Business Law Questions and Answers - 10157 Words

ANSWERS TO AICPA QUESTIONS CHAPTER 10 INTELLECTUAL PROPERTY RIGHTS AND THE INTERNET 1. (a) Computer software is covered under the general copyright laws and is therefore usually copyrightable as an expression of ideas. Answer (b) is incorrect because copyrights in general do not need a copyright notice for works published after March 1, 1989. Answer (c) is incorrect because a recent court ruled that programs in both source codes, which are human readable, and in machine readable object code can be copyrighted. Answer (d) is incorrect because copyrights taken out by corporations or businesses are valid for 100 years from creation of the copyrighted item or 75 years from its publication, whichever is shorter. 2. (c) Computer†¦show more content†¦Answer (c) is incorrect because Summers’ offer was rejected by Fox’s counteroffer. Answer (d) is incorrect because with rare exceptions, silence does not constitute acceptance. 3. (c) Peters’ offer had been revoked. Since revocation notice can be received either directly or indirectly, Mason, in effect, received the revocation notice when he was told the mower had been sold to Bronson; and therefore, Mason’s acceptance was ineffective, even though the specified time of the oral contract had not expired. Peters’ offer had been revoked prior to Mason’s acceptance. There was no obligation on the part of Peters to keep the offer open, since there was no consideration for him to do so. CHAPTER 14 CAPACITY AND GENUINE ASSENT 1. (a) Where a mistake is made by only one party (a unilateral mistake), the rule is that the mistaken party is bound by the contract unless the nonmistaken party knew of the mistake or should have known of the mistake. In this question, the nonmistaken party knew of the mistake; thus, the mistaken party is not bound by the contract. Whether the mistake was a result of gross negligence is irrelevant. 2. (a) Answer (b) is incorrect because a disaffirmance need not be in writing. Answer (c) is incorrect because a minor can disaffirm at any time during minority or for a reasonable time thereafter regardless of payment. Answer (d) is incorrect because a minor need only return whatever consideration he/she has, even if damaged orShow MoreRelatedBusiness Law Questions and Answers1886 Words   |  7 PagesQUESTION 1. Issues of this case: Could the offer acceptence by e-mail be capable of creating contractual relationships? Was there a breach of cotract? The matter of the case is regulated by Contract Law. Contractual nature A contract can be difened as â€Å"an agreement containing promises made between two or more parties with the intention of creating certain legal rights and obligations and enfoufceable in a court of law†. (Andy Douglas, 2013, p.307). Though every contract involves an agreement,Read MoreBusiness Law Questions And Answers1477 Words   |  6 PagesShort answer questions 1. Take the case of a US firm that wishes to invest some funds (US dollars) for a period of one year. The choice is between investing in a US bond with one year to maturity, paying an interes1t rate of 2.75 percent, and a UK bond with one year to maturity, paying an interest rate of 4.25 percent. The current exchange rate is $1.46 per pound, and the one-year forward exchange rate is $1.25 per pound. Should the US firm invest in US bonds or in UK bonds? The US bondRead MoreLeg 100 Business Law I Quiz 1918 Words   |  4 PagesCourse Business Law I Quiz 1 LEG100 This quiz consist of 20 multiple choice questions and covers the material in chapters 1 through 4. There are five questions from each chapter. Be sure you are in the correct Chapter when you take the quiz. †¢ Question 1 4 out of 4 points The ______ approach recognizes that â€Å"business decisions consist of continuous, interrelated economic and moral components.† Answer Selected Answer: Systems Correct Answer: Systems Read MoreExam for Chapter 1 Essay1217 Words   |  5 Pages* Question 1 10 out of 10 points | | | A group of young professionals were discussing the relationship between law and business. Adam argues that law primarily benefits the owners of businesses at the expense of workers and customers, while Beth takes the opposite position - that law primarily benefits the individual employees, customers and others, at the expense of the owners of businesses. Charlie posits that all parties are better off because of the presence of law, while David assertsRead More0 out of 5 points1002 Words   |  5 Pagesreasoning is that: Answer Selected Answer:   Ã‚   The majority may override the rights of those in the minority. Correct Answer:   Ã‚   It is difficulty to accurately measure both costs and benefits. ï‚ · Question 2 5 out of 5 points Business executives are finding that a trusting, ethical relationship with a business partner is: Answer Selected Answer:   Ã‚   Often essential in conducting business. Correct Answer:   Ã‚   Often essential in conducting business. ï‚ · Question 3 5 out of 5 pointsRead MoreEssay on Mgt 520 Final Exam Study1408 Words   |  6 Pagesdisabled, and so you will not be able to copy exam questions or answers to or from other applications. There are three pages to your final, and each page begins with a story. The stories are quite interesting and will make the questions flow easily. The questions that follow are then taken from each story. There is a little overlap. Remember questions are scrambled, so while they vary, all TCO’s will be tested. 2. You should click the Save Answers button in the exam frequently. This helps preventRead MoreLegal 100 Quiz 2 Essay1042 Words   |  5 PagesQuestion 1 0 out of 5 points Incorrect Robert had a dispute with his neighbor regarding the location of the property line. Robert’s attorney suggests to Robert that both parties contribute funds toward hiring individuals to serve on a nonbinding jury and render a suggested verdict. Which of the following is the appropriate term for that type of procedure? Answer Selected Answer: Private jury trial Correct Answer: Summary jury trial Question 2 5 out of 5 points Correct The doctrineRead MoreLWC1 Study Guide1467 Words   |  6 Pagesthrough this student plan, type in your answers to the questions below and create a study guide using the key terms from each section. You may also consider using the key terms to create flash cards that can be used as you prepare for the exam. ETHICAL ISSUES IN BUSINESS: Chapters 1-4 For each of the chapters do the following: Look up the answers to the questions asked below. Answer the end of chapter question (there are only a few) and check your answers. Complete the interactive quizzesRead More2- May 2014, HW assignment 1 Chapters 1-8 Due 13MAY2014 Ahmed Elbadawy 1) List the sources of1600 Words   |  7 Pages2- May 2014, HW assignment 1 Chapters 1-8 Due 13MAY2014 Ahmed Elbadawy 1) List the sources of law? Answer: law consists of many layers that interact together at different stages of government in order to support the personal rights, duties and describe the frame work of business, at the very base of these sources lays the constitutional law that can be simplified as the whole body of principals that describes the governmental structure and states the relationship between the people and theirRead MoreBusiness Law Question1113 Words   |  5 PagesUBML1053 BUSINESS LAW THURSDAY, 15 DECEMBER 2005 TIME: 2.00PM – 4.00PM (2 HOURS) BACHELOR OF COMMERCE (HONS) ACCOUNTING YEAR ONE Instructions to Candidates: Section A : [Total: 40 marks] 1. This section consist of ONE (1) compulsory question 2. Answer ALL the sub-questions. Section B : [Total: 60 marks] 3. This section consists of THREE (3) questions. 4. Answer only TWO (2) questions. 5. No marks will be given for any extra questions or sub-questions (i.e. parts a, b or c in a question) attempted