GBA Chapter 3 exam with correct answers
AccordingtotheSEC,therearealmost500civilenforcementactionseachyearagainstindividualsandcompanies
thatbreaksecuritieslaws.Insidertradingisoneofthemostcommonlawsbroken.-✔✔True
MarthaStewartactedonatipthatsheknewbreachedherbroker'sduty.-✔✔True
Designpatentsarelimitedto_years.-✔✔15
TheTexasUniformTradeSecretactoutlinesafourteenpointtestthattheTexascourtsmustconsiderbeforeexclu
dingaparty'srepresentativeatanystageoftheproceedings.-✔✔False
Generally,ahairconditionerformulacanbeatradesecret.-✔✔True
ThefederalandTexascourtshaveexcludedprivilegedinformationastradesecretswhentheinformationisgene
rallyknownoutsidethecorporation,orwhentheintellectualpropertyofanemployee(talents,skillsandabilities
),ortheinformationcanbeeasilyorquicklyreproducedoutsidethecorporation.-✔✔True
The__overseestrading.-✔✔SecuritiesandExchangeCommission
The"PropertyRights"argumentisaphilosophybasedonemployeesowningtheirlabor.-✔✔True
Wexlerv.Greenberg(1960),whichinvolvedachemist'suseofhisdiscoveriesaboutfloorwaxesandcleaners,est
ablishedthat-
✔✔Itislegitimateforanemployeetouseinnewemploymentdiscoveriesfoundastheresultofroutineapplicatio
nofhisorherskillinapreviousposition
UnitedStatesv.SazonovApril13,2017TheU.S.governmentinDistrictCourtallegedthatSazonovattemptedtost
ealavaluableproprietarycomputercodesthattookhisemployeryearstodevelop.-✔✔True
AccordingtotheSEC,therearealmost500civilenforcementactionseachyearagainstindividualsandcompanies
thatbreaksecuritieslaws.Insidertradingisoneofthemostcommonlawsbroken.-✔✔True
MarthaStewartactedonatipthatsheknewbreachedherbroker'sduty.-✔✔True
Designpatentsarelimitedto_years.-✔✔15
TheTexasUniformTradeSecretactoutlinesafourteenpointtestthattheTexascourtsmustconsiderbeforeexclu
dingaparty'srepresentativeatanystageoftheproceedings.-✔✔False
Generally,ahairconditionerformulacanbeatradesecret.-✔✔True
ThefederalandTexascourtshaveexcludedprivilegedinformationastradesecretswhentheinformationisgene
rallyknownoutsidethecorporation,orwhentheintellectualpropertyofanemployee(talents,skillsandabilities
),ortheinformationcanbeeasilyorquicklyreproducedoutsidethecorporation.-✔✔True
The__overseestrading.-✔✔SecuritiesandExchangeCommission
The"PropertyRights"argumentisaphilosophybasedonemployeesowningtheirlabor.-✔✔True
Wexlerv.Greenberg(1960),whichinvolvedachemist'suseofhisdiscoveriesaboutfloorwaxesandcleaners,est
ablishedthat-
✔✔Itislegitimateforanemployeetouseinnewemploymentdiscoveriesfoundastheresultofroutineapplicatio
nofhisorherskillinapreviousposition
UnitedStatesv.SazonovApril13,2017TheU.S.governmentinDistrictCourtallegedthatSazonovattemptedtost
ealavaluableproprietarycomputercodesthattookhisemployeryearstodevelop.-✔✔True
