WEEK 10 QUIZ 1

QUESTION 1

What is the name of the treaty that allows American patents to be recognized and enforced in member countries?
a.
the Paris Convention for the Protection of Industrial Property
b.
the International Treaty of Trademarks and Patents
c.
the Berne Convention
d.
the World Agreement of London
3.5 points

QUESTION 2

The correct order of payment of claims from the debtor’s estate would be
a.
secured claims, unsecured claims, priority claims.
b.
priority claims, secured claims, unsecured claims.
c.
secured claims, priority claims, unsecured claims.
d.
priority claims, unsecured claims, secured claims.
3.5 points

QUESTION 3

Chapter 7 bankruptcy is also known as
a.
reaffirmation.
b.
straight bankruptcy.
c.
reorganization.
d.
voluntary bankruptcy.
3.5 points

QUESTION 4

A plant patent lasts for
a.
14 years from the date of issuance.
b.
70 years after the death of the person who filed the patent.
c.
20 years from the date of application.
d.
the life of the person who filed the patent.
3.5 points

QUESTION 5

Andy’s business is not able to pay its debts, and the prospects for its finances to improve are slim. Andy decides not to continue the business. In this case, Andy should file a voluntary petition for which type of bankruptcy?
a.
Chapter 7.
b.
Chapter 13.
c.
Chapter 12.
d.
Chapter 11.
3.5 points

QUESTION 6

Shoe Sunshine, Inc. filed for bankruptcy protection under Chapter 11 and submitted a plan of reorganization within 120 days after filing for relief. Two of the classes of creditors voted against the plan. However, the bankruptcy judge considered the plan to be feasible, fair, and in the best interests of the creditors; the judge approved it in spite of these creditors’ objections. This action by the judge is called a “cramdown.”
True

False

3.5 points

QUESTION 7

Agnes plans to file for bankruptcy under Chapter 7. One month prior to filing, Agnes gives Joe’s Filling Station $700 to apply to her gas bill. Joe has been so kind to let her charge the gas she needed for her car over the past year. The bankruptcy trustee appointed to the case
a.
can cancel the payment to Joe as a fraudulent transfer.
b.
cannot cancel the payment to Joe because he is not an insider.
c.
cannot cancel the payment to Joe because it is payment for an existing debt.
d.
can cancel the payment to Joe as a voidable preference.
3.5 points

QUESTION 8

Chapters 11 and 13 are liquidation chapters.
True

False

3.5 points

QUESTION 9

In Chapter 11 bankruptcy, only the debtor may propose plans of reorganization.
True

False

3.5 points

QUESTION 10

Unlike with patents, the ideas underlying copyrighted material need not be novel.
True

False