exam 5 study guide Flashcards

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1
Q

What is intellectual property?

A

an economically significant type of intangible personal property that includes trade secrets, trade symbols, copyrights, and patents.

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2
Q

Infringement?

A

When a person without authorization uses a substantially indistinguishable mark that is likely to cause
confusion mistake or deception

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3
Q

What is a trade secret? What are examples of trade secrets?

A

secret information such as, customer lists or contracts with suppliers, secret formulas, processes and production methods.

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4
Q

Why would some businesses decide not to file for a patent to protect their IP?

A

patents cant be renewed, so once it expires anyone can own the patent

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5
Q

What is a copyright?

A

exclusive right, usually for the authors life plus seventy years, to original works or authorship

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6
Q

Is registration of copyright required to protect from infringement?

A

must establish that he owns the copyright. No, but it will give you more remedies

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7
Q

What is patentability?

A

to be patentable as a utility patent, the invention must be 1) novel 2) useful and 3) not obvious

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8
Q

Name 3 examples of unfair labor practices

A

unfair labor

  • interfering with right to unionize
  • refusing to bargain in good faith
  • discriminating against union members
  • dominating the union
  • discriminating against an employee
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9
Q

name examples of unfair union practices

A

unfair union

  • coercing an employee to join the union
  • refusing to bargain in good faith
  • causing an employer to discriminate against a nonunion employee
  • featherbedding
  • picketing an employer to require recognition of an uncertified union
  • engaging in secondary activity
  • levying excessive or discriminatory dues
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10
Q

A files a claim of discrimination on the basis of race against her employer with the EEOC. The employer learns of the charge and assigns A to do less desirable tasks and cuts her hours. What additional charge can A levy against her employer?

A

Retaliation

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11
Q

What is the EEOC?

A

Equal Employment Opportunity Commission

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12
Q

Equal Employment Opportunity Commission

What does it do? What kind of role does it have, is it an advocate for the claimant employee?

A

enforcement agency for the Civil Rights Act

1) files legal actions in its own name or to intervene in actions filed by third parties
2) to attempt to resolve alleged violations through informal means prior to bringing suit
3) to investigate all charges of discrimination
4) to issue guidelines and regulations concerning enforcement policy

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13
Q

Name three protected statuses under federal law? Can the sates add to the list of protected statuses? Give an example

A

gender, race, religion, age

states can change

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14
Q

What is sexual harassment? What are the two types of sexual harassment?

A

hostile work environment and quid pro quo

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15
Q

Which doctrine allows, in the absence of a contract, an employee to quit for any reason and an employer to terminate employment of an employee at any time and for any reason?

A

at will employment contract

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16
Q

Give an example of a limitation on the at will employment doctrine

A

if the employment is for a specific term, or represented by a labor union

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17
Q

A works in a Ford plant. A injures herself while attempting to place a fender on a Ford pickup truck. What relief does A have? What is the basis of recovery?

A

workers comp

strict liability

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18
Q

What are the legal bases for an accountant’s legal responsibility?

A

contract law, tort law, criminal liability

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19
Q

What are “working papers”

A

all the paperwork involved in a case

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20
Q

Is there an accountant - client privilege?

A

no, but there is an attorney client privilege

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21
Q

What does SOX prohibit accounting firms from as to their audit clients?

A

makes auditors more independent from their clients

prohibits 8 non audit services

22
Q

Whose responsibility is it to provide consumer protection, the state or the federal government?

A

states responsibility but the federal government does have legislation

23
Q

What is the FTC? What does it do?

A

federal trade commission - shapes legal action, prevents unfair or deceptive practices

24
Q

What is a cease and desist order?

A

makes you stop doing something

-orders a party to stop a certain practice

25
Q

What is the Fair Debt Collection Practices Act? What does it prohibit?

