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Exam 21: Working Within the Legal Environment

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Question 91

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A trademark gives exclusive legal protection to a name, symbol, or design that distinguishes the goods or services of one seller from those of competitors.

A) True
B) False

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Question 92

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The Sarbanes-Oxley Act requires CEOs to verify the accuracy of their firms' financial statements to the SEC.

A) True
B) False

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Question 93

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Most bankruptcies today are involuntary because creditors want to retrieve as much of their money as possible.

________ law establishes punishments, and regulates the investigation of people accused of committing crimes.

Business law is enforceable by the courts.

If Fairfield University violates its housing contract with a student, the student is prohibited from suing the university for damages because the contract was for the delivery of services rather than the delivery of goods.

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

About ________ percent of patent applications are approved.

Paul and Chris own Lucky's Liquor Store. They are careful to pay all of their taxes in full and on time. Recently, the local government has decided to raise the taxes imposed on the sale of cigarettes and liquor. Paul and Chris are upset about this because

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

Louis opened a new bakery. He had always admired the cute, friendly face of the Pillsbury Doughboy so as a tribute to Pillsbury, he decided to use it as his company's logo. Not long after Pillsbury sued him for

The warranty you receive in the box with an iPad is an implied warranty.

________ refers to rules, statutes, codes, and regulations established to provide a legal framework within which business may be conducted.

The changing nature of U.S. business from manufacturing to knowledge technology has led to the call for new levels of regulation from federal agencies.

Mini-Case Nolan and Sadie have just opened a new restaurant on the edge of town, Cajun Kitchen. They own the land and building and have a brand-new kitchen as well as a lovely seating area, filled with mementos from the South. They have a liquor license and make wonderful Southern drinks. They are quite pleased that members of the community are helping their business grow by coming in for a meal or a drink after work. They are good businesspeople who pay their bills on time and as a result have great relationships with the vendors that supply them food. -Cajun Kitchen sits on a large landscaped lot. Nolan and Sadie have a contract with Green Goddess Lawn Service to mow the lawn and take care of the landscape. They pay $200 per month for this service. After two weeks had gone by with no service, Nolan called the company only to find out that the owner and the crew had decided to take a vacation and would not be back to do the landscaping for another two weeks. Green Goddess

A copyright protects an individual's ownership rights to materials such as books, articles, photos, and cartoons, which they created.

Mini-Case Nolan and Sadie have just opened a new restaurant on the edge of town, Cajun Kitchen. They own the land and building and have a brand-new kitchen as well as a lovely seating area, filled with mementos from the South. They have a liquor license and make wonderful Southern drinks. They are quite pleased that members of the community are helping their business grow by coming in for a meal or a drink after work. They are good businesspeople who pay their bills on time and as a result have great relationships with the vendors that supply them food. -Sadie was expecting a shipment of food from one of her suppliers and it didn't come. When she called the supplier the phone was disconnected. Later Sadie read that the supplier had gone out of business because it couldn't pay its debts. The supplier likely declared Chapter ________ bankruptcy.

Negotiable instruments provide a conditional promise to pay a specified amount of money.

The Clayton Act prohibits interlocking directorates.

Under contract law, a 15-year-old may be a party to a contract.