Test 3

Question 1

The law protects famous trademarks for being WATERED DOWN which is known as

Answer 1

Dilution

Question 2

A company with a made up or fanciful name such as xerox would be said to have this type or trademark

Answer 2

Strong mark

Question 3

The teacher makes a copy of a famous photograph from another textbook and hands it out to teach. This is protected by

Answer 3

The fair use exceptions act

Question 4

If you invent something you try to get a ____ to be sure Boone else can sell or make it

Answer 4

Patent

Question 5

The name Coke is a distinctive mark motto or device emblem that a manufacturer affixes to the goods is called

Answer 5

Trademark

Question 6

In 2012 someone registered a domain name iphone5.com and tried to sue Apple. Apple won by

Answer 6

Cyber squatting

Question 7

Courtney love was sued for defamation based on remarks she posted on Twitter about a fashion designer. The lawsuit that resulted falls into the category of

Answer 7

Cyber tots

Question 8

Whenever Jennifer visits Facebook, add appear that are based on items that she has searched for. These invisible files are

Answer 8

Cookies

Question 9

Facebook twitter and Pinterest are

Answer 9

Social media

Question 10

Tom opened an online shoe store and to get customers he inserted keywords shoes boots and sandals. These are called

Answer 10

Web words

Question 11

Eager biz company wants to borrow money from the finance state bank. The bank insists that Gwen, rangers president, agree to be personally liable for payment if eager defaults. Gwen agrees. She is

Answer 11

A guarantor

Question 12

Sam and Jody agree to act as a guarantors on a loan made by Keenan. Keenan defaults on the payments and Jody refuses to pay. Now Sam has to pay the entire loan amount and Jody is obligated to pay back half by

Answer 12

The right of contriution

Question 13

The smith family is completely broke and so far in debt they file for bankruptcy. Under this legal concept they may be able to retain the family home in its entirety or up to a dollar amount

Answer 13

Homestead exemption

Question 14

Kirk contracts with Tanya to paint her house for $2500. He paints the house then Tanya refuses to pay him. He has to by

Answer 14

Mechanics lien

Question 15

Jennifer consigned a loan with her friend Dave, when Dave didn’t make the last $500 in payments. Jennifer had to pay the remainder. Jennifer can now collect the $500 by

Answer 15

Right of subrogation

Question 16

Charlie and Hugo are partners in a business. Hugo makes a mistake that ends with a customer sueing him. According to this concept, the customer could also sue Charlie equally, even if he had no part

Answer 16

Joint and several liability

Question 17

Danny Tyler Sammy and Tim open a business as co-owners and partners. Tim has an argument and leaves the business. This is called

Answer 17

Partnership dissociation

Question 18

In a dole proprietary the owner and the business are not

Answer 18

Separate

Question 19

Time warner bought six flags and tried to run it down without repairing it. This breached the

Answer 19

Fiduciary duty

Question 20

Mcdonalds operates under this type of trademark agreement

Answer 20

Chain style business

Question 21

Organic farms LLC is a limited liability company. The members hire outside managers. These managers owe

Answer 21

Fiduciary duties of care and loyalty

Question 22

Rihanna and Stuart form toons llc, a limited liability company. To market anime related merchandise. A disadvantage is

Answer 22

State laws concerning limited liability companies are not yet uniform

Question 23

Jack and jokey form jandk a limited partnership. Kiley is a limited partner but wants to do some advertising for the new company l. Is this allowed

Answer 23

Yes because limited partners can fully participate in management duties as long as they don’t take salary

Question 24

Lonny is a member of magna management a limited liability company that manages commercial properties for their owners. Lonny is liable for the firms debts

Answer 24

To the extent of his capital contribution

Question 25

Tamack llc when creating their company created an agreement containing provisions related to management, how profits are divided, the transfer of membership interest and how to dissolve the business. This is called

Answer 25

Operating agreement

Question 26

Chris owns 50% of the stock of best corporation. If the corporation decides to sell an additional 10,000 shares of stock, then Chris has the right to buy 50% of the new shares so that they can maintain. This is called

Answer 26

Preemptive right

Question 27

Johnson industries is a company whose business activity consists of holding shares of stock in another company. This is

Answer 27

Holding company

Question 28

Kia is from Korea but moved to Georgia. This is

Answer 28

Alien corporation

Question 29

Atc corporation made record profits. Instead of passing this to shareholders they held the profits for research. This is

Answer 29

Retained earnings

Question 30

Daystar conpany is a private, for profit corporation that is owned by 10 share holders but hasn’t made public offerings. This is

Answer 30

Close corporation