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Exam 21: Appendix: Working Within the Legal Environment

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Question 41

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Utilizing the bankruptcy laws, Speedster Distribution petitioned the court to reorganize and continue operations while paying only a limited proportion of its current debts. This represents an example of a Chapter ________ bankruptcy.

A) 7
B) 11
C) 13
D) 14

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

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Question 42

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The Constitution gives the judiciary the power to establish bankruptcy laws.

A) True
B) False

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Question 43

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Julian was injured using a hair dryer manufactured by Epic Electronics. Julian has contacted a lawyer because he feels that Epic is responsible for his injury based on the legal principle of

________ are the largest source of tax income received by the federal government.

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

Bigbux Bank recently changed its advertising campaign. It now announces the bank has the lowest bank fees in the country even though it has not done research to discover whether this is true. Business law is the framework within which a competitor could take Bigbux to court in the event its claims are not true.

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

Traditionally, taxes have been used as a source of funding for government operations and programs.

Specific performance means that a person who violates a contract is required to live up to the agreement even if money damages are adequate.

Lawsuits against the tobacco industry are examples of tort law.

Your neighbor agrees to sell you his car for $3,000. You and your neighbor have provided each other

An intentional tort is a willful act that results in injury.

Under contract law, consideration means something of value.

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

Alcohol Labeling Legislation of 1988 provides for warning labels on liquor saying that minors should not drink.

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

Appellate courts hear the appeals of decisions made at the trial court level brought by the losing party in the case.

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

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.

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