BUSFIN 4510 Midterm 1 2025/2026 Exam
Questions with 100% Correct Answers |
1
Latest Update
Intellectual Property - 🧠 ANSWER ✔✔consists of the fruits of someone's mind;
laws protect property that is primarily the result of mental creativity rather than
physical effort
Trademark - 🧠 ANSWER ✔✔a distinctive mark, word, design, picture, or
arrangement used with a product that helps consumers identify the product with the
producer
Service Mark - 🧠 ANSWER ✔✔mark used in conjunction with a service
Product Trademark - 🧠 ANSWER ✔✔a mark affixed to a good, its packaging, or
its labeling
Collective Mark - 🧠 ANSWER ✔✔a mark identifying the producers as belonging
to a larger group
100% GUARATEED SUCCESS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,Certification Mark - 🧠 ANSWER ✔✔a mark licensed by a group that has
established certain criteria for use of the mark
2
Trade Dress - 🧠 ANSWER ✔✔the overall appearance and image of a product
Federal Trademark Dilution Act of 1995 (Trademark Dilution) - 🧠 ANSWER
✔✔might be used without permission on completely unrelated goods, potentially
diminishing the value of the mark; laws prohibit use of distinctive or famous
trademarks even without a showing of consumer confusion
Copyrights - 🧠 ANSWER ✔✔protect the expression of creative ideas; don't protect
the ideas themselves, but only the fixed form of expressing them; must be fixed,
original, and creative
Fair-Use Doctrine - 🧠 ANSWER ✔✔provides that others may reproduce a portion
of copyrighted work for purposes of "criticism, comment, news reporting,
teaching, scholarship, and research"
Patent - 🧠 ANSWER ✔✔protects a product, process, invention, machine, or plant
produced by asexual reproduction
100% GUARATEED SUCCESS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,Tying Arrangement - 🧠 ANSWER ✔✔occurs when the holder issues a license to
use the patented object only if the licensee agrees to buy some nonpatented product
3
form the holder
Cross-licensing - 🧠 ANSWER ✔✔occurs when two patent holders license each
other to use their patents only on the condition that neither licenses anyone else to
use the patent without the other's consent
Trade-Secret - 🧠 ANSWER ✔✔a process, product, method of operation, or
compilation of information that gives a businessperson an advantage over their
competitors; protected by the common law from unlawful appropriation by
competitors as long as it is kept secret and consists of elements not generally
known in the trade
Uniform Commercial Code - 🧠 ANSWER ✔✔created in 1952, articles cover a
wide range of topics from sales contracts to secured transactions
Sale - 🧠 ANSWER ✔✔consists of the passing of title from the seller to the buyer
for a price
Goods - 🧠 ANSWER ✔✔all tangible things which are movable at the time of
identification to the contract for sale
100% GUARATEED SUCCESS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, Mixed Sale - 🧠 ANSWER ✔✔contract that combines a good with a service
Merchant - 🧠 ANSWER ✔✔person who deals in goods of the kind, or otherwise by
4
his occupation, holds himself as having knowledge or skill peculiar to the practices
or goods involved in the transaction; or to whom such knowledge may be
attributed by his employment of an agent or broker who, by his occupation, holds
himself out as having such knowledge
Lease - 🧠 ANSWER ✔✔a transfer of the right to possession and use of goods for a
term in return for consideration
Lessor - 🧠 ANSWER ✔✔a person who transfers the right to possession and use of
the goods under a lease
Lessee - 🧠 ANSWER ✔✔a person who acquires the right to possession and use of
goods under a lease
Consumer Lease - 🧠 ANSWER ✔✔a lease that has a value of $25,000 or less and
that exists between a lessor regularly engaged in the business of leasing or selling
and a lessee who leases the goods primarily for personal, family, or household
purpose
100% GUARATEED SUCCESS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Questions with 100% Correct Answers |
1
Latest Update
Intellectual Property - 🧠 ANSWER ✔✔consists of the fruits of someone's mind;
laws protect property that is primarily the result of mental creativity rather than
physical effort
Trademark - 🧠 ANSWER ✔✔a distinctive mark, word, design, picture, or
arrangement used with a product that helps consumers identify the product with the
producer
Service Mark - 🧠 ANSWER ✔✔mark used in conjunction with a service
Product Trademark - 🧠 ANSWER ✔✔a mark affixed to a good, its packaging, or
its labeling
Collective Mark - 🧠 ANSWER ✔✔a mark identifying the producers as belonging
to a larger group
100% GUARATEED SUCCESS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,Certification Mark - 🧠 ANSWER ✔✔a mark licensed by a group that has
established certain criteria for use of the mark
2
Trade Dress - 🧠 ANSWER ✔✔the overall appearance and image of a product
Federal Trademark Dilution Act of 1995 (Trademark Dilution) - 🧠 ANSWER
✔✔might be used without permission on completely unrelated goods, potentially
diminishing the value of the mark; laws prohibit use of distinctive or famous
trademarks even without a showing of consumer confusion
Copyrights - 🧠 ANSWER ✔✔protect the expression of creative ideas; don't protect
the ideas themselves, but only the fixed form of expressing them; must be fixed,
original, and creative
Fair-Use Doctrine - 🧠 ANSWER ✔✔provides that others may reproduce a portion
of copyrighted work for purposes of "criticism, comment, news reporting,
teaching, scholarship, and research"
Patent - 🧠 ANSWER ✔✔protects a product, process, invention, machine, or plant
produced by asexual reproduction
100% GUARATEED SUCCESS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,Tying Arrangement - 🧠 ANSWER ✔✔occurs when the holder issues a license to
use the patented object only if the licensee agrees to buy some nonpatented product
3
form the holder
Cross-licensing - 🧠 ANSWER ✔✔occurs when two patent holders license each
other to use their patents only on the condition that neither licenses anyone else to
use the patent without the other's consent
Trade-Secret - 🧠 ANSWER ✔✔a process, product, method of operation, or
compilation of information that gives a businessperson an advantage over their
competitors; protected by the common law from unlawful appropriation by
competitors as long as it is kept secret and consists of elements not generally
known in the trade
Uniform Commercial Code - 🧠 ANSWER ✔✔created in 1952, articles cover a
wide range of topics from sales contracts to secured transactions
Sale - 🧠 ANSWER ✔✔consists of the passing of title from the seller to the buyer
for a price
Goods - 🧠 ANSWER ✔✔all tangible things which are movable at the time of
identification to the contract for sale
100% GUARATEED SUCCESS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, Mixed Sale - 🧠 ANSWER ✔✔contract that combines a good with a service
Merchant - 🧠 ANSWER ✔✔person who deals in goods of the kind, or otherwise by
4
his occupation, holds himself as having knowledge or skill peculiar to the practices
or goods involved in the transaction; or to whom such knowledge may be
attributed by his employment of an agent or broker who, by his occupation, holds
himself out as having such knowledge
Lease - 🧠 ANSWER ✔✔a transfer of the right to possession and use of goods for a
term in return for consideration
Lessor - 🧠 ANSWER ✔✔a person who transfers the right to possession and use of
the goods under a lease
Lessee - 🧠 ANSWER ✔✔a person who acquires the right to possession and use of
goods under a lease
Consumer Lease - 🧠 ANSWER ✔✔a lease that has a value of $25,000 or less and
that exists between a lessor regularly engaged in the business of leasing or selling
and a lessee who leases the goods primarily for personal, family, or household
purpose
100% GUARATEED SUCCESS
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
