Edwina wrote an original novel entitled "Good Thunder on the Prairie" and registered a copyright on her work. A vice-president/producer at a film studio read the book and thought it would make an excellent made-for-television movie, so without
consulting Edwina, he developed a script based upon the novel and produced it as "Thunder Storm on the Prairie." What, if any, recourse does Edwina have under the circumstances?
Copyright protection extends to an original expression of an idea. Copyright gives the owner (Edwina) the right to exclusive use of the work and the right to authorize others to reproduce the work and to prepare derivative works based upon it. The studio has violated Edwina's copyright. Because she has registered her copyright, she may 1. sue for an injunction; 2. request impoundment and destruction of the movie; 3. seek actual damages plus profits made by the movie studio; 4. seek costs and reasonable attorney's fees; and 5. if she can establish a willful infringement for purposes of commercial advantage, request that the U.S. attorney bring criminal charges against the corporation and/or the vice-president of the studio.
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Answer the following statements true (T) or false (F)
1) When using the FIFO inventory costing method, ending merchandise inventory will be the highest, as compared to LIFO and weighted-average inventory costing methods, when costs are decreasing. 2) When using the LIFO inventory costing method, ending merchandise inventory will be the lowest, as compared to FIFO and weighted-average inventory costing methods, when costs are increasing. 3) When using the specific identification inventory costing method, ending inventory costs depend on which costs are assigned to the inventory sold. 4) Companies can choose between reporting ending Merchandise Inventory using specific identification, FIFO, LIFO, weighted-average, or lower-of-cost-or-market. 5) The lower-of-cost-or-market rule demonstrates accounting conservatism in action.
Critical listening does not require you to separate facts from opinions
Indicate whether the statement is true or false
Under Article 3 of the UCC, a note is a promise by one party to pay a certain sum of money to another party. Two parties are involved: the maker and the payee. Payment may be set at some time in the future
a. True b. False Indicate whether the statement is true or false
Muscarella Inc. has the following balance sheet and income statement data:
Cash$ 14,000 Accounts payable$ 42,000 Receivables70,000 Other current liabilities 28,000 Inventories 210,000 Total CL$ 70,000 Total CA$294,000 Long-term debt70,000 Net fixed assets 126,000 Common equity 280,000 Total assets$420,000 Total liab. and equity$420,000 Sales$280,000 Net income$ 21,000 The new CFO thinks that inventories are excessive and could be lowered sufficiently to cause the current ratio to equal the industry average, 2.70, without affecting either sales or net income. Assuming that inventories are sold off and not replaced to get the current ratio to the target level, and that the funds generated are used to buy back common stock at book value, by how much would the ROE change? A. 4.28% B. 4.50% C. 4.73% D. 4.96% E. 5.21%