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Exam 21: Appendix: Working Within the Legal Environment

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Question 81

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

A) True
B) False

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Question 82

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Because it is no longer used in construction today, National Asbestos Manufacturing cannot be sued for damages today that are caused by asbestos that may still remain in some buildings.

A) True
B) False

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Question 83

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When a payee signs the back of a check the payee's signature is referred to as an endorsement.

Congratulations! You've just finished composing a song that will be the next big hit. Your next step is to apply for a patent through the U.S. Patent & Trademark Office.

________ often help to pay for highway construction or improvements.

An interlocking directorate occurs when a board of directors includes members of the board of competing corporations.

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

The Federal Trade Commission Act of 1914 prohibits minors from entering into contracts.

Which of the following prohibits monopolies, attempts to monopolize, and any restraint of trade?

Under the doctrine of strict product liability, a manufacturer can be held liable

Lawtown's mayor has just signed legislation requiring fire sprinklers in every public school. This is an example of

Another name for sin tax is excise tax.

Which of the following refers to a tax designed to reduce the consumption of a specific good?

A public utility commission sets rates that can be charged by various public utilities to prevent unfair pricing by regulated monopolies. These public utility commissions are examples of state administrative agencies.

Batteries and tires sold with an express warranty provide the buyer with a guarantee regarding the life of the product.

When Bryan and Lizzie got married they wanted to travel, buy nice houses and cars, and enjoy the good life. They used credit cards to finance their lifestyle, believing they would be fine as long as they could make the minimum payments. One day they discovered that because of rising interest rates, even the minimum payments were out of reach. They decided to declare Chapter 13 bankruptcy. Under this plan, they will have to pay their creditors back over 3 to 5 years.

Business law creates the legal framework for the enforcement of criminal statutes.

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

Copyrights are filed with the Library of Congress and involve large amounts of paperwork.

The Federal Trade Commission acts to stop false and deceptive advertising and labeling.