EXAM 3 STUDY GUIDE 2026/2027
COMPLETE QUESTIONS WITH
VERIFIED CORRECT ANSWERS ||
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1. What are the types of property? - ANSWER ✔ Real Property, Personal
Property, and Intellectual Property
2. Real Property - ANSWER ✔ Tangible property that cannot be taken with
you, such as land
3. Personal Property - ANSWER ✔ Tangible property or belongings that you
can take with you, such as your car, computer, or jewelry
4. Intellectual Property - ANSWER ✔ Intangible property rights over artistic
and commercial assets, such as musical works, logos, or inventions
5. Trademark - ANSWER ✔ Any word, name, symbol, or device that an
organization uses to identify and distinguish its services from the services of
another organization and to indicate the source of the service.
,6. Arbitrary or fanciful marks - ANSWER ✔ Trademarks that are inherently
distinctive because they describe the source of a good and not the good
itself.
7. Suggestive marks - ANSWER ✔ Trademarks that require some creativity to
understand the product that they describe
8. Descriptive mark - ANSWER ✔ Trademark that describes a characteristic or
quality of a good or service
9. Secondary meaning - ANSWER ✔ Meaning assigned to a trademark when it
has received widespread use and public recognition so that it indicates the
source of the good or service instead of the good or service itself.
10.Monopoly Power - ANSWER ✔ The ability of an entity to exhibit
characteristics of a monopoly by controlling the means of selling or
producing a product
11.Interstate Commerce - ANSWER ✔ Commerce that takes place between two
or more states
12.Per se rule - ANSWER ✔ Conduct that is inherently anticompetitive, such as
price fixing and group boycotts, and therefore automatically violates the
Sherman Antitrust Act
13.Rule of Reason - ANSWER ✔ Rule used by courts in antitrust cases that
applies when the conduct is not inherently anti-competitive; under this rule,
a court focuses on whether the challenged conduct restrains trade
unreasonably
,14.Price Fixing - ANSWER ✔ Agreement among members of a group (such as
a professional sports league) to set prices at a certain level to avoid
competition among group members over prices
15.Group Boycotts - ANSWER ✔ Situation in which a league or a group of
teams collectively agree not to bargain with a particular group of players,
such as by setting draft rules that exclude certain players from being drafted.
16.Law v. NCAA (1998) - ANSWER ✔ Restricted Earnings Coaches salaries
limited. Procompetitive justification that it provides competitive balance did
not outweigh costs.
17.City of San Jose v. Office of the Commissioner of Baseball (Antitrust) -
ANSWER ✔ · The Oakland Athletics baseball team sought to move from its
designated operating territory in Alameda and Contra Costa. In essence, the
Supreme Court has held that federal antitrust laws have no application to the
sport of professional baseball.
18.Deppe v. NCAA - ANSWER ✔ Deppe sued the NCAA alleging violations
of the Sherman Act. The Seventh Circuit affirmed dismissal. The year-in-
residence requirement is an eligibility rule clearly meant to preserve the
amateur character of college athletics, is therefore presumptively
procompetitive.
19.Clarett v. NFL - ANSWER ✔ Clarett filed suit against the NFL alleging that
its eligibility requirement that a player wait three full football seasons after
high school graduation before entering the draft violated antitrust laws. The
district court held for Clarett and concluded that the draft's eligibility rules
are not immune from antitrust scrutiny under the non-statutory labor
exemption. The NFL appealed.
, 20.Collins v. NBPA - ANSWER ✔ Collins served as agent for several NBA
stars.the Committee decided not to re-certify Collins. Collins filed suit
against the NBPA and Grantham alleged violations of antitrust laws.
Specifically, Collins claims that the NBPA was guilty of a concerted boycott
of his services as part of an effort by the NBPA to monopolize
representation of professional basketball players. The NBPA filed a motion
for summary dismissal of Collins' suit.
21.Speakers of Sport v. ProServ - ANSWER ✔ Rodriguez had a contract with
Speakers, then broke the contract with speakers to sign a contract with
ProServ. Speakers filed a suit against Proserve saying that the ProServe had
made a promise to Rodriguez Tortiously inducted him to terminate his
contract with speaker.
Decision: District Court Rules against plaintiffs Speaker. Speakers appealed
22.Describe the basics of antitrust law - ANSWER ✔ Antitrust law is a field of
law used to create efficiency in economic markets.
It promotes fair competition in business
When there is fair competition in business, prices go down and quality goes
up because in order to stay profitable businesses have to have the best
products at the lowest price.
Businesses are also forced to compete with each other to hire the best labor
23.Section 1 & 2 of the Sherman Antitrust Act - ANSWER ✔ Section 1:
Forbids contracts, combinations, or conspiracies that unreasonably restrain
competition. For ex: price fixing - where businesses work together to set the
price of a product, supply, or labor at an industry wide cost.