BUL 3320 FINAL EXAM UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
1. Trademarks
Answer:
A distinctive mark, symbol, name, word, motto, or device that identifies the goods of a particular business.
TM: Unregistered mark used with goods SM: Unregistered mark used with services ®: Registered mark
Question:
2. Copyright
Answer:
A legal right that gives the author of qualifying subject matter, who meets other requirements established
by copyright law, the exclusive right to publish, produce, sell, license, and distribute the work.
Individual: Life of the author plus 70 years beyond the author's life. Business: The shorter of either 95
years from the year of first publication or 120 years from the year of creation.
Question:
3. Fair Use Doctrine
Answer:
A doctrine that permits certain limited use of a copyright by someone other than the copyright holder
without the permission of the copyright holder.
Question:
4. Generic Name
Answer:
A term for a mark that has become a common term for a product line or type of service and therefore has
lost its trademark protection.
Question:
5. Specific Performance
Answer:
A remedy that orders the breaching party to perform the acts promised in the contract. Specific
performance is usually awarded in cases in which the subject matter is unique, such as in contracts
involving land, heirlooms, and paintings.
Question:
6. Mitigation of Damages
Answer:
A nonbreaching party's legal duty to avoid or reduce damages caused by a breach of contract.
Question:
7. Liquidated Damages
Answer:
Damages that parties to a contract agree in advance should be paid if the contract is breached.
, Question:
8. Nominal Damages
Answer:
Damages awarded when the nonbreaching party sues the breaching party even though no financial loss has
resulted from the breach. Nominal damages are usually $1 or some other small amount.
Question:
9. Injunction
Answer:
A court order that prohibits a person from doing a certain act.
Question:
10. Automatic Stay
Answer:
The suspension of certain legal actions by creditors against a debtor or the debtor's property.
• Instituting or maintaining legal actions to collect prepetition debts
• Enforcing judgments obtained against the debtor
• Obtaining, perfecting, or enforcing liens against the property of the debtor
• Nonjudicial collection efforts, such as self-help activities (e.g., repossession of an automobile)
Question:
11. Fraudulent Transfer
Answer:
A transfer of a debtor's property or an obligation incurred by a debtor within 2 years of the filing of a
petition, where (1) the debtor had actual intent to hinder, delay, or defraud a creditor or (2) the debtor
received less than a reasonable equivalent in value.
Question:
12. Trustee/Chapter 11
Answer:
A trustee may be appointed in a Chapter 11 (reorganization) case on a showing of fraud, dishonesty,
incompetence, or gross mismanagement of the affairs of the debtor by current management. Trustees, who
are often lawyers, accountants, or business professionals, are entitled to receive reasonable compensation
for their services and reimbursement for expenses. Once appointed, a trustee becomes the legal
representative of the debtor's estate and has the power to sell and buy property, invest money, and the like.
Question:
13. Purpose of Chapter 11 bankruptcy
Answer:
A bankruptcy method that allows the reorganization of the debtor's financial affairs under the supervision
of the bankruptcy court. The goal of Chapter 11 is to reorganize the debtor with a new capital structure so
that the debtor emerges from bankruptcy as a viable concern.
Question:
14. Debtor Exemptions
AND CORRECT ANSWERS
Question:
1. Trademarks
Answer:
A distinctive mark, symbol, name, word, motto, or device that identifies the goods of a particular business.
TM: Unregistered mark used with goods SM: Unregistered mark used with services ®: Registered mark
Question:
2. Copyright
Answer:
A legal right that gives the author of qualifying subject matter, who meets other requirements established
by copyright law, the exclusive right to publish, produce, sell, license, and distribute the work.
Individual: Life of the author plus 70 years beyond the author's life. Business: The shorter of either 95
years from the year of first publication or 120 years from the year of creation.
Question:
3. Fair Use Doctrine
Answer:
A doctrine that permits certain limited use of a copyright by someone other than the copyright holder
without the permission of the copyright holder.
Question:
4. Generic Name
Answer:
A term for a mark that has become a common term for a product line or type of service and therefore has
lost its trademark protection.
Question:
5. Specific Performance
Answer:
A remedy that orders the breaching party to perform the acts promised in the contract. Specific
performance is usually awarded in cases in which the subject matter is unique, such as in contracts
involving land, heirlooms, and paintings.
Question:
6. Mitigation of Damages
Answer:
A nonbreaching party's legal duty to avoid or reduce damages caused by a breach of contract.
Question:
7. Liquidated Damages
Answer:
Damages that parties to a contract agree in advance should be paid if the contract is breached.
, Question:
8. Nominal Damages
Answer:
Damages awarded when the nonbreaching party sues the breaching party even though no financial loss has
resulted from the breach. Nominal damages are usually $1 or some other small amount.
Question:
9. Injunction
Answer:
A court order that prohibits a person from doing a certain act.
Question:
10. Automatic Stay
Answer:
The suspension of certain legal actions by creditors against a debtor or the debtor's property.
• Instituting or maintaining legal actions to collect prepetition debts
• Enforcing judgments obtained against the debtor
• Obtaining, perfecting, or enforcing liens against the property of the debtor
• Nonjudicial collection efforts, such as self-help activities (e.g., repossession of an automobile)
Question:
11. Fraudulent Transfer
Answer:
A transfer of a debtor's property or an obligation incurred by a debtor within 2 years of the filing of a
petition, where (1) the debtor had actual intent to hinder, delay, or defraud a creditor or (2) the debtor
received less than a reasonable equivalent in value.
Question:
12. Trustee/Chapter 11
Answer:
A trustee may be appointed in a Chapter 11 (reorganization) case on a showing of fraud, dishonesty,
incompetence, or gross mismanagement of the affairs of the debtor by current management. Trustees, who
are often lawyers, accountants, or business professionals, are entitled to receive reasonable compensation
for their services and reimbursement for expenses. Once appointed, a trustee becomes the legal
representative of the debtor's estate and has the power to sell and buy property, invest money, and the like.
Question:
13. Purpose of Chapter 11 bankruptcy
Answer:
A bankruptcy method that allows the reorganization of the debtor's financial affairs under the supervision
of the bankruptcy court. The goal of Chapter 11 is to reorganize the debtor with a new capital structure so
that the debtor emerges from bankruptcy as a viable concern.
Question:
14. Debtor Exemptions
