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Exam 21: Working Within the Legal Environment

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Question 61

True/False

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Candace owns a rare painting and has agreed to a contract whereby she will sell it to the Washingtonian Museum for $7.8 million. At the last minute, she decides she cannot bear to part with her painting and will not sell it to the Washingtonian. The museum can sue Candace for specific performance.

A) True
B) False

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Question 62

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

A) True
B) False

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Question 63

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It appears that some regulation of business is necessary to ensure fair and honest dealings with the public.

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

The Federal Trade Commission Act of 1914 prohibits unfair methods of competition.

________ often help to pay for highway construction or improvements.

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 iPad is a(n)

A breach of contract occurs when one party fails to follow the terms of the contract.

The number of Americans filing for bankruptcy has increased tremendously since the late 1980s.

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

Public utility commissions are federal agencies.

A(n) ________ patent refers to the situation when some inventors intentionally delay a patent application because they expect others to develop similar products or technology.

Which of the following holds a company liable for negligence in the production, design, sale, or use of products the firm markets?

Recent legislation encourages the use of submarine patents.

Both the airline and telecommunications industries have been deregulated.

Trademarks generally belong to the owner forever, as long as they are properly registered and renewed every 10 years.

Which of the following industries has been deregulated?

Submarine patents are primarily designed to generate large patent royalties for their owners.

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made it easier for individuals to eliminate most debts in a bankruptcy.