Bul 4310 Exam 1 The Legal Environment Of Business Questions And Answers University Of Florida

Board fiduciary duties & corp opportunity doctrine {Ans: board is fiduciary to shareholders and agent to company. must disclose action that would result in a corp opportunity}Registering and keeping trademarks {Ans: acquire by using it. but register to: give notice you've claimed mark, give right to sue in fed court, use R instead of TM, obtain protection in other nations, alert US customs -expires after 10 yrs, can b renewed}Voir dire and jury empanelment {Ans: voire dire (give the verdict)- jurors asked questions for lawyers to exclude -for-cause challenges: juror is biased (need proof) -peremptory challenges: lawyers use any reason except race or sex}Enforcing patent {Ans: file a civil lawsuit against infringer}Patents {Ans: legal right to inventor, prevents others from making, using, or selling invention. Does not give patent holder right to make, use, or sell but only negative right to exclude others}Actual authroity {Ans: principal directs agent to take action -expressedL uses words -implied: no words, but understood by necessity, custom, prior dealing}Trademark requirements {Ans: names, words, symbols, letters, colors affiliated to a good}Professional corps {Ans: Licensed professionals (doctors, lawyers) given pro corp status (pro association PA) = tax advantage, sometimes