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Exam 21: Working Within the Legal Environment

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Question 51

Multiple Choice

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The intent of a patent is to

A) increase competition in the marketplace.
B) reward innovation and hard work of inventors.
C) slow the growth of monopolies.
D) encourage copycat inventions.

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

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Question 52

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Under contract law, duress means the presence of coercion through force or threat of force.

A) True
B) False

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Question 53

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Chapter 13 bankruptcy permits individuals and small-business owners to repay creditors over a period of three to five years.

Which of the following can review and, when necessary, overturn decisions made at the trial court level?

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

When one party fails to follow the terms of a contract, the party has committed a(n)

Criminal law defines crimes, establishes punishments, and includes payment for personal injury.

Your neighbor agrees to sell you his car for $3,000. You and your neighbor have provided each other

The U.S. court system is organized solely at the federal and state levels.

The Federal Trade Commission acts to stop false and deceptive advertising and labeling.

Alcohol Labeling Legislation of 1988 provides for warning labels on liquor saying that minors should not drink.

The Dodd-Frank Wall Street Reform and Consumer Protection Act evolved from the mortgage industry meltdown. The agency that was created to provide consumers with accurate information so they can make informed decisions about loans and other financial instruments is known as the

The Justice Department's antitrust division serves as a watchdog for violations of the Uniform Commercial Code.

Patent owners are prohibited from selling or licensing their patent rights to others.

Chapter 13 proceedings are more complicated than Chapter 7 bankruptcy proceedings.

Utilizing the bankruptcy laws, Speedster 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.

A tax credit is a document that increases a tax bill.

Mini-Case Nolan and Sadie have just opened a new restaurant on the edge of town, Cajun Kitchen. 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 Nolan 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.

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

Bigbux Bank recently changed its advertising campaign. It now announces the bank has the lowest bank fees in the country even though it has not done research to discover whether this is true. Business law is the framework within which a competitor could take Bigbux to court in the event its claims are not true.