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Exam 21: Appendix: Working Within the Legal Environment

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Question 51

True/False

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A full warranty limits the defects or mechanical problems that are covered in a product.

A) True
B) False

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Question 52

Multiple Choice

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Who owns the copyright of a cartoon character created by an employee of a firm as part of their normal job responsibilities?

A) employee who created the cartoon character
B) employer of the cartoon character's creator
C) cartoon characters are not covered by copyright protection
D) union that represents the employee

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

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Question 53

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Which of the following established a government agency to enforce the laws regulating unfair competition?

The number of personal bankruptcies has

The number of Americans filing for bankruptcy has decreased as a result of the Bankruptcy Reform Act.

McDonald's was the subject of a product liability suit charging that its food caused obesity, diabetes, and other health problems in children.

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

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

A tying contract requires a buyer not to purchase goods from a competitor as a condition of buying product from the seller.

The St. Louis County Planning Commission is an example of a local administrative agency. It oversees land-use proposals and other long-range issues in St. Louis County, Missouri.

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

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

A(n) ________ patent refers to the situation when some inventors intentionally delay a patent application because they expect others to develop similar products or technology.

Real property is real estate owned by individuals and businesses.

Explain two of the major U.S. antitrust laws.

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

Mateo had a very successful year. His small corporation earned over $5,000,000. His company will have to pay part of its income to the federal government for income taxes.

The Nike swoosh and the McDonald's golden arches are examples of corporate trademarks.

________ law establishes punishments, and regulates the investigation of people accused of committing crimes.

The section of the Bankruptcy Code that allows a business to reorganize and pay only a limited proportion of its debts is Chapter