BUL 3320 USF Exam 3 Questions and
Answers
Pat wishes to raise some money to begin mass producing their prize winning jellies
and jams. Pat offers their neighbors apiece of their profits if they will stake their at
$2,000 a piece. Is the investment a security?
A) Yes, since Pat will do all of the work.
B) Yes, because Pat's neighbors will have a security interest in the jelly.
C) No, since Pat's neighbors are putting no effort into it.
D) No, because Pat is not issuing stock certificates - ANSWER-A) Yes, since Pat will
do all of the work.
Seller has a contract to provide 100 widgets to Buyer at a price of $10 a widget. The
Seller and Buyer agreed that time was of the essence and delivery is due on October
1. Due to unanticipated delays, Seller is unable to get the widgets to Buyer until
October 2. Buyer is not harmed by the delay but sues Seller anyway because Buyer
is angry at Seller.
Even if Seller's failure to deliver the widgets on October1 would not have been a
material breach under the common law, it would be a violation of the perfect tender
rule under the Uniform Commercial Code. - ANSWER-True
Seller has a contract to provide 100 widgets to Buyer at a price of $10 a widget. The
Seller and Buyer agreed that time was of the essence and delivery is due on October
1. Due to unanticipated delays, Seller is unable to get the widgets to Buyer until
October 2. Buyer is not harmed by the delay but sues Seller anyway because Buyer
is angry at Seller.
If Buyer cannot establish any financial damages as a result of Seller's breach, Buyer
will still be able to obtain a judgment for nominal damages against Seller. -
ANSWER-True
Foster Co. and Rice executed a written contract by which Foster Co. was to sell 5
acres of land to Rice for $270,000. The contract required Rice to pay the entire
$270,000 at the closing. Foster Co. has refused to close the sale of the land to Rice
although Rice is ready, able and willing to close. Rice would be entitled to the
remedy of specific performance of the contract with Foster Co. - ANSWER-True
About 10% of trade secrets that are misappropriated or taken are by employees and
departing employees or business partners and the rest are taken by outside hackers.
T/F - ANSWER-False
About 80% of trade secrets that are misappropriated are taken by employees and
taken by party employees.
T/F - ANSWER-True
, Federal statute that preempts existing state trade secret laws.
T/F - ANSWER-False
Federal statute don't preempt existing state trade secret laws.
T/F - ANSWER-True
Federal patent law is exclusive, there are no state patent laws.
T/F - ANSWER-True
Suit must be brought in a state where the defendant resides.
T/F - ANSWER-False
Federal copyright law is not exclusive.
T/F - ANSWER-False
A copyright is granted only upon registration with the US copyright office in D.C.
T/F - ANSWER-False
Only tangible writings in subject that copyright registration and protection.
T/F - ANSWER-True
Individual granted copyright protection only for the Wi-Fi.
T/F - ANSWER-False
A mark must be in actual use in order to register it.
T/F - ANSWER-False
The original registration of a mark is valid for 70 years plus the lifetime of that
repetition.
T/F - ANSWER-False
A mark may be a trademark, service mark, certification mark, or a collective
membership mark.
T/F - ANSWER-True
The only met to quality for federal protection is for a mark to be distinctive..
T/F - ANSWER-False
Answers
Pat wishes to raise some money to begin mass producing their prize winning jellies
and jams. Pat offers their neighbors apiece of their profits if they will stake their at
$2,000 a piece. Is the investment a security?
A) Yes, since Pat will do all of the work.
B) Yes, because Pat's neighbors will have a security interest in the jelly.
C) No, since Pat's neighbors are putting no effort into it.
D) No, because Pat is not issuing stock certificates - ANSWER-A) Yes, since Pat will
do all of the work.
Seller has a contract to provide 100 widgets to Buyer at a price of $10 a widget. The
Seller and Buyer agreed that time was of the essence and delivery is due on October
1. Due to unanticipated delays, Seller is unable to get the widgets to Buyer until
October 2. Buyer is not harmed by the delay but sues Seller anyway because Buyer
is angry at Seller.
Even if Seller's failure to deliver the widgets on October1 would not have been a
material breach under the common law, it would be a violation of the perfect tender
rule under the Uniform Commercial Code. - ANSWER-True
Seller has a contract to provide 100 widgets to Buyer at a price of $10 a widget. The
Seller and Buyer agreed that time was of the essence and delivery is due on October
1. Due to unanticipated delays, Seller is unable to get the widgets to Buyer until
October 2. Buyer is not harmed by the delay but sues Seller anyway because Buyer
is angry at Seller.
If Buyer cannot establish any financial damages as a result of Seller's breach, Buyer
will still be able to obtain a judgment for nominal damages against Seller. -
ANSWER-True
Foster Co. and Rice executed a written contract by which Foster Co. was to sell 5
acres of land to Rice for $270,000. The contract required Rice to pay the entire
$270,000 at the closing. Foster Co. has refused to close the sale of the land to Rice
although Rice is ready, able and willing to close. Rice would be entitled to the
remedy of specific performance of the contract with Foster Co. - ANSWER-True
About 10% of trade secrets that are misappropriated or taken are by employees and
departing employees or business partners and the rest are taken by outside hackers.
T/F - ANSWER-False
About 80% of trade secrets that are misappropriated are taken by employees and
taken by party employees.
T/F - ANSWER-True
, Federal statute that preempts existing state trade secret laws.
T/F - ANSWER-False
Federal statute don't preempt existing state trade secret laws.
T/F - ANSWER-True
Federal patent law is exclusive, there are no state patent laws.
T/F - ANSWER-True
Suit must be brought in a state where the defendant resides.
T/F - ANSWER-False
Federal copyright law is not exclusive.
T/F - ANSWER-False
A copyright is granted only upon registration with the US copyright office in D.C.
T/F - ANSWER-False
Only tangible writings in subject that copyright registration and protection.
T/F - ANSWER-True
Individual granted copyright protection only for the Wi-Fi.
T/F - ANSWER-False
A mark must be in actual use in order to register it.
T/F - ANSWER-False
The original registration of a mark is valid for 70 years plus the lifetime of that
repetition.
T/F - ANSWER-False
A mark may be a trademark, service mark, certification mark, or a collective
membership mark.
T/F - ANSWER-True
The only met to quality for federal protection is for a mark to be distinctive..
T/F - ANSWER-False
