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Exam 24: Appendix: Working Within the Legal Environment

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Question 31

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Common law is the body of law established through legislative action by Congress.

A) True
B) False

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Question 32

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Tort law involves criminal acts where victims can be awarded compensation.

A) True
B) False

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Question 33

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Producers of government approved drugs and chemicals cannot be sued by individuals who develop side effects years later.

A(n) _________ guarantees that the product you buy will conform to the customary standards of the trade/industry.

Traditionally,taxes have been used as a source of funding for government operations and programs.

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.

Michael 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:

Business law creates the legal framework for the enforcement of criminal statutes.

Big Buxx National Bank has decided to change its advertising campaign.In the new campaign it will announce that the bank has the lowest bank fees in the country even though it has not done research to discover whether this is,in fact,true.Business law is the framework within which a competitor could take Big Buxx to court in the event its claims are not true.

Public utility commissions are federal agencies.

The language used in statutory law often requires interpretation by the courts.

The City of New Orleans filed suit against certain gun manufacturers for financial payments to cover the costs of police work and medical care as a result of gun violence.This suit was based on the legal principle of:

Utilizing the bankruptcy laws,Yankee Distribution petitioned the court to reorganize and continue operations while paying only a limited proportion of its current debts.This represents an example of a Chapter ________ bankruptcy.

The Federal Trade Commission deals with issues such as preventing companies from making misleading "Made in the USA" claims.

If an automobile manufacturer unknowingly sells a defective product that causes an injury,the manufacturer is protected from product liability lawsuits.

When John Dough was brought to court accused of robbing a bank,he was prosecuted under civil law.

If I agree to sell you my bike for $50 and we are both competent individuals we have a contract.

One of the benefits that deregulation is supposed to provide to customers is:

A check is an example of a negotiable instrument.

__________ often help to pay for highway construction or improvements.