Question 1

The best negotiation strategy is to use four steps to structure a negotiation to achieve a winning solution for you and the other party.Which of the following is not one of those four negotiation steps?

Accepted Answer

A)   Principles
B)   Pounce
C)   Position
D)   ProposeE) A) and D)
F) A) and C)

Question 2

The Sarbanes-Oxley Act only covers small businesses that are not publicly traded.

Accepted Answer

A) True 
 B)False

Question 3

A(n) _____ refers to a contract among LLC members outlining how the LLC will conduct itself.

Accepted Answer

A)   operating agreement
B)   mission statement
C)   charter
D)   articles of incorporationE) None of the above
F) A) and B)

Question 4

In the lease agreement signed by Arthur Fraser,a(n) _____ clause exempts him from paying any restitution in case he causes accidental damage on the property.Which of the following types of contractual clauses protects Arthur Fraser from paying for such damages?

Accepted Answer

A)   hold harmless
B)   exculpatory
C)   noncompete
D)   power of saleE) A) and B)
F) A) and C)

Question 5

In a(n) _____,all partners are equally and fully responsible for the business's obligations.

Accepted Answer

A)   C corporation
B)   limited partnership
C)   general partnership
D)   S corporationE) C) and D)
F) B) and D)

Question 6

Arbitration differs from mediation in that arbitration:

Accepted Answer

A)   works outside the court system.
B)   is less costly than mediation.
C)   requires that both parties represent themselves.
D)   has limited appeal possibilities.E) All of the above
F) A) and B)

Question 7

In negotiation,when proposing solutions that provide value and balance for both you and the other party,one technique is to scale returns according to the size of the contribution of the party to your success.

Accepted Answer

A) True 
 B)False

Question 8

_____ refers to property coming from some sort of original thought such as trademarks,patents,and copyrights.

Accepted Answer

A)   Trade property
B)   Real property
C)   Intellectual property
D)   Tangible propertyE) A) and D)
F) B) and D)

Question 9

Which of the following statements is true of copyrights?

Accepted Answer

A)   Copyrights for new works last for 25 years.
B)   Copyright involves the expression of ideas,not the ideas themselves.
C)   The government creates copyrights.
D)   The creator of the material always holds the copyrights.E) A) and B)
F) A) and C)

Question 10

Which of the following statements is true regarding a trademark?

Accepted Answer

A)   A trademark can sometimes also function as a service mark.
B)   A trademark once granted lasts for 25 years.
C)   A trademark can only be renewed every 5 years.
D)   A trademark is not an exclusive right to its creator.E) B) and D)
F) C) and D)

Question 11

Responsibility for the actions of another is referred to as:

Accepted Answer

A)   direct liability.
B)   limited liability.
C)   exculpatory clause.
D)   vicarious liability.E) A) and B)
F) A) and C)

Question 12

What are trade secrets? What are the steps businesses can take to protect their trade secrets?

Accepted Answer

Trade secrets refer to confidential info...

Question 13

Except for _____,business forms are types of separate,legal entities.

Accepted Answer

A)   limited partnerships
B)   sole proprietorships
C)   limited liabilities companies
D)   C corporationsE) None of the above
F) All of the above

Question 14

The ________ is a way to publicly inform potential investors that a for-profit firm is pursuing a social benefit role.

Accepted Answer

A)   articles of organization
B)   operating agreement
C)   B-Corp certification
D)   B2CE) C) and D)
F) A) and C)

Question 15

A _____ is a type of intellectual property,not created by the government but is information known to certain people in a company that makes that company more competitive.

Accepted Answer

A)   copyright
B)   trade secret
C)   patent
D)   trademarkE) C) and D)
F) B) and C)

Question 16

Which of the following is true of partnerships?

Accepted Answer

A)   It does not get terminated upon the death of one or more partners.
B)   It does not allow one partner to obtain bonding protection against the acts of the other partner(s) .
C)   It cannot obtain financial resources from more than one person.
D)   It does not incur unlimited liability on its partners for the firm's debt.E) A) and B)
F) A) and C)

Question 17

Which of the following types of legal fee does the attorney take a percentage of recovery as his or her fee?

