BLaw 210 Exam 2 WSU
blurring - ✔️✔️situation that occurs when a party uses another party's famous mark to
designate a product of service in another market so that the unique significance of the
famous mark is weakened
sarbanes oxley act of 2002 - ✔️✔️federal statue that established rules to improve
corporate governance, prevent fraud, and add transparency to corporate operations
winding up and liquidation - ✔️✔️dissolved corporation assets are collected, liquidated,
and distributed to creditors and preferred and common shareholders
trade secret - ✔️✔️formula, practice, process, design instrument, pattern or compilation
of information which is not generally known or reasonable ascertainable, by which a
business can obtain an economic advantage over competitors or customers
provisional patent application - ✔️✔️temporary alternative that is far less complicated
to file for than a patent application
utility patent - ✔️✔️statutory grant from the federal government giving the inventor of a
novel, genuine, not obvious product the exclusive right to make, use and sell an
invention for 20 years from the fate of application
trademark fair use - ✔️✔️defense against trademark infringement
license agreements - ✔️✔️allows to keep ownership of the work, while requiring others
to pay you for the use of your work
tarnishment - ✔️✔️situation that occurs when a famous mark is linked to products of
inferior quality or is portrayed in a unflattering, immoral, or reprehensive context likely to
evoke negative beliefs about the marks owner
dilution - ✔️✔️remedy for the owners of famous marks to stop those using the marks in
a way that would be harmful to the brand
infringment - ✔️✔️use of someone else's trademark or a confusingly similar mark for
his/her own use which causes harm to the original mark owner
cybersquatting - ✔️✔️registering a domain name that is confusingly similar to the
trademark of another company with a bad faith intent to profit off the name
, trade dress - ✔️✔️an image of a business that is so distinctive, it is only associated
with that business
trademark - ✔️✔️word, phrase, symbol, or design, or combination of words, phrases,
symbols or designs that identifies and distinguishes the source of goods
fair use - ✔️✔️a defense to a claim of infringment
copyright - ✔️✔️protects original works of authorship
termination - ✔️✔️distributing the proceeds and property to claimants
judicial dissolution - ✔️✔️dissolution through a court proceeding
administrative dissolution - ✔️✔️involuntary dissolution ordered by secretary of state
voluntary dissolution - ✔️✔️dissolution of corporation upon recommendation of board
and majority vote of shares
business judgement rule - ✔️✔️directors and officers are not liable for honest mistakes
of judgement
negligence - ✔️✔️failure to exercise duty of care
duty of care - ✔️✔️use care and diligence when acting on behalf of company
duty of loyalty - ✔️✔️put interest of corporation before personal interest
corporate officers - ✔️✔️employees of a corporation who are appointed by board of
directors to manage day-to-day operations
resolution - ✔️✔️vote taken by the board of directors of a corporation that authorizes
certain actions to be taken of behalf of a corporation
inside director - ✔️✔️member of board of directors who is also an officer
outside director - ✔️✔️member of board of directors who is not an officer of corporation
shareholder resolution - ✔️✔️resolution that shareholder who meets ownership
requirements may submit to other shareholders for a vote
blurring - ✔️✔️situation that occurs when a party uses another party's famous mark to
designate a product of service in another market so that the unique significance of the
famous mark is weakened
sarbanes oxley act of 2002 - ✔️✔️federal statue that established rules to improve
corporate governance, prevent fraud, and add transparency to corporate operations
winding up and liquidation - ✔️✔️dissolved corporation assets are collected, liquidated,
and distributed to creditors and preferred and common shareholders
trade secret - ✔️✔️formula, practice, process, design instrument, pattern or compilation
of information which is not generally known or reasonable ascertainable, by which a
business can obtain an economic advantage over competitors or customers
provisional patent application - ✔️✔️temporary alternative that is far less complicated
to file for than a patent application
utility patent - ✔️✔️statutory grant from the federal government giving the inventor of a
novel, genuine, not obvious product the exclusive right to make, use and sell an
invention for 20 years from the fate of application
trademark fair use - ✔️✔️defense against trademark infringement
license agreements - ✔️✔️allows to keep ownership of the work, while requiring others
to pay you for the use of your work
tarnishment - ✔️✔️situation that occurs when a famous mark is linked to products of
inferior quality or is portrayed in a unflattering, immoral, or reprehensive context likely to
evoke negative beliefs about the marks owner
dilution - ✔️✔️remedy for the owners of famous marks to stop those using the marks in
a way that would be harmful to the brand
infringment - ✔️✔️use of someone else's trademark or a confusingly similar mark for
his/her own use which causes harm to the original mark owner
cybersquatting - ✔️✔️registering a domain name that is confusingly similar to the
trademark of another company with a bad faith intent to profit off the name
, trade dress - ✔️✔️an image of a business that is so distinctive, it is only associated
with that business
trademark - ✔️✔️word, phrase, symbol, or design, or combination of words, phrases,
symbols or designs that identifies and distinguishes the source of goods
fair use - ✔️✔️a defense to a claim of infringment
copyright - ✔️✔️protects original works of authorship
termination - ✔️✔️distributing the proceeds and property to claimants
judicial dissolution - ✔️✔️dissolution through a court proceeding
administrative dissolution - ✔️✔️involuntary dissolution ordered by secretary of state
voluntary dissolution - ✔️✔️dissolution of corporation upon recommendation of board
and majority vote of shares
business judgement rule - ✔️✔️directors and officers are not liable for honest mistakes
of judgement
negligence - ✔️✔️failure to exercise duty of care
duty of care - ✔️✔️use care and diligence when acting on behalf of company
duty of loyalty - ✔️✔️put interest of corporation before personal interest
corporate officers - ✔️✔️employees of a corporation who are appointed by board of
directors to manage day-to-day operations
resolution - ✔️✔️vote taken by the board of directors of a corporation that authorizes
certain actions to be taken of behalf of a corporation
inside director - ✔️✔️member of board of directors who is also an officer
outside director - ✔️✔️member of board of directors who is not an officer of corporation
shareholder resolution - ✔️✔️resolution that shareholder who meets ownership
requirements may submit to other shareholders for a vote
