Knowt
Exam 5
Chapter 40
What is intellectual property (IP)? Infringement?
Intellectual property is an economically significant type of intangible property that includes trade secrets, trade symbols, copyrights and patents and infringement is unauthorized use of intellectual property.
What is a “trade secret”? What are examples of trade secrets?
A trade secret is a commercially valuable secret information like a customer list or a production method.
Why would some businesses decide not to file for a patent to protect their IP?
A patent only provides protection for so long and trade secrets are protected until they are no longer secrets.
What is copyright?
A form of protection granted to original works of authorship that lasts for their lifetime plus 70 years.
Is registration of copyright required to protect from infringement?
No registration is not required.
What is a patent? Who issues patents?
A patent is the exclusive right to inventors for a specific number of years. They are issued by the U.S Patent and Trademark Office.
What is patentability?
The legal and substantive conditions that must be met for an invention to be granted a patent and remain valid
Chapter 41
A files a claim of discrimination on the basis of race against her employer with the EEOC. The employer learns of the charge and assigns A to do less desirable tasks and cuts her hours. What additional charges can A levy against her employer?
A can charge for retaliation.
What is the EEOC? What does it do? What kind of role does it have, its it an advocate for the claimant employee?
The EEOC is the Equal Employment Opportunity Commission which is an enforcement agency for federal law that makes it illegal to discriminate against a job applicant or an employee because of the person's race, color, religion, sex, national origin, disability, or genetic information. It is an objective investigator.
Name three protected statuses under federal law? Can the states add to the list of protected statuses? Give an example.
Three protected statuses are race, sexual orientation and gender. States can add to the list for example Michigan added height and weight.
What is sexual harassment? What are the two types of sexual harassment?
Sexual harassment is an illegal form of sexual discrimination that includes unwelcomed sexual advances, requests for sexual favors and other verbal or physical conduct of sexual nature. The two types are quid pro quo and hostile work environment.
Which doctrine allows, in the absence of a contract, an employee to quit for any reason and an employer to terminate employment of an employee at any time and for any reason?
The employee termination at will document.
Give an example of a limitation on the doctrine in # 6?
One limitation is that you can’t fire an employee for getting jury duty.
A works in a Ford plant. A injures herself while attempting to place a fender on a Ford pickup truck. What relief does A have? What is the basis of recovery?
A can receive workers compensation as long as they got hurt on the job.
Chapter 43
What are the legal bases for an accountant’s legal responsibility?
The legal bases for an accountant's legal responsibility is contract law, tort law and criminal law.
What are “working papers"?
Papers that accountants do their work on.
Is there an accountant-client privilege?
There is no accountant client privilege recognized by common or federal law.
What does SOX prohibit accounting firms from as to their audit clients?
SOX prohibits bookkeeping, financial information systems design and implementation, appraisal or valuation services, fairness opinions, management functions or human resources or actuarial services.
Chapter 44
Whose responsibility is it to provide consumer protection- the state or the federal government?
The state government is responsible.
What is the FTC? What does it do?
The FTC is the Federal Trade Commission and it prevents unfair methods of competition and unfair/ deceptive practices.
What is a cease and desist order?
An order that tells a party to stop a certain practice.
What is the Fair Debt Collection Practices Act? What does it prohibit?
It prevents abusive, deceptive, and unfair practices by debt collectors in collecting consumer debts. It prohibits communicating with the consumer who is represented by an attorney, communicating with the consumer at unusual or inconvenient hours, harassing , oppressive or abusive conduct, false, deceptive or misleading representation, and unfair or unconscionable means to collect any debt.
Chapter 46
What does the Foreign Corrupt Practices Act prohibit?
It prohibits all U.S companies from bribing a foreign government/political official.
What is the difference between a bribe and grease payment?
A bribe is illegal and grease payments are legal and usually smaller.
Do American companies have to comply with American anti-discrimination laws when operating overseas? When are they not required to?
Yes unless it would violate the law of the foreign country in which the workplace is located.
Chapter 48
What is a landlord?
A landlord is an owner of land who grants leasehold interest to another.
A tenant?
A tenant is the possessor of the leasehold interest.
A leasehold estate?
It is the right to possess real property for a period of time.
How is the landlord-tenant relationship seen by the courts, as a conveyance of use of land or as a contract?
It is viewed as a contract.
What are the tenant’s obligations?
Tenants are expected to pay a specified rent at a specified time and destruction of the premises doesn’t relieve tenants obligation to pay rent and doesn’t terminate the lease.
What is eviction?
The landlord may terminate the lease and evict the tenant from the premises.
What is abandonment? When does the tenant’s obligation to pay rent end?
If the tenant abandons the property and the landlord reenters or relets it, the tenants obligation to pay rent terminates.
What are the landlord’s obligations?
To provide quiet enjoyment, not discriminate and to ensure the place is livable.
What is quiet enjoyment?
Tenants have the right to physical possession of the premises free of interference by the landlord.
What is constructive eviction?
Failure by the landlord in an obligation under the lease that causes substantial and lasting injury to the tenants enjoyment of the premises.
What is the implied warranty of habitability?
Warranty that the leased premises are fit for ordinary residential purposes which is a place fit for a human being to occupy
Chapter 50
What does it mean to say that someone died “intestate”?
They died without a valid will.
What happens to a person’s assets if they die without leaving a will?
It goes to interstate court and gets divided among family.
What is a will?
It is a written document where a person makes a disposition of their property.
What are the three formal requirements of a will?
It has to be in writing, signed and attested by a witness.
What is a living will?
An advanced medical directive.
