, Business Law for Accountants - D216
Western Governors University WGU (read
description)
Scienter
Chapter 13 bankruptcy
(bankruptcy set) This form of bankruptcy is organized as more of a payment plan to the courts,
the courts then pay the creditors. The plan usually runs about 3-5 yrs and is typically for a
regular individual with regular income
Bankruptcy Trustee
(bankruptcy set) This person is assigned from the court to collect debtors available assets and
reduce it to cash for distribution
True
Under UCC title is passed when item is given to buyer at sellers location, if no seller location
then title transfers when seller sends goods to carrier service, True or False?
Uniform commercial code
UCC stands for what?
Requirement contract
(contracts set) This kind of contract says the buyer promises to buy all items that the buyer
requires from the seller and only that seller
Output contract
(contracts set) this kind of contract says the seller agrees to sell all products it produces to the
buyer
Merchants firm offer
(contracts set) This contract term refers to when a merchant gives an offer to a buyer for an
item with a specified amount of time that the offer will be open, if not specified then amount of
time is a reasonable amount of time. merchant cant sell item to anyone else while offer is open
,Unconscionable contract
(contracts set) This contract is so one sided and unfair that a court would choose to not enforce
it
Usury
Lending money at a extremely high interest rate is called what?
Copyright
Intangible property right given to author or originator of a literary or artistic production is called
what?
Entire life of creator plus 70 yrs
How long is copyright owned by the original owner before its public domain?
applies for criticism, comment, news reporting, and educational purposes
What does the fair use exception apply to referring to using copyrighted material?
Trade secrets
This term protects a businesses processes and info that can not be patented, copyrighted, or
trademarked. ex. Customer lists, formulas, plans, R&D
Patents
This term applies to the process of giving an inventor exclusive rights to make, use, or sell their
invention for 20 yrs or 14 yrs if its a design
Confuse the public
For trademark infringement to take place it does not have to intentional it just has to
_______________?
Trademark dilution act
This act is in place to help protect distinctive or famous marks from unauthorized use to help
retain value of marks in the publics eye
Corporate Social Responsibility (CSR)
This ethic type is a combination of both outcome based ethics and duty based ethics, it is most
commonly used in business to increase goodwill as well as profits
Intellectual property
, Products of ones mind and human intellect would be known as?
Trademarks, Patents, Copyrights, Trade secrets. Bonus answer: Patents
What is the 4 categories of intellectual property? Bonus: what is the only one of the four that
needs to be registered to be protected?
Trademark
A distinctive mark, motto, or symbol used in commerce to identify the seller of the good would
be labeled as a ___________
Fanciful
This type of trademark has no meaning outside of the trademark and does not exist in reality
without the company
Arbitrary
This type of trademark uses words that exist in reality but are not used to describe actual
products of the company
Suggestive
This type of trademark implies a connection between a company and a product
True
Your ethical / moral minimum is to comply with the law, True or False?
Case law
These laws are applying past cases to todays cases in court, Supreme court uses past reasonings
to apply to current or future cases
Stare Decisis
this term is a Judges obligation to follow the precedents established by prior court cases, unless
reasoned that the case is different or that past ruling was wrong
Civil law
Law that is individual vs individual (contract and tort law)
Criminal law
law that is considered wrongs against society
typically one judge
Western Governors University WGU (read
description)
Scienter
Chapter 13 bankruptcy
(bankruptcy set) This form of bankruptcy is organized as more of a payment plan to the courts,
the courts then pay the creditors. The plan usually runs about 3-5 yrs and is typically for a
regular individual with regular income
Bankruptcy Trustee
(bankruptcy set) This person is assigned from the court to collect debtors available assets and
reduce it to cash for distribution
True
Under UCC title is passed when item is given to buyer at sellers location, if no seller location
then title transfers when seller sends goods to carrier service, True or False?
Uniform commercial code
UCC stands for what?
Requirement contract
(contracts set) This kind of contract says the buyer promises to buy all items that the buyer
requires from the seller and only that seller
Output contract
(contracts set) this kind of contract says the seller agrees to sell all products it produces to the
buyer
Merchants firm offer
(contracts set) This contract term refers to when a merchant gives an offer to a buyer for an
item with a specified amount of time that the offer will be open, if not specified then amount of
time is a reasonable amount of time. merchant cant sell item to anyone else while offer is open
,Unconscionable contract
(contracts set) This contract is so one sided and unfair that a court would choose to not enforce
it
Usury
Lending money at a extremely high interest rate is called what?
Copyright
Intangible property right given to author or originator of a literary or artistic production is called
what?
Entire life of creator plus 70 yrs
How long is copyright owned by the original owner before its public domain?
applies for criticism, comment, news reporting, and educational purposes
What does the fair use exception apply to referring to using copyrighted material?
Trade secrets
This term protects a businesses processes and info that can not be patented, copyrighted, or
trademarked. ex. Customer lists, formulas, plans, R&D
Patents
This term applies to the process of giving an inventor exclusive rights to make, use, or sell their
invention for 20 yrs or 14 yrs if its a design
Confuse the public
For trademark infringement to take place it does not have to intentional it just has to
_______________?
Trademark dilution act
This act is in place to help protect distinctive or famous marks from unauthorized use to help
retain value of marks in the publics eye
Corporate Social Responsibility (CSR)
This ethic type is a combination of both outcome based ethics and duty based ethics, it is most
commonly used in business to increase goodwill as well as profits
Intellectual property
, Products of ones mind and human intellect would be known as?
Trademarks, Patents, Copyrights, Trade secrets. Bonus answer: Patents
What is the 4 categories of intellectual property? Bonus: what is the only one of the four that
needs to be registered to be protected?
Trademark
A distinctive mark, motto, or symbol used in commerce to identify the seller of the good would
be labeled as a ___________
Fanciful
This type of trademark has no meaning outside of the trademark and does not exist in reality
without the company
Arbitrary
This type of trademark uses words that exist in reality but are not used to describe actual
products of the company
Suggestive
This type of trademark implies a connection between a company and a product
True
Your ethical / moral minimum is to comply with the law, True or False?
Case law
These laws are applying past cases to todays cases in court, Supreme court uses past reasonings
to apply to current or future cases
Stare Decisis
this term is a Judges obligation to follow the precedents established by prior court cases, unless
reasoned that the case is different or that past ruling was wrong
Civil law
Law that is individual vs individual (contract and tort law)
Criminal law
law that is considered wrongs against society
typically one judge
