BUS 330: Undergraduate Credits In Business
THE SCHOOL OF PROFESSIONAL STUDIES OF
THE CITY UNIVERSITY OF NEW YORK
BUSINESS LAW
Course: BUS 330
Sections: 02
3 Undergraduate Credits in Business
Prerequisites: None
FALL, 2012
Professor Adam S. Grundfast
MID TERM EXAMINATION
SECTION A
TRUE OR FALSE
Directions: Indicate in the spaces provided whether the following statements are True or False. Each answer is worth 2 points.
1. The U.S. Constitution takes precedence over all state constitutions. True
2. Johnson, who resides in New York, is owed $100,000 by Maxwell, who resides in California. Johnson is permitted to bring this case to federal court. True
3. A limited liability company is subject to double taxation. False …show more content…
both the plaintiff and the defendant reside in the same state and the amount of the claim is under $75,000. c. the plaintiff and the defendant reside in different states and the amount of the claim is under $75,000. d. the plaintiff and the defendant reside in different states and the amount of the claim exceeds $75,000. D
28. Which of the following statements about sole proprietorships is false?
a. The owner of a sole proprietorship has limited liability. b. The sole proprietorship is easy to start. c. The owner of a sole proprietorship can manage the business as he or she likes. d. There are very few legal formalities required to form the sole proprietorship. A
29. The following are rights of shareholders of a corporation except
a. the right to vote on matters that require shareholder approval. b. the right to share in profits. c. the right to share in the assets of the corporation upon dissolution before the claim of any other parties. d. the right to inspect the books and records of the corporation. …show more content…
Conclusion- Paul and Peter were negligent as directors of this corporation. They did not carry out their corporate responsibilities and duties that are required by law to be a corporation. Merely forgetting about a corporation does not dissolve your responsibilities or liabilities. The dissatisfied consumer can sue Paul and Peter. (answer was derived from chapter 27, page 452 of the course book)
43. Ira Inventor invents something he calls “portavision”. It works on exactly the same principles as does broadcast television. To add to its portability, Ira attaches wheels to the portavision set so that it is easily moved. Ira then applies to the U.S. Patent & Trademark Office (USPTO) for federal registration of a patent on “portavision”. The USPTO denies the patent application and Ira appeals. Was the USPTO correct in rejecting the patent application for “portavision”? YES
Issue- Did the USPTO rightfully reject the application for paortavison?
Rule of Law- To obtain a patent, an inventor must prove that his invention is unique and is not clearly obvious based upon existing
THE CITY UNIVERSITY OF NEW YORK
BUSINESS LAW
Course: BUS 330
Sections: 02
3 Undergraduate Credits in Business
Prerequisites: None
FALL, 2012
Professor Adam S. Grundfast
MID TERM EXAMINATION
SECTION A
TRUE OR FALSE
Directions: Indicate in the spaces provided whether the following statements are True or False. Each answer is worth 2 points.
1. The U.S. Constitution takes precedence over all state constitutions. True
2. Johnson, who resides in New York, is owed $100,000 by Maxwell, who resides in California. Johnson is permitted to bring this case to federal court. True
3. A limited liability company is subject to double taxation. False …show more content…
both the plaintiff and the defendant reside in the same state and the amount of the claim is under $75,000. c. the plaintiff and the defendant reside in different states and the amount of the claim is under $75,000. d. the plaintiff and the defendant reside in different states and the amount of the claim exceeds $75,000. D
28. Which of the following statements about sole proprietorships is false?
a. The owner of a sole proprietorship has limited liability. b. The sole proprietorship is easy to start. c. The owner of a sole proprietorship can manage the business as he or she likes. d. There are very few legal formalities required to form the sole proprietorship. A
29. The following are rights of shareholders of a corporation except
a. the right to vote on matters that require shareholder approval. b. the right to share in profits. c. the right to share in the assets of the corporation upon dissolution before the claim of any other parties. d. the right to inspect the books and records of the corporation. …show more content…
Conclusion- Paul and Peter were negligent as directors of this corporation. They did not carry out their corporate responsibilities and duties that are required by law to be a corporation. Merely forgetting about a corporation does not dissolve your responsibilities or liabilities. The dissatisfied consumer can sue Paul and Peter. (answer was derived from chapter 27, page 452 of the course book)
43. Ira Inventor invents something he calls “portavision”. It works on exactly the same principles as does broadcast television. To add to its portability, Ira attaches wheels to the portavision set so that it is easily moved. Ira then applies to the U.S. Patent & Trademark Office (USPTO) for federal registration of a patent on “portavision”. The USPTO denies the patent application and Ira appeals. Was the USPTO correct in rejecting the patent application for “portavision”? YES
Issue- Did the USPTO rightfully reject the application for paortavison?
Rule of Law- To obtain a patent, an inventor must prove that his invention is unique and is not clearly obvious based upon existing