a dispute.
A)True
B)False
Answer: False
Q2) Minzer Corp.is considering a law suit against Salter,Inc.for patent infringement.Minzer is Delaware Corporation and Salter is located in Utah.If the case is brought in Utah,what issues should the Minzer Board of Directors consider when deciding whether to file and pursue the case?
Answer: Minzer must consider: (1)the possible amount of their recovery if successful; (2)the benefits they will gain by preventing the patent infringement; (3)the costs of out-of-state litigation in terms of travel,hotel and meal expenses; (4)whether alternative dispute resolution methods are available and appropriate,and (5)whether publicity will benefit or harm the company.
Q3) A person with an ownership interest in a business venture is called a _______.
Answer: Principal
Q4) The party petitioning or asking for an appeal is called the _______.
Answer: Appellant
Page 5
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Chapter 4: Resolving Disputes: Litigation and Alternative
Dispute Resolution Options
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80 Flashcards
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Sample Questions
Q1) If a civil trial results in a hung jury:
A) the plaintiff wins.
B) the defendant wins.
C) the litigants must start the process over and conduct a trial with a new jury.
D) this will be grounds for an automatic appeal and the appellate court will render a final decision
Q2) In some special types of cases such as divorce,the defendant is instead called a
Q3) Which of the following is not true of ADR proceedings?
A) the jury decision in an ADR proceeding is automatically subject to one appeal
B) the party conducting the ADR hearing is chosen by the disputing parties themselves in certain instances
C) ADR hearings generally result in much less publicity than does litigation
D) ADR hearings usually arrive at a resolution at a much lower cost than does litigation
Q4) ADR has some advantages for a company that makes it a better alternative than litigation in many situations.Name and explain the various methods of ODR and what are the advantages that ODR has over ADR for some companies?
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Chapter 5: Business,Societal,and Ethical Contexts of Law
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Sample Questions
Q1) The triple bottom line in the perspective of corporate social responsibility consists of each of the following except:
A) creation of profit.
B) creation or destruction of environmental value.
C) creation of social value.
D) creation of private value
Q2) Enron Corporation was a private corporation dealing in a governmentally regulated market.
A)True
B)False
Q3) The ________ based standard requires that the majority good be placed ahead of the individual good when faced with a moral dilemma.
Q4) Codes of ethics are insufficient and do not serve their proper purpose if they are intended only to ensure that company policies are legal.
A)True
B)False
Q5) Prioritizing moral values for an organization and ensuring that behaviors are aligned with those values is known as _______.
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Chapter 6: Overview and Formation of Contracts
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Sample Questions
Q1) The legal detriments exchanged by the parties must be equal,or reasonably close to equal,for consideration to be valid.
A)True
B)False
Q2) In many states,if a person has been declared incompetent,contracts that person enters into are classified as void ________ or not valid from the onset.
Q3) With regard to the court,adequacy of consideration means:
A) the consideration exchanged must be exactly equal in value.
B) the consideration exchanged must be reasonably close in value.
C) the court will adjust the consideration if the value exchanged is unfair.
D) the court doesn't care about value as long as the mutual assent is valid
Q4) Ike has orally agreed to paint Tina's portrait.The oral agreement is for the portrait to be completed in nine months.Even if the portrait actually takes thirteen months to complete,the agreement will be enforceable.
A)True
B)False
Q5) Use of unfair coercion to force another into a contract constitutes _______.
Q6) What does the parole evidence rule say and how does it affect contracts?
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Chapter 7: Contract Performance: Conditions, Breach, and Remedies
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Sample Questions
Q1) In Mobil Oil Exploration & Producing Southeast,Inc.v.United States:
A) Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the original contract amounting to repudiation by the United States.
B) Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the contract, barring certain types of oil exploration, frustrating Mobil's contractual purpose.
C) Mobil could not claim an anticipatory repudiation because even though as new law had been passed, they had not yet filed their oil excavation plan so they could not know whether they were facing a problem.
D) Mobil could not claim an anticipatory repudiation because even though as new law had been passed, it did not substantially change the terms of the original contract
Q2) In what way do legal remedies and equitable remedies differ?
Q3) Damages agreed to when the contract is written and prior to any actual breach are called ________ damages.
Q4) Appointing another person to perform one's duties under a contract is called a _______.
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Chapter 8: Contracts for the Sale of Goods
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Sample Questions
Q1) Absent specific agreements between the parties,the reasonableness requirement of the UCC governing delivery of goods requires each of the following except:
A) the goods be delivered in one shipment.
B) the goods must be delivered at a reasonable hour.
C) the goods must be delivered on a week day.
D) the goods must be delivered in a reasonable manner
Q2) Which of the following is true of open priced term contracts?
