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Exam 21 :test Planning Table for Bonus Exam A

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Question 21

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You and your boss agree to terminate your employment contract because you want to devote more time to school.This breach of contract would likely be resolved by:

A) a specific performance requirement.
B) the payment of damages.
C) a judge.
D) a discharge of obligation.

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

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Question 22

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Lower courts must abide by the precedents set by higher courts.

A) True
B) False

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Question 23

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Trial courts hear cases involving criminal and civil law.

The Uniform Commercial Code establishes a standardized set of regulations for business transactions in all 50 states.

Though high-profile business bankruptcies such as Borders and Blockbuster dominate the news,over 90 percent of bankruptcy filings each year are by individuals.

Ford and General Motors have both been involved in major product liability cases.

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?

Which of the following describes the requirement that both parties in a legally binding contract must give something of value?

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

If a contract is to be legally binding,both parties must give consideration.

What type of law is tort law? Explain what a tort is as well as the meaning of negligence.

A government policy aimed at reducing the purchase of a specific good through increased taxes has been most often applied to:

The rule of strict product liability holds a firm liable for a defective product only if the firm knowingly placed a hazardous product on the market.

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

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

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

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

While the government regulates business activities,businesses would prefer to set their own standards of behavior.Which of the following is the most likely reason the government has intervened?

The social movement designed to increase and strengthen the rights and powers of buyers in business transactions is called:

Several states now allow for competition in the electric power industry.Business customers,for example,can purchase their electric service from several different utility companies.This activity reflects a movement toward ________ in the utility industry.