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BUL 3320 - Law and Business – Welker Exam with Solutions
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BUL 3320 - Law and Business –Welker Exam with Solutions
Termination by operation of law - Answer An agency contract is terminated
by operation of law in the following circumstances:
1. The death of either the principal or agent
2. The insanity of either the principal or the agent
3. The bankruptcy of the principal
4. The outbreak of a war between the principal's country and the agent's country.
Termination of Authority - Answer
Ratification - Answer s the official way to confirm something, usually by vote. It is the
formal validation of a proposed law. We almost never use the word ratification
except to talk about process by which proposed laws, treaties, and agreements are
officially recognized.
Undisclosed Principal Liability - Answer In agency law, an undisclosed principal is a
person who uses an agent for negotiations with a third party who has no knowledge of
the identity of the agent's principal. Often in such situations, the agent pretends to be
acting for himself or herself. As a result, the third party does not know to look to the
real principal in a dispute (The liability of an undisclosed principal and the agent is an
alternative liability. It means that the third party can only make either the principal or
the agent liable and not both of them together)
Respondeat Superior - Answer Respondeat superior (Latin: "let the master
answer"; plural: respondeant superiores) is a legal doctrine which states that, in
,many circumstances, an employer is responsible for the actions of employees
performed within the course of their employment. (
Constructive Notice of Termination - Answer Is the information or knowledge of a fact
imputed by law to a person if he or she could have discovered the fact by proper
diligence
Agents Liability on Contract - Answer
Classifications of Principals - Answer 1. Disclosed Principal
2. Partially Disclosed Principal
3. Undisclosed Principal
Trademarks - Answer A trademark is a sign, mark, or indicator used by an individual,
business, or organization to identify a product or service as its own and to distinguish
the product or service from those of its competitors. Trademark laws is to prevent unfair
competition by applying a test of consumer confusion and providing rights and remedies
to the owner of the trademark.
Copyright - Answer A copyright is a form of protection provided by U.S. law to
anyone who creates "original works of authorship." Essentially, a copyright protects
literary, musical, dramatic, artistic and other qualifying creative works.
Fair Use Doctrine - Answer Fair use is a legal doctrine that permits limited use of
copyrighted material without acquiring permission from the rights holders. It is one type of
limitation and exception to the exclusive rights copyright law grants to the author of a
creative work. Examples of fair use in United States copyright law include commentary,
search engines, criticism, parody, news reporting, research, teaching, library archiving and
scholarship. It provides for the legal, unlicensed citation or incorporation of copyrighted
material in another author's work under a four-factor balancing test.
, Generic Name - Answer . A business name is potentially a trademark protected by
the law, but this protection depends on the type of name you choose.
As a general matter, the more unique or distinctive the name is, the greater trademark
protection it receives. Fanciful marks (made-up words like "Kodak"), arbitrary marks
(existing words used in a way unrelated to their normal meaning, like "Apple" for
computers), and suggestive marks (those that hint at a quality or aspect of the product
or service, like "Netscape") receive the highest level of protection. You can register
these kinds of trademarks immediately, without any evidence of "secondary meaning" --
i.e., proof that, through your use of the name in commerce, the public has come to
identify it specifically with your good or service. Similarly, in the event of a lawsuit, you
would not need to produce evidence of secondary meaning in order to make out your
case.
Fair Labor Standards Act (FLSA) - Answer which prescribes standards for the basic
minimum wage and overtime pay, affects most private and public employment. It
requires employers to pay covered employees who are not otherwise exempt at least
the federal minimum wage and overtime pay of one-and-one-half-times the regular
rate of pay. For nonagricultural operations, it restricts the hours that children under age
16 can work and forbids the employment of children under age 18 in certain jobs
deemed too dangerous. For agricultural operations, it prohibits the employment of
children under age 16 during school hours and in certain jobs deemed too dangerous.
The Act is administered by the Employment Standards Administration's Wage and Hour
Division within the U.S. Department of Labor.
Tipped Employees - Answer Tipped employees are those who customarily and regularly
receive more than $30 per month in tips. Tips are the property of the employee. The
employer is prohibited from using an employee's tips for any reason other than as a
credit against its minimum wage obligation to the employee ("tip credit") or in
furtherance of a valid tip pool. Only tips actually received by the employee may be
counted in determining whether the employee is a tipped employee and in applying
the tip credit.
Tip Credit: Section 3(m) of the FLSA permits an employer to take a tip credit toward its
minimum wage obligation for tipped employees equal to the difference between the
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