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LES 305 EXAM 4 QUESTIONS AND VERIFIED ANSWERS

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LES 305 EXAM 4 QUESTIONS AND VERIFIED ANSWERS

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Uniform law on corporations.


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Model Business Corporation Act (MBCA)




In United States business law, it is a business or individual designated to receive
service of process (SOP) when a business entity is a party in a legal action such as a
lawsuit or summons.


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a registered agent, also known as a resident agent or statutory agent

,Intentional tort of using others' trade secrets.


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misappropriation




International treaty in which the members agree to reduce the output of greenhouse
gasses to reduce global warming.


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The Kyoto Protocol (also known as the "Kyoto Treaty")




A business proposition or investment opportunity that a corporation would have an
interest in pursuing; precludes directors from taking a profit opportunity when the
corporation would have an interest.


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corporate opportunity doctrine




SEC rule prohibiting fraud in relation to the sale of securities.


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, Rule 10b-5




Policy-setting governing group of a corporation.


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board of directors




Blurring or creating confusion among consumers about the source of a product
violates the Lanham Act. TRUE OR FALSE?


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False. It is the Federal Trademark Dilution Act that would be violated.




Treaty among the US, Canada, and Mexico to eliminate tariffs for products originating
in these countries as long as they are properly certified.


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NAFTA (North American Free Trade Agreement)




Process of registering sites and domain names that are deceptively or confusingly
similar to existing names, trade names, and trademarks.

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cybersquatting




Protects TM owners when others try to capitalize on the recognition, familiarity, and
reputation of a distinctive mark.


Ex. Victor's Little Secret case (selling adult toys, lingerie, novelty items, etc.)


Establish confusion - buyers assume they are purchasing TM goods


Can also be tarnishing image or portraying product in an unsavory manner.


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dilution




Unfair trade practice of passing off mock goods as the goods of another.


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palming off




Type of ownership in a corporation that gives the stock owners preference in the
distribution of dividends and also guarantees earnings each year; in the event those
earnings are not paid, they are carried over or accumulate until they can by paid.


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