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Exam 22: Extension: Working Within the Legal Environment

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Question 101

True/False

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

A) True
B) False

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Question 102

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

A) True
B) False

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Question 103

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

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

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

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

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.

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

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

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:

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

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

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

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

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

Statutory law refers to written legislation.

Describe bankruptcy and three sections of the Bankruptcy Code.