A) the contract is void due to the failure to specify a required term of the contract
B) the price becomes the reasonable price at the time the contract was entered into
C) the price becomes the reasonable price at the time the goods are delivered
D) the price is determined by the court applying a reasonable price at whatever time the court deems appropriate to fairness
Q3) UCC risk of loss provisions will govern the terms of a contract even if the parties have specified risk allocation in the contract.
A)True
B)False
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Chapter 9: Torts and Product Liability
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Sample Questions
Q1) Jessica was caught shoplifting at a department store both by employees who witnessed the act and cameras in the store.The store's management may hold her as long as it takes to get her to confess.
A)True
B)False
Q2) When Ford runs a commercial stating that Fords are better than Chevy and that "you'll be happier if you buy a Ford",Ford is committing trade libel.
A)True
B)False
Q3) Under concepts articulated in McPherson v.Buick,a manufacturer of a defective product is only liable to the purchaser of the product and not to every user.
A)True
B)False
Q4) Which of the following is not true of strict liability?
A) intent to injure does not have to be proven
B) it primarily applies in defective product and abnormally dangerous situations
C) injury need not occur or be proven
D) it is based on state law
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Chapter 10: Agency and Employment Relationships
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Sample Questions
Q1) What is meant by ratification and what three options does a principal have when confronted by a situation involving ratification?
Q2) Liability involving one party's liability for another party's act is called ________ liability.
Q3) Authority based on what the third party reasonably believes the agent to possess is called ______ authority.
Q4) Your professor is a partially disclosed agent representing your school.
A)True
B)False
Q5) If a principal would like to keep her identity secret,she would use a/an:
A) disclosed agency.
B) partially disclosed agency.
C) undisclosed agency.
D) independent agency
Q6) Agency law primarily exists on the:
A) state level.
B) federal level.
C) common law level.
D) constitutional level
Page 12
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Chapter 11: Employment Regulation and Labor Law
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Sample Questions
Q1) The process of having the NLRB certify a union based on 50% of the authorization cards indicating the employees want a union without an election is called _______.
Q2) With regard to polygraph tests:
A) public and private employers may require employees to take no more than one test per year as a condition of employment.
B) an employer may require mandatory tests only if every employee, both management and non-management are required to be tested.
C) government employees may only be required to take tests if the tests are a part of an investigation for theft or economic loss.
D) a privately owned drug company may require tests of their employees
Q3) In what ways does OSHA (the act and the agency)work to establish and maintain workplace safety?
Q4) Jan has been fired by her employer for poor job performance.Jan is still entitled to apply for and receive employer provided health care under provisions of the Consolidated Omnibus Budget Reconciliation Act.
A)True
B)False
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Chapter 12: Employment Discrimination
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Sample Questions
Q1) A plaintiff need not be in a minority of a protected class to be covered under Title VII.
A)True
B)False
Q2) Emmanuelle has been the subject of intense and continuous hostile environment sexual harassment over a period of months.If she quits before filing a complaint with the EEOC,she forfeits the right to file the complaint and seek damages.
A)True
B)False
Q3) Intent to discriminate must be proven for a disparate impact case to be successful.
A)True
B)False
Q4) Mixed motives discrimination is analyzed using the ________ standard.
Q5) The EEOC is a _____ member commission.
A) five
B) ten
C) fifteen
D) twenty
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Page 14
Chapter
13:
Choice of Business Entity, Sole Proprietorships, and Partnerships
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Sample Questions
Q1) General partnerships are not created by filing a form with a government agency.
A)True
B)False
Q2) Jonathan has graduated and wants to start a business.Which business entity gives him the most complete and exclusive control over the business and any business decisions?
A) sole proprietorship
B) limited liability company
C) corporation
D) general partnership
Q3) What process will the courts use to resolve a dispute between principals of a limited partnership in the absence of a written partnership agreement?
Q4) You have just graduated and you want to start your own business.You have a degree in horticulture so you have chosen to open a florist shop and plant nursery.What type of business entity will you choose and explain its benefits and detriments in detail.
Q5) Name the three specific events that are deemed events of dissociation by the Revised Uniform Partnership Act considered to be the most common.
Page 15
Q6) Business entities are sometimes referred to as business _______.
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Chapter 14: Limited Liability Partnerships, limited Liability
Companies, and Other Business Arrangements
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Sample Questions
Q1) LLC members are always required to complete a Certificate of Membership Interest evidencing the individual member's interest the business entity.
A)True
B)False
Q2) States may require that LLPs carry liability insurance to protect clients and customers as a condition of LLP formation.
A)True
B)False
Q3) Trish is a partner in an LLP and the partnership is having a cash flow problem.To alleviate the problem the partnership has initiated a capital call for each partner to contribute an additional $25,000 to the business.If Trish cannot come up with the necessary funds,she may be forced to sell her interest in the partnership.
