LTO TDC Exam Study Guide+
Questions & Answers Verified
100%Correct
Uniform Commercial Code (UCC) - ANSWER governs commercial transactions for the
sale of goods
-adopted by most state legislature in US
Contract Formation - ANSWER Requires an Offer, Acceptance of the Offer,
and Consideration
Valid Offer must have: - ANSWER - statement/conduct that manifests intent on the part
of the offeror to be legally bound.
-intent is present and terms can be dtermined
acceptance involves - ANSWER - what parties have the power of acceptance
- how the acceptance is to be communicated
EX. usually the offeror controls the manner and medium of acceptance
Consideration - ANSWER notion that both parties to an agreement have made a
commitment that involves a legal detriment to either perform some action or
refrain from doing something they otherwise would have every right to do.
Levels of rights the US may obtain: - ANSWER 1. unlimited - obtained when the
intellectual property is created pursuant to and deliverable under a govt. contract
, 2. Limited - allow govt. to have access to IP data, but cannot provide IP to another
manufacturer or disclose the IP outside the government
3. restricted - allow govt. to have access to IP software, but cannot provide IP to
another manufacturer or disclose the IP outside the government
4. government purpose rights - gives the govt. the right to use, duplicate or disclose the
data for govt. purposes only (it cannot be given to a company to exploit commercially)
3 key bodies of law when conducting business with foreign countries - ANSWER 1.
US laws
2. laws of a foreign country
3. public international law
Import and Export Regulations (ITAR, EAR) and licensing requirements - ANSWER
- "extra-territorial" law
- impact how and with whom you can exchange information
Foreign Corrupt Practices Act (FCPA) - ANSWER - "extra-territorial" law
- prohinit gratuities to foreign officials
Anti-boycott act - ANSWER -"extra-territorial" law
- prohibits actions that support the Arab boycott of Israel
Contract types are distinguished by - ANSWER inherent risk
- high risk projects = cost type
low-risk projects = fixed-price
Questions & Answers Verified
100%Correct
Uniform Commercial Code (UCC) - ANSWER governs commercial transactions for the
sale of goods
-adopted by most state legislature in US
Contract Formation - ANSWER Requires an Offer, Acceptance of the Offer,
and Consideration
Valid Offer must have: - ANSWER - statement/conduct that manifests intent on the part
of the offeror to be legally bound.
-intent is present and terms can be dtermined
acceptance involves - ANSWER - what parties have the power of acceptance
- how the acceptance is to be communicated
EX. usually the offeror controls the manner and medium of acceptance
Consideration - ANSWER notion that both parties to an agreement have made a
commitment that involves a legal detriment to either perform some action or
refrain from doing something they otherwise would have every right to do.
Levels of rights the US may obtain: - ANSWER 1. unlimited - obtained when the
intellectual property is created pursuant to and deliverable under a govt. contract
, 2. Limited - allow govt. to have access to IP data, but cannot provide IP to another
manufacturer or disclose the IP outside the government
3. restricted - allow govt. to have access to IP software, but cannot provide IP to
another manufacturer or disclose the IP outside the government
4. government purpose rights - gives the govt. the right to use, duplicate or disclose the
data for govt. purposes only (it cannot be given to a company to exploit commercially)
3 key bodies of law when conducting business with foreign countries - ANSWER 1.
US laws
2. laws of a foreign country
3. public international law
Import and Export Regulations (ITAR, EAR) and licensing requirements - ANSWER
- "extra-territorial" law
- impact how and with whom you can exchange information
Foreign Corrupt Practices Act (FCPA) - ANSWER - "extra-territorial" law
- prohinit gratuities to foreign officials
Anti-boycott act - ANSWER -"extra-territorial" law
- prohibits actions that support the Arab boycott of Israel
Contract types are distinguished by - ANSWER inherent risk
- high risk projects = cost type
low-risk projects = fixed-price
