Business Law Chapter 16 Review

Property can be classified as either real or personal.

• True

• False

A unique word, mark, or symbol identifying products is called a servicemark.

• True

• False

Patents are good for ten years and are renewable.

• True

• False

Any kind of property may be acquired and transferred by contract.

• True

• False

Which of the following is not a way of acquiring real property?

• adverse possession

• eminent domain

• dedication

• All of the above are ways to acquire real property.

Ownership of natural or man-made increases to personal property is acquired by

• annexation.

• accession.

• adoption.

• adaptation.

Allowing the public to use a trademark as a descriptive generic term or permitting competitors to refer to similar products by the trademark may cause the original owner to

• increase income from the trademark.

• eliminate the trademark.

• share ownership of the trademark.

• lose the right to the trademark.

Trade secrets are

• secret exchange rates for inventions.

• important ideas or knowledge that cannot be protected by copyright or patent.

• the tools of the trade.

• none of the above.

Gathering shells on a public beach is acquisition by

• adaptation.

• adoption.

• accession.

• occupancy.

When one person owns all of the property involved it is legally termed

• ownership in severalty.

• ownership in separation.

• ownership by partition.

• none of these.