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Exam 22: Extension: Working Within the Legal Environment

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Question 121

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Which of the following is considered as a cause for the significant increase in bankruptcies?

A) a decrease in the understanding of bankruptcy law
B) a decrease in the price to complete the process by bankruptcy lawyers
C) an increase in the number of involuntary bankruptcy cases initiated by creditors
D) an increase in the ease with which some consumers can get credit

E) C) and D)
F) A) and D)

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Question 122

Multiple Choice

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The regulation of marriages and payments for personal injuries is covered by:

A) civil law.
B) criminal law.
C) appellate law.
D) legislative law.

E) A) and C)
F) B) and C)

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Question 123

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

A(n) __________ occurs when one party fails to follow the terms of a contract.

Both the airline and telecommunications industries have been deregulated.

The Robinson-Patman Act applies only to sellers who knowingly induce an unlawful discrimination in price.

The City of New Orleans filed suit against certain gun manufacturers for financial payments to cover the costs of police work and medical care as a result of gun violence. This suit was based on the legal principle of:

The executive branch of the government is responsible for overseeing the legal system.

Under contract law, consideration means something of value.

The Class Action Fairness Act is a first step toward setting limits on the amount of damages for which companies are liable should their products harm consumers.

Unlike a patent, trademarks are not protected from infringement.

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

Business and government do not need to work together to create a competitive environment that is fair and open since global competition is increasing.

Big Johnson Products charges Moe's Meats a lower price for goods because Moe and Johnson play golf together regularly. Big Johnson charges other firms similar to Moe's Meats more for the same products and this is beginning to hurt the business of the other firms. In fact, Moe's Meats is taking so much business away from the others due to its lower prices that the other firms are in danger of going out of business. This is an example of:

The Federal Trade Commission deals with issues such as preventing companies from making misleading "Made in the USA" claims.

The Nike Swoosh and the Golden Arches of McDonald's are examples of a:

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

Real property is real estate owned by individuals and businesses.

The Justice Department's lawsuit against Microsoft is an example of an antitrust case.

Compare and contrast the protection offered by patents, copyrights, and trademarks.