A

abusive, deceptive, and unfair practices by debt collectors in collecting consumer debts are prohibited by the Fair Debt Collection Practices Act
enforced by the FTC
prohibits:
1) communication with the consumer at unusual or inconvenient hours
2) communication with the consumer if she is represented by an attorney
3) harassing, oppressive, or abusive conduct, such as obscene language threats or violence
4) false, deceptive, or misleading representations or means of collection
5) unfair or unconscionable means to collect any debt

26
Q

What does the Foreign corrupt practices act prohibit?

A

prohibits all US companies from bribing foreign government or political officials

27
Q

What is the difference between a bribe and grease payment?

A

grease payment is illegal, bribe is not

grease payments are non-discretionary facilitating

28
Q

Do american companies have to comply with american anti discrimination laws when operating overseas? When are they required to?

A
  • Employers are not required to comply with employment discrimination laws if compliance would violate the law of the foreign country in which the workplace is located.
29
Q

What is a landlord?

A

owner of land who grants a leasehold interest to another

30
Q

A tenant?

A

Possessor of leasehold interest

31
Q

Leasehold estate?

A

The possessory term thus granted is an estate in land

32
Q

How is the landlord-tenant relationship seen by the courts, as a conveyance of use of land or as a contract?

A

Seen as a contract use to be seen as real estate but not anymore

33
Q

What are the tenants obligations?

A

Pay a specified rent at a specific time. Destruction of the premises, under the common law, does not releive tenants obligation to pay rent and does not terminate the lease.

34
Q

What is eviction

A

If the tenant breaches one of the covenants of her lease, the landlord may terminate the lease and evict her from the premises.

35
Q

What is abandonment? When does the tenants obligation to pay rent end?

A

If the tenant abandons the property the landlord re enter or re lets it, the tenants obligations to pay rent terminates. When the landlord takes over and your stuff is not there anymore.

36
Q

What are the landlord’s obligations?

A

Quiet enjoyment: tenant’s right to physical possession of the premises free of interference by the landlord. Violation of duty/duties owed to tenant can be
constructive eviction-Failure by landlord in an obligation under the lease that
cause a substantial and lasting injury to the tenant’s enjoyment of the premises

37
Q

What is quiet enjoyment

A

Tenants right to physical possession of the premises free of interference by the landlord

38
Q

What is constructive eviction?

A

Failure by landlord in an obligation under the lease that cause a substantial and lasting injury to the tenants enjoyment of the premises.

39
Q

What is the implied warranty of habitability?

A

Warranty that the leased premises are fit for ordinary residential purposes

40
Q

What does it mean to say that someone dies “intestate”?

A

We say someone died intestate meaning without leaving a valid will

41
Q

What happens to a person’s assets if they dies without a valid will?

A

If there is no valid will then state intestacy laws determine who gets how much of everything

42
Q

What is a will?

A

A properly executed written instrument whereby a person makes a disposition of his property

43
Q

What are the three formal requirements of a will?

A

Must be in writing,
signed,
attested by witnesses

44
Q

What is a living will?

A

A document by which an individual’s states that she does not wish to receive extraordinary medical treatment in order to preserve her life.

45
Q

What is a patent? Who issues Patents?

A

patent - the exclusive right to an invention for 20 years from the date of application for utility and plant patents; 14 years from grant for design patents
the federal government grants and issues patents

46
Q

What is insurance?

A

contractual arrangement that distributes risk of loss among a large number of people

47
Q

What is fire and property insurance?

A

Protects the owner of real or personal property against loss resulting from damage to or destruction of the property by fire and certain related perils

48
Q

What are the two types of fire?

A

friendly fire - fire contained where it is intended to be

hostile fire - any fire outside its intended or usual place

49
Q

What is a co-insurance clause?

A

insurance in which a person insures property for less than its full or stated value and agrees to share the risk of loss

50
Q

What happens when there is a loss and more than one insurance policy

A

They will pay PRO RATA. Each policy will get a certain %.

51
Q

What is the difference between valued policy and open policy?

A

valued policy - covers full value of policy as agreed upon by the parties at the time the policy is issued
open policy - covers fair market value of property calculated immediately prior to the loss