A)True
B)False
Q4) A corporation may be a principal of an LLC.
A)True
B)False
Q5) Owners in an LLC are called _______.
Page 16
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Chapter 15: Corporations
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Sample Questions
Q1) Corporate bondholders are creditors of the corporation but not shareholders.
A)True
B)False
Q2) The document filed with the state that begins the incorporation process in the majority of states is called the:
A) articles of incorporation.
B) declaration of incorporation.
C) statement of incorporation.
D) certificate of incorporation
Q3) Shareholders are the owners of the corporation and,in part,act principally through electing and removing officers.
A)True
B)False
Q4) Corporations may be created by written agreement between the principals and no strict or formal filing is required as long as the agreement is written.
A)True
B)False
Q5) In a minority of the states,the articles of incorporation are called the ________.
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Chapter 16: Regulation of Securities, corporate Governance, and Financial Markets
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Sample Questions
Q1) The SEC's computer data base which maintains the national clearinghouse for public corporation disclosures is known as _______.
Q2) On a bond,the face amount is also called the _______.
Q3) The SEC is an:
A) independent agency that is not under the direct control of the president.
B) independent agency that is under the direct control of the president.
C) independent agency that is under the direct control of the Department of Justice.
D) independent agency that is under the direct control of the U.S. Treasury Department
Q4) Frank is the president and CEO of a publicly held corporation and is quoted in the paper as saying that the company is solid and has a bright future.He mentions a number of projects and plans that he anticipates will be successful in both the short term and long term,thus benefitting the company.Betty Sue reads this article and calls a broker ordering her to buy shares in Frank's company.After two years the stock is below the price she paid for it and she brings suit claiming that Frank committed a fraud when he stated that the company was solid and would be very successful in the future.What must be proven by each side and what is the likely outcome of this suit?
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Page 18
Chapter 17: Administrative Law
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Sample Questions
Q1) Which of these is not an administrative agency function?
A) policymaking
B) creating statutes
C) licensing and permitting
D) investigation and enforcement
Q2) Congress has no power to remove an agency head.
A)True
B)False
Q3) Mike believes that his neighbor Stephanie has been dumping sewage on her property.After the Environmental Protection Agency has conducted its investigation,Mike is permitted,under the Sunshine Act,to attend the meeting called to discuss the results of the investigation.
A)True
B)False
Q4) Agencies tend to employ large amounts of attorneys to make sure that the rulemaking process is legally complaint.
A)True
B)False
Q5) Name and discuss the four sources administrative law.
Q6) Describe the probable cause standard used for administrative warrants.
Page 19
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Chapter 18: Environmental Law
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Sample Questions
Q1) Which of these is not a class of principally responsible parties (PRP)under the Superfund?
A) current owners
B) previous owners
C) owners at the time when the hazardous substances were disposed on the site
D) business that accepted hazardous substance for transportation to the site and selected the site
Q2) Fixed site emitters of air pollutants are known as ________ sources of air pollution.
Q3) Banks that become owners of contaminated property through foreclosure are not liable for cleanup costs.
A)True
B)False
Q4) The Clean Air Act (CAA)is an uncontroversial statute.
A)True
B)False
Q5) The EPA may enforce its rules and regulations through criminal prosecutions.
A)True
B)False
Q6) The ________ Act is the most important wildlife protection legislation.
Page 20
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Chapter 19: Antitrust and Regulation of Competition
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Sample Questions
Q1) In American Needle Inc.v.National Football League,the NFL had entered into an agreement with Reebok to manufacture all of its teams' official goods and claimed that all 32 teams were a single-entity.American Needle sued claiming that the Reebok agreement was an illegal conspiracy under the Sherman Act.The U.S.Supreme Court found that:
A) the 32 teams were a collective unit and not subject to the Sherman Act.
B) the 32 teams were not a collective unit and were subject to the Sherman Act.
C) the 32 teams were not a collective unit but were exempt from the Sherman Act because of the economic environment of sports.
D) there was no Sherman Act violation
Q2) The Sherman Act prohibits ________ by a business to gain monopoly power.
Q3) U.S.v.Microsoft held that the appropriate standard to analyze Microsoft's actions in the browser market was the rule of reason.
A)True
B)False
Q4) There is a bright-line test for determining the amount of market share necessary to be considered a monopoly.
A)True
B)False
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Chapter 20: Creditors Rights and Bankruptcy
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Sample Questions
Q1) When does an automatic stay become permanent?
A) never
B) once the bankruptcy proceedings have ended
C) when the petition is determined to be valid
D) when the debtor files for bankruptcy
Q2) Bankruptcy is the only option for businesses who want to not be liable for their debts.
