The ABA Model Rules of Professional Conduct _________________

question 2

Multiple Choice

The ABA Model Rules of Professional Conduct _________________. ​

• A)are mandated ethical rules that must be adopted by every state
• B)are handed down by the U.S. Supreme Court
• C)are voluntary rules for ABA members but may also be adopted by state bar associations
• D)all of the above
• E)b and d

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Definitions:

Patents

Exclusive rights granted to an inventor to manufacture, use, or sell an invention for a certain number of years.

Impairment Loss

A reduction in the recoverable value of a fixed asset or goodwill below its book value, leading to a write-down and charge against earnings.

Cost Method

An accounting method where investments are recorded at their acquisition cost without subsequent change except for impairment.

Fair Value

The price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.