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The number of Americans filing for bankruptcy has decreased as a result of the Bankruptcy Reform Act.

A) True
B) False

Correct Answer

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The Clayton Act prohibits interlocking directorates.

A) True
B) False

Correct Answer

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With today's widespread use of water-based house paint,no paint manufacturer can be sued for damages today that are caused by lead-based paint that may still remain on the surface of some house and apartment walls.

A) True
B) False

Correct Answer

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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.

A) True
B) False

Correct Answer

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Which of the following is the most likely response to the corporate scandals of firms like Enron?


A) The government will continue to deregulate businesses.
B) New laws will be passed to protect investors and workers.
C) Competition will increase providing greater value for consumers.
D) There will be a decrease in the number of lawyers nationwide.

E) B) and C)
F) A) and C)

Correct Answer

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

A) True
B) False

Correct Answer

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

A) True
B) False

Correct Answer

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In order to be legally binding,a contract must be a written agreement between two or more parties.

A) True
B) False

Correct Answer

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A(n) __________ occurs when one party fails to follow the terms of a contract.


A) breach of contract
B) discharge of obligation
C) obligation failure of enforcement
D) infringement of contract

E) B) and C)
F) C) and D)

Correct Answer

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The two main purposes of taxes are:


A) to raise money for taxpayers and to encourage foreign governments to behave in certain ways.
B) to raise money for government funding and to encourage or discourage certain taxpayer behaviors.
C) to encourage businesses to make a profit and encourage foreign governments to invest in the U.S.
D) to strengthen monetary and fiscal policies.

E) B) and C)
F) All of the above

Correct Answer

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A __________ is a legally enforceable agreement between two or more parties.


A) warranty
B) negotiable instrument
C) contract
D) combination

E) A) and C)
F) All of the above

Correct Answer

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Requiring a retailer to carry Performance Tires in order to sell Performance Batteries is prohibited by the Robinson-Patman Act.

A) True
B) False

Correct Answer

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

A) True
B) False

Correct Answer

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John Fielder is a renowned photographer of the Colorado Rocky Mountain region.Each of his works is copyrighted.This means that anyone can use his photos so long as they give Mr.Fielder notice.

A) True
B) False

Correct Answer

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The purpose of the Sherman Antitrust Act was to:


A) encourage competition by restraining the growth of monopolies.
B) standardize the level of competition.
C) encourage the growth of large-scale efficiency found in big businesses.
D) minimize the inconsistency of multiple dealers of a single product.

E) B) and C)
F) All of the above

Correct Answer

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In voluntary bankruptcy cases the creditors voluntarily start legal action against the debtor.

A) True
B) False

Correct Answer

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

Correct Answer

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Tort law is an example of common law.A t...

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