A)True
B)False
Q3) This bankruptcy chapter filing option liquidates the debtor's property to repay creditors and discharge the debts.
A) Chapter 7
B) Chapter 11
C) Chapter 12
D) Chapter 13
Q4) In Chapter 11,creditors file a reorganization plan which articulates a specific strategy and financial plan for emerging from financial distress.
A)True
B)False
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Page 22
Chapter 21: Consumer Protection Law
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Sample Questions
Q1) Many express warranties are made through advertisements.
A)True
B)False
Q2) FDA regulations do not apply to the labeling of food packages.
A)True
B)False
Q3) What is puffery? Provide an example.
Q4) Expressly false statements can result in breach of warranty lawsuits.
A)True
B)False
Q5) Seller lists his car on Craigslist "as is" and "with all faults" in bold,conspicuous letters in the advertisement.Seller knows that the brakes are faulty.Buyer purchases the car and is later injured when the brakes fail and the car is wrecked.Did Seller limit his liability against Buyer in a lawsuit by using the term "as is"?
Q6) Regarding business owners and managers,what is generally considered the most important part of the Truth in Lending Act? Why?
Q7) The implied warranty of merchantability applies to every sale from a _______ to a buyer.
Q8) Name and discuss the two categories of warranties.
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Chapter 22: Criminal Law and Procedure in Business
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Sample Questions
Q1) Jonathan is a junior in college and has started dating a secretary who works in the college president's office.She is madly in love with him and when he asks for the passwords to access the school's main computers she gladly gives them to him.He uses the passwords to change his grades.Jonathan has violated the Patriot Act.
A)True
B)False
Q2) If a defendant is found guilty in a criminal trial,they may not appeal due to double jeopardy.
A)True
B)False
Q3) Your professor has dismissed the class and everyone is walking towards the exit.Ashton takes out his phone and is accessing a site to see if his favorite celebrity starlet has been released from police custody yet.While staring intently into the phone,he bumps into you causing you to fall and injure your leg.Has he committed a crime and if so,what crime has he committed?
Q4) The illegal act that constitutes the crime and results in criminal liability is called the _____.
Q5) Being blameworthy in criminal law is called _____.
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Chapter 23: Personal Property, Real Property, and Land Use Law
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Sample Questions
Q1) Sophie is renting a home from Robert.There is no written lease and the agreement is that Sophie will pay rent on the first of every month.Either party may terminate the agreement with thirty days notice.Sophie has a:
A) life estate.
B) periodic tenancy.
C) tenancy for years.
D) easement by grant
Q2) Chuck is renting an apartment and he has a problem.All night he hears the scurrying around of rodents and each morning he finds cereal boxes and other cardboard food containers gnawed at.He has also noticed droppings all over the apartment including in the children's nursery.He has complained to the landlord who simply replies,"Hey,this is center city,everybody has a rat problem." Landlord is breaching Chuck's right to:
A) possession.
B) quiet enjoyment.
C) continuous control.
D) habitability
Q3) Water rights are also known as ________ rights.
Q4) An exception to zoning ordinances is called a ______.
Q5) Structures erected on real estate are called ______.
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Chapter 24: Intellectual Property
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Sample
Questions
Q1) Igor is a brilliant chemist and one day decides to try and find out why Whipple Iced Tea tastes so good.Whipple advertises that they blend secret spices into their drink and those secret spices are a closely guarded secret.The recipe is kept in a safe which is kept in a vault at the home office and is guarded by two former Special Forces soldiers at all times.Igor,after weeks of analysis has discovered the recipe.Igor is guilty of misappropriation of the Whipple trade secret.
A)True
B)False
Q2) "Frosted Mini Wheats" is a descriptive mark that has acquired a secondary meaning and is afforded protection.
A)True
B)False
Q3) Zippo's is an on-line retailer of men's and women's clothing and fashion accessories.They maintain a list of their customers and their customer's preferences.This list could qualify as a trade secret.
A)True
B)False
Q4) "Snapple" is an example of a/an ________ trademark.
Q5) Why are trademarks worthy of protections as valuable business assets?
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Chapter 25: International Law and Global Commerce
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Sample Questions
Q1) The right of a buyer for a seller to cure any problems with the goods ends when the performance period is through under UNCISG.
A)True
B)False
Q2) Only current government officials are included in the anti-bribery restrictions of the Foreign Corrupt Practice Act.
A)True
B)False
Q3) The civil law system is based on which legal heritage?
A) English
B) Roman
C) American
D) Italian
Q4) The ICC,LCIA,and AAA all use the same rules to govern their arbitrations.
A)True
B)False
Q5) The Paris Convention removes all risk for inventors regarding patents.
A)True
B)False
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