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Exam 21: Working Within the Legal Environment

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Question 41

True/False

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If a contract is to be legally binding, both parties must give consideration.

A) True
B) False

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Question 42

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Which of the following holds a company liable for damages caused by a defective product even if the firm was unaware of the defect at the time of sale?

A) network responsibility
B) managerial liability
C) patent infringement
D) strict product liability

E) A) and D)
F) B) and D)

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Question 43

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A patent gives inventors exclusive rights to their inventions for

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

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

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

Batteries and tires sold with an express warranty provide the buyer with a guarantee regarding the life of the product.

Compare and contrast the protection offered by patents, copyrights, and trademarks.

You and your boss agree to terminate your employment contract because you want to devote more time to school. This breach of contract would likely be resolved by

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

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

Real property is real estate owned by individuals and businesses.

Negotiable instruments are forms of commercial paper.

A software development firm based in California and conducting business in Wyoming is unsure about the differences in state laws regarding business transactions. What body of laws standardizes interstate business regulations?

The European Union currently levies certain Internet taxes.

Laws regulating marriage and the payment for personal injuries are part of our body of civil law.

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

Regulations covering sales, checks, bank deposits, and bills of lading are contained in the Uniform Commercial Code.

A(n) ________ tort is a willful act that results in injury.

Which of the following describes the requirement that both parties in a legally binding contract must give something of value?