Final answer:
The trademark acquired by Northstar Co. has a remaining legal life of five years, but since trademarks can be renewed indefinitely for a nominal fee as long as they are in active use, its effective life can be much longer.
Step-by-step explanation:
A trademark is an identifying symbol or name for a particular good and is an important aspect of a firm's intellectual property. According to the information provided, Northstar Co. has acquired a trademark with a remaining legal life of five years. However, trademarks can be revived over and over again, as evidenced by the millions registered, including notable examples like Chiquita bananas, Chevrolet cars, or the Nike "swoosh." The fact that a trademark has a legal life indicates the period before it needs to be renewed; nevertheless, with the potential for renewal, especially when it can be done for a nominal fee, the practical lifespan of a trademark can be indefinite, given the condition that the trademark remains in active use. Therefore, while the trademark has a remaining legal life of five years, its effective life can extend far beyond that with renewals.