Chapter 15 - CHAPTER 15BUSINESS PROPERTY TRUE/FALSE 1....

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CHAPTER 15—BUSINESS PROPERTY TRUE/FALSE 1. Business computers are an example of tangible business property. ANS: T NAT: AACSB: Analytic TOP: personal property 2. Documents of title are used to transfer title to vehicles. ANS: T NAT: AACSB: Analytic TOP: personal property 3. Bills of sale are used to transfer title to tangible personal property. ANS: T NAT: AACSB: Analytic TOP: personal property 4. A bailment is the temporary transfer of title. ANS: F NAT: AACSB: Analytic TOP: bailment 5. The bailee is the party with permanent title to the bailed goods. ANS: F NAT: AACSB: Analytic TOP: bailment 6. The bailee's only duty under a bailment is to return the personal property. ANS: F NAT: AACSB: Analytic TOP: bailment 7. A valet parking situation is an example of a bailment. ANS: T NAT: AACSB: Analytic TOP: bailment 8. A bailee is liable only for gross negligence. ANS: F NAT: AACSB: Analytic TOP: bailment 9. A bailee can disclaim all liability for the time of the bailment. ANS: F NAT: AACSB: Analytic TOP: bailment 10. A bailment can be created without a formal written document. ANS: T NAT: AACSB: Analytic TOP: bailment 11. Renting a roll-away bed is an example of a bailment. ANS: T NAT: AACSB: Analytic TOP: bailment 12. A chattel mortgage is a lien on personal property. ANS: T NAT: AACSB: Analytic TOP: creditors
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An Article 9 lien is called a security interest. ANS: T NAT: AACSB: Analytic TOP: creditors 14. A financing statement gives the same rights as a security agreement. ANS: F NAT: AACSB: Analytic TOP: creditors 15. Upon a debtor's default on an Article 9 secured debt, the creditor must go to court to repossess. ANS: F NAT: AACSB: Analytic TOP: Article 9 16. Misappropriation is the conversion of a trade secret. ANS: T NAT: AACSB: Analytic TOP: misappropriation 17. Patents are a 20-year legal monopoly. ANS: T NAT: AACSB: Analytic TOP: patents 18. Design patents extend for a 14-year period. ANS: T NAT: AACSB: Analytic TOP: patents 19. There can be infringement of patents, copyrights, trademarks, trade names and trade dress. ANS: T NAT: AACSB: Analytic TOP: infringement 20. Fair use is use of a copyrighted item with permission. ANS: F NAT: AACSB: Analytic TOP: fair use 21. The Lanham Act provides protection for trademarks, trade names, and trade dress. ANS: T NAT: AACSB: Analytic TOP: Lanham Act 22. Trademark protection lasts for 17 years. ANS: F NAT: AACSB: Analytic TOP: trademarks 23. The Federal Trademark Dilution Act permits private suit for tarnishment of a trademark. ANS: T NAT: AACSB: Analytic TOP: trademark 24. Trade secrets must be registered to enjoy protection. ANS: F NAT: AACSB: Analytic TOP: trade secrets 25. Trademark registration in the United States is good only in the United States. ANS: F
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Chapter 15 - CHAPTER 15BUSINESS PROPERTY TRUE/FALSE 1....

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