Accepted Answer

A)   Statutory fee
B)   Contingency fee
C)   Flat fee
D)   Hourly feeE) B) and D)
F) B) and C)

Question 18

Which of the following is true with regard to pricing of legal services?

Accepted Answer

A)   Pricing of legal services is based on supply and demand.
B)   Being diplomatic with the attorney is not at all recommended in negotiations on the issue of pricing.
C)   The attorney's fee schedule in all four types of pricing of services is non-negotiable.
D)   Pricing of legal services is mainly constant and fixed.E) A) and B)
F) A) and C)

Question 19

Small-claims courts work only when a person or firms are owed money that can be proved and have exhausted other procedures like calls and letters to the customer.

Accepted Answer

A) True 
 B)False

Question 20

There are several kinds of situations in business in which you want a lawyer to take charge.Briefly describe standard contracts,specialty contracts,interstate contracts,noncompete clauses,exculpatory clauses,and hold harmless agreements and explain why a lawyer's input is important.

Accepted Answer

Standard contracts.If you are going to u...

Exam 17: Legal Issues: Recognizing Your Small Business Needs

A(n) _____ refers to a contract among LLC members outlining how the LLC will conduct itself.

Correct AnswerverifiedShow Answer

Which of the following is true of partnerships?

Correct AnswerverifiedShow Answer

Arbitration differs from mediation in that arbitration:

Correct AnswerverifiedShow Answer

Small-claims courts work only when a person or firms are owed money that can be proved and have exhausted other procedures like calls and letters to the customer.

Correct AnswerverifiedShow Answer

Which of the following types of legal fee does the attorney take a percentage of recovery as his or her fee?

Correct AnswerverifiedShow Answer

Which of the following statements is true regarding a trademark?

Correct AnswerverifiedShow Answer

Which of the following statements is true of copyrights?

Correct AnswerverifiedShow Answer

_____ refers to property coming from some sort of original thought such as trademarks,patents,and copyrights.

Correct AnswerverifiedShow Answer

There are several kinds of situations in business in which you want a lawyer to take charge.Briefly describe standard contracts,specialty contracts,interstate contracts,noncompete clauses,exculpatory clauses,and hold harmless agreements and explain why a lawyer's input is important.

Correct AnswerverifiedStandard contracts.If you are going to u...View AnswerShow Answer

Responsibility for the actions of another is referred to as:

Correct AnswerverifiedShow Answer

The best negotiation strategy is to use four steps to structure a negotiation to achieve a winning solution for you and the other party.Which of the following is not one of those four negotiation steps?

Correct AnswerverifiedShow Answer

The Sarbanes-Oxley Act only covers small businesses that are not publicly traded.

Correct AnswerverifiedShow Answer

In negotiation,when proposing solutions that provide value and balance for both you and the other party,one technique is to scale returns according to the size of the contribution of the party to your success.

Correct AnswerverifiedShow Answer

Except for _____,business forms are types of separate,legal entities.

Correct AnswerverifiedShow Answer

The ________ is a way to publicly inform potential investors that a for-profit firm is pursuing a social benefit role.

Correct AnswerverifiedShow Answer

What are trade secrets? What are the steps businesses can take to protect their trade secrets?

Correct AnswerverifiedTrade secrets refer to confidential info...View AnswerShow Answer

In the lease agreement signed by Arthur Fraser,a(n) _____ clause exempts him from paying any restitution in case he causes accidental damage on the property.Which of the following types of contractual clauses protects Arthur Fraser from paying for such damages?

Correct AnswerverifiedShow Answer

A _____ is a type of intellectual property,not created by the government but is information known to certain people in a company that makes that company more competitive.

Correct AnswerverifiedShow Answer

In a(n) _____,all partners are equally and fully responsible for the business's obligations.

Correct AnswerverifiedShow Answer

Which of the following is true with regard to pricing of legal services?

Correct AnswerverifiedShow Answer

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Standard contracts.If you are going to u...
View Answer

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Trade secrets refer to confidential info...
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