Test Your Legal Knowledge

Which of the following is not an example of intellectual property?

Company’s name

Ingredients

Inventory

Computer software

What is the term for a legal principle that prevents a person from being tried twice for the same crime?

Double Jeopardy

Presumption of Innocence

Due Process

Habeas Corpus

What does the legal term “pro bono” mean?

Free of bonus

Professional service

For a good reason

Free of charge

Which of the following is not a type of crime?

Misdemeanor

Felony

Ingorance

Treason

Directors and officers (D&O) liability insurance provides indemnity to directors and officers (and other specified individuals) for legal costs, damages and expenses incurred, for claims alleging or arising from:

Gaining profit or advantage to which the individual was not legally entitled

Clean up costs relating to a pollution incident

Wrongful acts

Bodily injury or property damage

For an arbitration to take place, the parties must agree on arbitration only before the dispute has arisen.

True

False

What is the definition of lex mercatoria?

The set of laws that regulate labor relations in Europe

The body of customary law that governs international commercial transactions

The legal system used in ancient Rome

The code of conduct for lawyers in the United States

What does the “Status quo” mean?

Current state of affairs

Normal status

Permanent status

Current quantity

X Company invented a potentially marketable antibiotic which can be active against the life-threatening bacteria “Salcotella”. In order to protect such invention, X Company decided to file a --------- application.

Patent

Trademark

Servicemark

What does the legal term “ex aequo et bono” mean?

What is equitable and good

Acquired benefits

Parties’ intention

According to the law

The parties selected a local businessperson to act as their private --------- because they trusted his expertise to decide which of them breached the contract.

Mediator

Arbitrator

Judge

Which of the following correctly states a difference between an arbitration and a trial?

In a trial, a judge renders a binding decision. In an arbitration, a neutral third party helps the parties to negotiate

A trial takes place in court. An arbitration takes place outside court, such as in a meeting room.

A trial is expensive but an arbitration is free

A trial is confidential but an arbitration is not confidential

The -------- helped the parties to resolve their dispute without proceeding to a trial.

Mediator

Judge

Arbitrator

Which of the below statements is not true.

The arbitrator assists the disputed parties to come to a consensus on their own

The arbitrator is a neutral third party appointed to resolve a dispute

The arbitrator renders a binding decision

The arbitrator can be a math teacher

What does the legal term 'bona fide' mean?

In perpetuity

In good shape

Without prejudice

In good faith

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