The Legal Environment of Business: Text and Cases (MindTap Course List)
10th Edition
ISBN: 9781305967304
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
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Question
Chapter 2, Problem 3BCP
Summary Introduction
Case Summary: The Company PRM licensed its patents to the company PRI to use it in the US. There was a contract between these two companies stating that all the disputes between them will be settled by arbitration. The company K of Japan showed interest in using the technology presented by the company PRM’s patents, to which the company PRI agreed without telling it to the company PRM. When the company PRM got to know about this secret deal, it filed a suit against the company PRI for theft and fraud.
To explain: The possibility of the dispute to go for trial or arbitration.
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If the Rochester Corporation experienced unresolved legal problems with one of its customers located in a foreign country, all of the following except which one would be a potential way to remedy the problem?\
a. Engage in arbitration
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c. Use the services of a mediator or an arbitrator
d. Bring about litigation in the reigning court of law
Obtain an executive order from the U.S. Attorney General’s office
Which of the following does not apply to arbitration?
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2. Takes place in a hearing which is similar to a court setting but less formal.
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2. (The law of Agency) Conflict of interest means ________________.
a. Agent is interested in Principal business
b. Principal is interested in Agent business
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Chapter 2 Solutions
The Legal Environment of Business: Text and Cases (MindTap Course List)
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