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Exam 24: Appendix: Working Within the Legal Environment

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Question 81

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Which of the following was designed to simplify and standardize the laws affecting businesses involved in interstate trade?

A) common law
B) statutory law
C) the standardized commerce rules
D) the Uniform Commercial Code

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

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Question 82

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

A) True
B) False

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Question 83

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A company has to be insolvent before it can file for Chapter 11 bankruptcy.

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

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

In 1978,a 13-year-old boy was severely burned in a rear-end collision involving a Ford Pinto.The case went to court and Ford was ordered to pay $125 million in punitive damages based on the legal principle of:

The FTC has jurisdiction over false or misleading advertising.

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 Federal Trade Commission Act prohibits unfair methods of competition.

Mini-Case Brian and Sondra have just opened a new Cajun restaurant on the edge of town,Cajun Cookin' Inc.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. -One day as Brian was speaking with one of his customers a shriek went up from the other side of the restaurant.When he rushed over,he found that one of his customers had spilled hot tea on her arm.If this customer was so inclined,she could __________ and the court would likely find in her favor.

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.

The executive branch of the government is responsible for overseeing the legal system.

Contract law is a set of laws that covers sales laws and other commercial laws.

The financial claims of ________ are given priority when assets are distributed among creditors in a bankruptcy case.

Concerns over the increase in the number of business laws and regulations that were costing the public money led to:

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.

When Sears agrees to replace or repair your defective treadmill at no charge to you,Sears is fulfilling a full warranty on your treadmill.

Taxes have been used as a method of encouraging or discouraging taxpayers from doing something.

__________ are the largest source of tax income received by the federal government.

Who owns the copyright of a cartoon character created by an employee of a firm as part of their normal job responsibilities?