Debtors who want to repay their debts but need protection from creditors can seek the bankruptcy court’s approval

Business Law

1. Debtors who want to repay their debts but need protection from creditors can seek the bankruptcy court’s approval of a payment plan under which of the following bankruptcy provisions?
A. CH 7
B. CH 11
C. CH 13
D. CH 15
2. Common law refers to unwritten laws that are handed down through court decisions.
A. True
B. False

3. When answering a complaint the defendant can do all of the following except:

a.declare judgment
b.deny the allegations set forth in the complaint
c.list defenses
d.admit to the allegations set forth in the complaint
4. Intellectual property (IP) is a vital part of the U.S. economy. Which of the following are some of the reasons why?
A. The U.S. economy has become more knowledgeable based with over 40 million Americans working in IP-intensive industries. These individuals earn average salaries of over $50,000 while their counterparts in non-IP industries earn average salaries of less than $40,000
B. The U.S. economy has become more industrial-based with over 50 million Americans working in IP-intensive industries. These individuals earn average salaries of over $50,000 while their counterparts in non-IP industries earn average salaries of less than $40,000
C. The U.S. economy has become more knowledge-based with over 50 million Americans working in IP-intensive industries. These individuals earn average salaries of over $60,000 while their counterparts in non-IP industries earn average salaries of less than $35,000.
D.The U.S. economy has become more industrial-based with over 40 million Americans working in IP-intensive industries. These individuals earn average salaries of over $60,000 while their counterparts in non-IP industries earn average salaries of less than $35,000
5. Debtors do not have to be insolvent to file bankruptcy through Chapter 11
a. True
b. False
6. The revenue from a Chapter C corporation is taxed twice.
a. True
b. False
7. Which of the following is the correct definition for interlocking directorates?
a. Interlocking directorates occur when a company buys most, and possibly all, of the stock in a target company in an effort to gain control of the target company.
b. Interlocking directorates occur when a sector in the market contains a single business with total control, or close to total control, of the sector.
c.Interlocking directorates occur when the same individual makes business decisions for companies that compete against one another
d.Interlocking directorates occur when a business deal unites two existing companies to form one new company

8. All of the following is a type of contract except:

a. unilateral
b. enduring
c. implied
d. express

9. Examples of antitrust activities include all of the following except for:

a. allocation of markets
b. concerted refusal to deal
c. price fixing
d. standardization among trade association members
10. Federal statute that “bans unfair methods of competition and unfair or deceptive acts or practices.”
a. Sarbanes Oxley Act
b. Federal Trade Commission Act
c. False Communications Act of 1990
d. World Treaty Exchange Act for Fair Trade of 2001
11. A business or individual may be able to reorganize and continue operations under which of the following bankruptcy provisions?
a. ch11
b. ch 7
c. ch13
d. ch12

12. The federal statute which outlaws every contract, combination, or conspiracy in restraint of trade, and any monopolization, attempted monopolization, or conspiracy or combination to monopolize
a. Fair Labor Standards Act
b. Sherman Antitrust Act
c. Dodd Franks Act
d. Briggs Noon Monopoly Prohibition Act

13. Trade secrets are protected by:

a. copyright registration
b. arbitration
c. filing a patent
d. nondisclosure agreement
14. In a Chapter 7 bankruptcy proceeding, debts owed are settled and paid according to an order of priority. A Debtor who has filed a Chapter 7 proceeding has the following categories of debt. Number the order in which these will payout of the Debtor’s assets, beginning with “1” being the type of debt paid first.
A. 4
B. 2
C. 5
D. 3
E. 1

1. Secured loans

2. Costs incurred for a bankruptcy case

3. Business expenses incurred after bankruptcy case filed

4. Wages, salaries, or commissions owed (up to $2,000 per creditor)

5. Federal and state taxes

15. The Statute of Frauds does not apply to which of the following?
a. Promise to pay the debt of another.
b. Contract will take more than a year to complete
c. Contract can be completed in less than a year
d. Sale of land
e. none of the above

16. Match each of the following contract principles with its descriptive term:

A. bargained-for exchange
B. concord of understanding and intent
C. both parties must agree
D. of legal age

1. capacity

2. mutuality

3. consideration

4. agreement

17. In Association for Molecular Pathology v. Myriad Genetics, (2013), the U.S. Supreme Court addressed the legal issue of:

a. whether human genes are patentable
b. whether human genes can be subjected to scientific research
c. whether human genes can be cloned
d. whether certain bacteria strains are patentable
18. For the following question, write an essay response. You must include APA7th ed. formatted sources in support of your essay in text and full references at the end to receive credit for your answer. Further — you must use Required Readings to receive full credit.

ESSAY QUESTION

YOUR ESSAY IS BASED ON THESE FACTS: George and Sophia are entrepreneurs who together own a limited liability company, SOPhiGEo, LLC. They are inventors and have invented a widget that can be plugged into a mobile phone or the personal computer to detect unsolicited third party access of the camera and/or audio recording features on the equipment and block it with a repeating loop of nonsense gibberish that can be stopped only by the widget’s primary user. This widget has a proprietary design and operating code. SOPhiGEo is calling it “LoktYU.”

ESSAY: Write an essay providing the following:

Identify and define the three types of intellectual property (IP) thatSOPhiGEo needs to put in place to protect its interest in LoktYU. Be specific as to which aspect(s) of the invention will be protected by each type of IP. Further, explain how each type of IP is obtained and maintained, and how long the protection of each lasts.

19. In this part, respond to each prompt with a well-organized essay. Your essay must include your reference(s) from your course-required readings that support your answer. Be sure to address each topic described in detail.
NOTE: You must cite your sources in proper APA7th ed. reference. Failure to cite your source(s) for your answer will result in a -0- for the question. Use in-text reference in APA format within your essay and full citation of each reference following your essay.

List the four (4) conditions for a negotiable instrument to be valid under the Uniform Commercial Code (UCC).

Remember to provide the APA citation for the source for your answer.

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Debtors who want to repay their debts but need protection from creditors can seek the bankruptcy court's approval

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