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Exam 21: Working Within the Legal Environment

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Question 111

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The purpose of governmental deregulation is to eliminate laws that seem to hinder competition.

A) True
B) False

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Question 112

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Specific performance means that a person who violates a contract is required to live up to the agreement even if money damages are adequate.

A) True
B) False

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Question 113

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Lower courts must abide by the precedents set by higher courts.

________ is the process of eliminating laws and regulations that hinder competition.

A patent protects an inventor's right to a product or process.

The purpose of the Sherman Antitrust Act was to

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

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

The offer of a 3-year or 36,000-mile warranty by a car dealer on a new vehicle is an example of an implied warranty.

The regulation of marriages and payments for personal injuries is covered by

Administrative agencies are given the power by Congress to pass rules and regulations within a specific area of authority.

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

Congress prohibited discrimination against people with physical disabilities when they enacted the Americans with Disabilities Act. This is an example of common law.

The warranty you receive in the box with a toaster is an express warranty.

Money collected from excise taxes goes toward a specific purpose.

We count on companies to provide us with safe products, and to provide us with full disclosure if they are using potentially harmful chemicals in the production and distribution of their products. Under ________, if in a court of law it is proven that a well-known fast food chain is using a potentially harmful chemical in the preparation of their fries, the company is likely to be required to disclose information on this process to its customers.

Tort law includes product liability cases.

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

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

Implied warranties are guarantees legally imposed on the seller.