Question 1

Which of the following is a requirement for commercial paper to be considered a negotiable instrument? It must:

Accepted Answer

A)  be signed in approval by a third party.
B)  contain a conditional promise to pay.
C)  be a promise to pay a specified amount of money.
D)  be an oral agreement between two or more parties.E) A) and B)
F) A) and C)

Question 2

(p.A-5 Confusing: although this question says "could be",the text sites cases that conclude that manufacturers would not be liable. )Under the doctrine of product liability,gun manufacturers could be held liable for the costs of police work and medical care brought about by gun violence.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following protects the original work of authors and artists (i.e. ,their books,photos,or cartoons) ?

Accepted Answer

A)  a trademark
B)  a copyright
C)  the Uniform Commercial Code
D)  a patentE) C) and D)
F) A) and B)

Question 4

Which of the following is a condition required for a legally binding contract?

Accepted Answer

A)  discharge of obligation
B)  warranty
C)  mutual acceptance
D)  duressE) A) and C)
F) B) and D)

Question 5

The Federal Trade Commission enforces laws and guidelines regarding unfair business practices.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Which of the following industries has been deregulated?

Accepted Answer

A)  Chemicals
B)  Agriculture
C)  Airlines
D)  SteelE) A) and C)
F) B) and C)

Question 8

If in the normal course of a job an employee creates a cartoon,the copyright belongs to the employer.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following holds a company liable for damages caused by a defective product even if the firm was unaware of the defect at the time of sale?

Accepted Answer

A)  network responsibility
B)  managerial liability
C)  patent infringement
D)  strict product liabilityE) C) and D)
F) A) and B)

Question 10

The Federal Trade Commission issues and interprets rules and regulations regarding business activities.The Federal Trade Commission is a governmental administrative agency.

Accepted Answer

A) True 
 B)False

Question 11

A patent protects an inventor's right to a product or process.

Accepted Answer

A) True 
 B)False

Question 12

One of the reasons you bought your mom a name-brand mixer for Mother's Day was that it came with a full warranty.This means that:

Accepted Answer

A)  the mixer is guaranteed to last for 10 years with normal use.
B)  the mixer will make wonderful baked goods as well as pasta.
C)  the mixer will be repaired or replaced at no charge if it is defective.
D)  only the motor is covered by the mixer manufacturer.E) B) and C)
F) All of the above

Question 13

________ is the legal process by which a person,business,or government entity unable to meet financial obligations is relieved of those debts.

Accepted Answer

A)  Emancipation
B)  Financial release
C)  Negligence
D)  BankruptcyE) None of the above
F) B) and C)

Question 14

A warranty guarantees that the product sold will be acceptable for the purpose for which the buyer intends to use it.

Accepted Answer

A) True 
 B)False

Question 15

The purpose of governmental deregulation is to eliminate laws that seem to hinder competition.

Accepted Answer

A) True 
 B)False

Question 16

Companies that produced lead-based paint 30 years ago are still subject to the strict product liability provisions of federal tort law.

Accepted Answer

A) True 
 B)False

Question 17

Chapter 7 bankruptcy requires the sale of the nonexempt assets of debtors.

Accepted Answer

A) True 
 B)False

Question 18

A tax credit is a document that increases a tax bill.

Accepted Answer

A) True 
 B)False

Question 19

Explain the difference between statutory law,common law,and business law.

Accepted Answer

Statutory law includes state and federal...

Question 20

Another name for "sin tax" is "excise tax."

Accepted Answer

A) True 
 B)False

Exam 24: Appendix: Working Within the Legal Environment

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

Correct AnswerverifiedShow Answer

Explain the difference between statutory law,common law,and business law.

Correct AnswerverifiedStatutory law includes state and federal...View AnswerShow Answer

Another name for "sin tax" is "excise tax."

Correct AnswerverifiedShow Answer

One of the reasons you bought your mom a name-brand mixer for Mother's Day was that it came with a full warranty.This means that:

Correct AnswerverifiedShow Answer

Which of the following is a condition required for a legally binding contract?

Correct AnswerverifiedShow Answer

If in the normal course of a job an employee creates a cartoon,the copyright belongs to the employer.

Correct AnswerverifiedShow Answer

A patent protects an inventor's right to a product or process.

Correct AnswerverifiedShow Answer

The Federal Trade Commission enforces laws and guidelines regarding unfair business practices.

Correct AnswerverifiedShow Answer

Which of the following protects the original work of authors and artists (i.e. ,their books,photos,or cartoons) ?

Correct AnswerverifiedShow Answer

Companies that produced lead-based paint 30 years ago are still subject to the strict product liability provisions of federal tort law.

Correct AnswerverifiedShow Answer

A tax credit is a document that increases a tax bill.

Correct AnswerverifiedShow Answer

Which of the following is a requirement for commercial paper to be considered a negotiable instrument? It must:

Correct AnswerverifiedShow Answer

The Federal Trade Commission issues and interprets rules and regulations regarding business activities.The Federal Trade Commission is a governmental administrative agency.

Correct AnswerverifiedShow Answer

(p.A-5 Confusing: although this question says "could be",the text sites cases that conclude that manufacturers would not be liable. )Under the doctrine of product liability,gun manufacturers could be held liable for the costs of police work and medical care brought about by gun violence.

Correct AnswerverifiedShow Answer

The purpose of governmental deregulation is to eliminate laws that seem to hinder competition.

Correct AnswerverifiedShow Answer

Which of the following holds a company liable for damages caused by a defective product even if the firm was unaware of the defect at the time of sale?

Correct AnswerverifiedShow Answer

________ is the legal process by which a person,business,or government entity unable to meet financial obligations is relieved of those debts.

Correct AnswerverifiedShow Answer

A warranty guarantees that the product sold will be acceptable for the purpose for which the buyer intends to use it.

Correct AnswerverifiedShow Answer

Which of the following industries has been deregulated?

Correct AnswerverifiedShow Answer

Chapter 7 bankruptcy requires the sale of the nonexempt assets of debtors.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
Statutory law includes state and federal...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified