Intellectual property protection around the world is encouraged by:

the World Intellectual Property Organization

the World Intellectual Property Group

the International Society for Intellectual Property Protection

the United Nations

the European Union

The motto "Union Made in the USA" is a:

trademark

service mark

trade dress

certification mark

trade name

Contracts where one party, being in a position of strength, takes advantage of the other party, and which are held to be unenforceable, are called:

unconscionable contracts

contracts in restraint of trade

exculpatory agreements

contracts with public servants

none of the other choices

In general, if there is an error in a contract and if the other party should have known of the error:

the contract cannot be enforced to allow one party to profit from a simple error

the contract will still be enforced so long as both parties had the chance to read the contract

some states will still enforce the contract

the state Supreme Court will have to decide if the contract should be enforced

none of the other choices are correct

Quasi-contract is closely related to the concept of:

restitution

voidable contract

mitigation

quantum meruit

none of the other choices

The idea that breach of contract generally only allows recovery for profits and costs incurred due to the breach is called:

the compensatory rule

the economic loss rule

the remedy doctrine

contract damages doctrine

none of the other choices

Liquidated damages:

must be reasonably related to actual losses that could be suffered

need not be related to actual losses that could be suffered

must be less than the actual losses that could be suffered

are usually much higher than the actual losses that could be suffered

are only available in some states

An example of an equitable remedy is:

compensatory damages

specific performance

nominal damages

special damages

none of the other choices

The owner of a sole proprietorship:

is legally the same as the business

is taxed the same as the business

may hire any number of employees

is legally the same as the business and is taxed the same as the business

is legally the same as the business and is taxed the same as the business and may hire any number of employees

Professional corporations are now allowed:

in all states

in about half the states

in some states

in a few of the more business friendly states

none of the other choices are correct

Which of the following is not true about corporate directors?

the initial board is often specified in the articles of incorporation

directors are subject to a fiduciary duty of loyalty

directors must always act to preserve the corporation

directors may be removed from office for breach of duty

all of the other choices are true

Unless otherwise stated by contract, the law of partnership presumes which of the following not to be true?

each partner has an equal voice in partnership management

a majority vote controls ordinary business decisions

profits are to be divided among the partners

regardless of the amount invested in the partnership, each partner has an equal vote

all of the other choices are true