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Exam 22: Extension: Working Within the Legal Environment

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Question 101

Multiple Choice

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A(n) __________ tort is a willful act that results in injury.

A) negligent
B) intentional
C) common
D) statutory

E) None of the above
F) A) and D)

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Question 102

Multiple Choice

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Which of the following was designed to simplify and standardize the laws affecting businesses involved in interstate trade?

A) common law
B) statutory law
C) the standardized commerce rules
D) the Uniform Commercial Code

E) None of the above
F) B) and C)

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Question 103

True/False

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Batteries and tires sold with an express warranty provide the buyer with a guarantee regarding the life of the product.

The holder of an exclusive copyright may charge a fee to anyone who wishes to use the copyrighted material.

A tying contract requires a buyer not to purchase goods from a competitor as a condition of buying product from the seller.

The warranty you receive in the box with your new Bluray is a(n) :

Laws regulating marriage and personal injury liability are part of our body of criminal law.

Brian and Sondra own a very successful Cajun restaurant. They recently built their own building and own all of the decorations in the restaurant, along with the equipment needed to run the business. They will pay real property taxes on the building and land and personal property taxes on the decorations and equipment.

A contract is a legally enforceable agreement between two or more parties.

The Robinson-Patman Act applies only to business-to-business transactions.

Under contract law, an agreement for the sale of goods worth $50 or more must be in writing.

Statutory law refers to written legislation.

One of the benefits that deregulation is supposed to provide to customers is:

Describe bankruptcy and three sections of the Bankruptcy Code.

The use of tying contracts was prohibited by the Clayton Act of 1914 because these contracts:

Businesses today prefer to have the government set the standards for acceptable behavior.

Requiring that both parties are competent for a contract to be legal protects those who might be unable to protect themselves.

Chapter 11 bankruptcy is a way for sick companies to recover and is designed to help both debtors and creditors find the best solution.

James advertises in the newspaper to sell his used car for $6,000. Eric test drove the car and then offered James $5,400 for the car. In this case:

Taxes have been used as a method of encouraging or discouraging taxpayers from doing something.