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Exam 21: Appendix: Working Within the Legal Environment

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Question 71

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A patent gives inventors exclusive rights to their inventions for

A) 20 months.
B) 17 years.
C) 20 years.
D) the lifetime of the inventor plus 50 years.

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

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Question 72

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The federal government can levy a sin tax in an effort to encourage businesses to hire new employees.

A) True
B) False

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Question 73

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It appears that some regulation of business is necessary to ensure fair and honest dealings with the public.

A patent gives inventors exclusive rights to their inventions for 20 years.

The intent of the Sherman Antitrust Act of 1890 was to encourage the growth of large business organizations in the U.S. in order to compete with more established firms in Europe.

Trial courts hear cases involving criminal and civil law.

Administrative agencies actually have a greater impact on businesses than courts do.

Submarine patents are primarily designed to generate large patent royalties for their owners.

Identify the six conditions that must be met for a contract to be legally binding.

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

Which of the following is a condition required for a legally binding contract?

Which of the following would cause a contract to be void?

Companies that produced asbestos decades ago are still subject to the strict product liability provisions of federal tort law.

The use of tying contracts was prohibited by the Clayton Act of 1914 because these contracts

What is the Uniform Commercial Code and why is it important?

When Fitness Fanatics, Inc. agrees to replace or repair your defective stationary bike at no charge to you, Fitness Fanatics is fulfilling a full warranty on your bike.

The Robinson-Patman Act applies only to business-to-business transactions.

Both the airline and telecommunications industries have been deregulated.

One purpose of the Robinson-Patman Act is to outlaw price differences that substantially weaken competition.

The government's involvement in governing the behavior of business people seems to be increasing.