Fill In the Blank

1.     ____________ property refers to land and is a legally protected expectation of being able to use a thing for one’s advantage. Interest in real property is usually transferred via a                                          , which must conform with the following rules:

a.     Must be in                                        , and

b.     Identify the current                                               , and

c.      Identify the new                                         , and

d.     Describe the                                                 , and

e.     State that the ownership interest is being                                          , and

f.       List any                                               to which the transfer is subject.

 

2.     A                                             is a business relationship in which two people are held to higher standards regarding their duties to one another. In fact, they have                                           duties, which require that each person act in                                                                                                and put their personal interests beneath those of the business.

 

3.   An item is a                                                                                       if:

 

a.     It is not known by the                                           , and

b.     The business would lose its                                              if the

                                                were to obtain it, and

c.      The owner has taken                                                                                            to protect it from                                       .

 

4.  A                                               in common is a form of ownership in which each owner has an undivided interest in the property. A                                         tenancy is when two or more persons have the same interest in the undivided possession of the property, which means that each has the right of                                      .

 

 

 

5.  A                                                is an artificial legal                                                 created under state law. A corporation’s                                                          

                                      , along with an application, must be filed with the appropriate state office (Secretary of State) along with a                                     . The State will review the                                     ‘s application for completeness, then issue a                                                                                       . Then a meeting will be held, at which                                                 are enacted and                                          is issued to individuals known as

                                      (the owners).

 

6.  An interest in rented property is called a                                              . A                                            is a person or entity with possessory rights for a fixed period of time or at will, if agreed. An agreement that creates a                                      out of an estate an contains conditions, such as how much and when to pay rent, is known as a                                            .

 

7.  An                                             is an interest in                                            which (a) is or may become                                        and (b) is ownership measured in terms of                                       .

 

8.                                                                                        have a limited number of shareholders and may not openly sell shares.                                                                                             Can elect to be classified as                                                                                        , which only have one class of stock and no more than 100 shareholders.                                                                                          Usually is comprised only of                                             involved in the firm itself, such as doctors or lawyers.

 

9.  The strongest trademarks are                                           and                            , including                                                                               or                                                                                 applied to a product notrelated to the word as commonly used. Less protection is available for                            marks, where the mark directly implied what the good is.

 

10.                                                                                                                         Companies allow individuals to invest in a business without putting their personal wealth at risk. It is created by filing                                                                                                presents entrepreneurs with the disadvantage of                                                                                                                      .

 

Multiple Choice: Select all of the following answers which are correct responses to the question. This means that you may circle one or more answers in response to a question.

 

1.     Pheobe wrote a very successful sequel to Pride and Prejudice. She made $50,000 on the book and it is sold in Target stores throughout the United States. This year, she’s published a sequel to Stephanie Myer’s Twilight series. She is sued for which of the following?

a.     Patent infringement

b.     Breach of Confidentiality Agreement

c.      Fraud

d.     Misrepresentation

e.     Copyright Infringement

 

2.     In the documentary, The Corporation, which of the following traits do the filmmakers attribute to corporations?

a.     Narcissism

b.     Obsessive compulsive behavior

c.      Callous unconcern for the feelings of others

d.     Easy to anger

e.     Disregard of social norms

 

3.     John was fired by his boss for what he believes was an unfair reason. Instead of leaving immediately as asked, John goes to his co-workers office and rants for 30 minutes before returning to his own office. Angry, he grabs the thumbdrive containing the company’s list of clients and the pricing agreements with those clients, he also locks all the filing cabinets in his office and takes the only set of keys with him, as well as his company provided laptop. He goes to a bar with another former employee of the company who is now working for the company’s main competitor. Drunk and irritated, John agrees to give the other employee the thumbdrive, as well as John’s user name and passwords to some company accounts. What causes of action might the company reasonably bring against John?

a.     Trespass to Personal Property

b.     Private Nuisance

c.      Conversion

d.     Misappropriation

e.     Violation of the Economic Espionage Act

 

4.     Ted owns a franchise of a popular fast food restaurant. As a franchisee, he is licensed to use the trademarks of his Franchisor in marketing his business. Ted realizes that his Franchisor isn’t using their trademark to the full extent they could be, and has ideas on how to use the trademark to make more money for the company. Ted goes and buys a hundred domain names that are variations of the Franchisor’s trademark and offers to sell them to the Franchisor for a small personal profit. Ted also launches a site  where he has listed small products like pens, paperweights, and stress balls with the trademark on them, so he can sell them to other franchisees who are interested in using those items in their own business. What claims might the Franchisor bring against Ted?

a.     Copyright infringement

b.     Trademark infringement

c.      Cybersquatting

d.     Trademark dilution

e.     Counterfeiting

 

 

 

5.     Gerald owns a franchise. Gerald bought the franchise with his wife, Lucinda, through an entity they formed called G&L, LLC. Gerald and Lucinda each have a fifty percent ownership interest in G&L, LLC. Under the Franchise Agreement, ownership of the franchise cannot be assigned without written approval from the franchisor. Gerald and Lucinda get divorced, but Gerald keeps running the franchise. Lucinda wants nothing to do with the franchise, but she wasn’t involved in running the business before the divorce anyway. Gerald decides to sell the business to an employee, Jeff. Gerald and Jeff have agreed on the terms of the sale, but have not yet finalized the purchase agreement or received approval for the assignment from the franchisor when Gerald has a heart attack and dies. Who owns the franchised business?

a.     Gerald

b.     Lucinda

c.      Gerald’s estate

d.     The franchisor

e.     Jeff

 

 

Attachments:

• 1501307324-Worksheet Two1.docx