Products of the Mind, Such as Computer Software, a Screenplay

question 62

Multiple Choice

Products of the mind, such as computer software, a screenplay, a music score, or the chemical formula for a new drug, constitute

• A) assets which receive no protection under law.
• B) non-performing assets.
• C) tangible assets.
• D) intellectual property.
• E) real property.

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Definitions:

Junior Lienholders

Creditors who have claims on a property that are ranked below other debts in terms of repayment priority in case of default.

Collateral

A form of security provided by the borrower to the lender, consisting of property or assets, that can be taken possession of should the borrower fail to repay the loan.

Unconscionability

describes a situation where a contract or clause is so unfair to one party that no reasonable or informed person would agree to it.

Good Faith

Acting with honest intent and without intent to defraud or seek unfair advantage.