QUESTION Which of the following statements is true about the difference between contracts in common law and civil law systems? A. Contracts drafted under a common law system tend to be longer than those drafted under a civil law system. B. Contracts drafted under a civil law system tend to be more specific than those […]
QUESTION Initech Incorporated, a multinational giant, runs a number of diversified businesses. Which of the following can be considered as an intellectual property of the firm? A. Income arising from renting land and buildings B. Profits arising from the sale of agricultural crops C. Interest earned by lending capital to other firms D. Innovations and […]
QUESTION When firms do not wish to accept the rules of the CIGS, what do they often opt for to settle contract disputes? A. UN involvement B. Arbitration C. Collective bargaining D. The common law system of the United States E. Islamic law ANSWER B When firms do not wish to accept the CIGS, […]
QUESTION Which of the following is most likely to be protected by a copyright? A. A new manufacturing process invented in a company B. A newly invented telecommunication device C. Tangible property like land and building D. Movies produced and directed by a person E. A new type of car invented by an automobile company […]
QUESTION The bundle of legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource are called what type of rights? A. Civil B. Political C. Shareholder D. Property E. Public ANSWER D Property rights refer to the legal […]
QUESTION Silver Tape Corporation has developed a new type of adhesive tape. Which of the following types of legal protections can grant the company exclusive rights for a defined period to the manufacture, use, or sale of the new adhesive tape? A. Warrant B. Patent C. Copyright D. Trademark E. Writ ANSWER B A […]
QUESTION In the context of property rights, which of the following refers to theft, piracy, blackmail, and the like by private individuals or groups? A. Private consumption B. Private practice C. Privacy tort D. Private action E. Privacy violation ANSWER D Private action refers to theft, piracy, blackmail, and the like by private individuals […]
QUESTION Which of the following establishes a uniform set of rules governing certain aspects of the making and performance of everyday commercial contracts between sellers and buyers who have their places of business in different nations? A. Contracts for the International Sale of Goods B. Bill of Exchange C. United Nations Charter D. International Forwarding […]
QUESTION After the collapse of communism in Dehran, successful business owners often had to pay “protection money” to the mafia or face violent retribution. In the context of property rights, the behavior of the mafia is an example of: A. active violation. B. public action. C. private action. D. boundary spanning. E. industrial espionage. […]
QUESTION In the context of property rights, which of the following best exemplifies private action? A. Levying excessive taxes B. Requiring expensive licenses or state permits from private property holders C. Taking assets into state ownership without compensating the owners D. Government bureaucrats demanding bribes from businesses in return for the rights to operate in […]
