BUL 3320 FINAL EXAM QUESTIONS
AND ANSWERS
Trademarks - Correct Answers -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
Copyright - Correct Answers -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.
Fair Use Doctrine - Correct Answers -A doctrine that permits certain limited use of a
copyright by someone other than the copyright holder without the permission of the
copyright holder.
Generic Name - Correct Answers -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.
Specific Performance - Correct Answers -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.
Purpose of the United Nations (UN) - Correct Answers -An international organization
created by a multilateral treaty in 1945 to promote social and economic cooperation
among nations and to protect humans rights.
European Union (EU) - Correct Answers -A regional international organization that
comprises man countries of Western and Eastern Europe and was created to promote
peace and security as well as economic, social, and cultural development.
, The Organization of the Petroleum Exploring Countries (OPEC) - Correct Answers -An
association comprising many of the oil-producing countries of the world to set quotas on
the output of oil production by member nations.
Mitigation of Damages - Correct Answers -A nonbreaching party's legal duty to avoid or
reduce damages caused by a breach of contract.
Liquidated Damages - Correct Answers -Damages that parties to a contract agree in
advance should be paid if the contract is breached.
Nominal Damages - Correct Answers -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.
Injunction - Correct Answers -A court order that prohibits a person from doing a certain
act.
Automatic Stay - Correct Answers -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)
Fraudulent Transfer - Correct Answers -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.
Trustee/Chapter 11 - Correct Answers -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.
Purpose of Chapter 11 bankruptcy - Correct Answers -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.
AND ANSWERS
Trademarks - Correct Answers -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
Copyright - Correct Answers -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.
Fair Use Doctrine - Correct Answers -A doctrine that permits certain limited use of a
copyright by someone other than the copyright holder without the permission of the
copyright holder.
Generic Name - Correct Answers -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.
Specific Performance - Correct Answers -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.
Purpose of the United Nations (UN) - Correct Answers -An international organization
created by a multilateral treaty in 1945 to promote social and economic cooperation
among nations and to protect humans rights.
European Union (EU) - Correct Answers -A regional international organization that
comprises man countries of Western and Eastern Europe and was created to promote
peace and security as well as economic, social, and cultural development.
, The Organization of the Petroleum Exploring Countries (OPEC) - Correct Answers -An
association comprising many of the oil-producing countries of the world to set quotas on
the output of oil production by member nations.
Mitigation of Damages - Correct Answers -A nonbreaching party's legal duty to avoid or
reduce damages caused by a breach of contract.
Liquidated Damages - Correct Answers -Damages that parties to a contract agree in
advance should be paid if the contract is breached.
Nominal Damages - Correct Answers -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.
Injunction - Correct Answers -A court order that prohibits a person from doing a certain
act.
Automatic Stay - Correct Answers -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)
Fraudulent Transfer - Correct Answers -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.
Trustee/Chapter 11 - Correct Answers -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.
Purpose of Chapter 11 bankruptcy - Correct Answers -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.
