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Exam 22: Extension: Working Within the Legal Environment

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Question 61

Multiple Choice

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In which of the following does the creditor start legal procedures?

A) debtor initiatives
B) voluntary bankruptcy
C) involuntary bankruptcy
D) creditor restructuring

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

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Question 62

True/False

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A check is an example of a negotiable instrument.

A) True
B) False

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Question 63

True/False

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Congress is responsible for passing legislation that is enforced by the judiciary.

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

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. -Cajun Cookin' sits on a large landscaped lot. Brian and Sondra have a contract with Lovely Landscapes to mow the lawn and take care of the landscape. They pay $200 per month for this service. After two weeks had gone by with no service, Brian called the company only to find out that the owner and the crew had decided to take a vacation and would not be back to do the landscaping for another two weeks. Lovely Landscapes:

__________ often help to pay for highway construction or improvements.

In voluntary bankruptcy cases the creditors voluntarily start legal action against the debtor.

The European Union currently levies certain Internet taxes.

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

The Sherman Antitrust Act forbids actual monopolies or attempts to monopolize any part of commerce.

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

Which of the following is a requirement for commercial paper to be considered a negotiable instrument? It must:

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

You verbally promise to pay your sister tomorrow the $25 that you owe her. This promise however, is not a negotiable instrument because:

Copyrights are filed with the Library of Congress and involve large amounts of paperwork.

__________ refers to rules, statutes, codes, and regulations established to provide a legal framework within which business may be conducted.

Which of the following is true of a copyright?

What type of law is tort law? Explain what a tort is as well as the meaning of negligence.

Your 15-year-old brother comes home with the great news that he has decided to buy his first car and has just agreed to give $10,000 to a complete stranger. He signed the contract and just needs to pay the stranger and pick up the car. Your dad is upset and calls the stranger to tell him your brother will not be buying the car. The stranger can:

__________ instruments are forms of commercial paper that are transferable among businesses and individuals that represent a promise to pay a specified amount.