LEB 323 Exam 3 Questions with All Correct Answers
What is the moral minimum? - Answer-all human life is equal and valuable, any violation of the 4 components and society will break down
What are the 4 components of the moral minimum? - Answer-1. Honesty (the truth)
2. Loyalty (mostly recipr...
LEB 323 Exam 3 Questions with All
Correct Answers
What is the moral minimum? - Answer-all human life is equal and valuable, any violation
of the 4 components and society will break down
What are the 4 components of the moral minimum? - Answer-1. Honesty (the truth)
2. Loyalty (mostly reciprocal, familiarity and trust built over time)
3. Keeping commitment (not renegotiating)
4. Doing no harm (responsible whether intentional or not)
What is "secondary meaning" in regards to a trademark? - Answer-A white apple is
simple but it has meaning beyond an apple. A company can register a mark when it has
come to be identified with the company over a significant amount of time.
What is a contract? - Answer-agreement that is legally binding in which either party can
be sued if they don't perform the promises in the contract
(an agreement to promise)
Why are contracts important? - Answer-need legal ramifications to make sure our
intentions are clear and to keep us to our word
What is prevalent in our lives? - Answer-contracts, you can't live day-to-day without
them
What is the #1 Rule for Contracts? - Answer-Read them. It could potentially include
terms for breach, extensions, law of freedom
How do contracts give us legal rights? - Answer-it has to be legal or its void
Bilateral vs. Unilateral - Answer-B: 2 parties, each making promises
U: 1 party, one side makes a promise and other side can choose whether or not they
accept it
Who has duty to act in a unilateral and bilateral contract? - Answer-U: the party
accepting the contract
B: both parties have the duty to act
Which type of contract is most common? - Answer-bilateral
Expressed Contract vs. Implied Contract - Answer-E: terms explicitly clear
I: terms not stated, based on behavior
, Both types are valid, but implied contract is hard to sue over
What standard does the court use for an implied contract? - Answer-the standard of a
reasonable person
A Higher Standard
Is there a duty to "do good"? - Answer-yes
4 Components of the Higher Standard - Answer-1. Meet unmet needs (feeding the
hungry)
2. Supplement the role of gov't (attack the guy when no police are around)
3. The Golden Rule (or platinum rule)
4. Avoid harm by omission (don't stand on the side lines)
Relativism & Pluralism - Answer-R: one reference point
P: getting different viewpoints mixed in
How do you know when a trade secret exists? - Answer-1. not generally known
2. secure from access in a legal matter
3. gives owner a competitive edge (adding value)
intellectual property law - Answer-has become more prevalent due to the economy
becoming more technology and service based
Are copyrights and trademarks secrets? - Answer-no
When does the legal protection for a secret kick in? - Answer-once the secret is stolen
What is the most important fact for the court considering secrets? - Answer-having
reasonable security measures
What all does the court consider in regards to trade secrets? - Answer-how many
people know it? how valuable is it? How easy is it to duplicate? how secure is the
secret?
Misappropriation - Answer-1. prove it was a secret
2. reasonably protected
3. have to do something deceptive ( not necessarily breaking the law) in order to steal it
compensation for trade secrets - Answer-book value of the secret
lost profits
treble damages
can ask for punitive damages as well
Case: Integrated Cash Management & Digital Transactions - Answer-Two employees
memorize the combination of two softwares and leave to go to a new company where
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