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Exam 21: Appendix: Working Within the Legal Environment

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Question 61

Multiple Choice

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The Environmental Protection Agency is an example of a(n)

A) common law agency.
B) statutory judicial agency.
C) private placement agency.
D) administrative agency.

E) A) and C)
F) All of the above

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Question 62

Multiple Choice

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A ________ is a legally enforceable agreement between two or more parties.

A) warranty
B) negotiable instrument
C) contract
D) combination

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

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Question 63

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

The Federal Trade Commission (FTC) deals with issues such as preventing companies from making misleading "Made in the USA" claims.

Willow is concerned that she is not getting full disclosure of information from a mortgage broker who is hoping to refinance the mortgage on her house. Having recently studied business law, you suggest to Willow that she contact the ________ that was formed after the Dodd-Frank Wall Street Reform and Consumer Protection Act became law.

The warranty you receive in the box with your new iPad is a(n)

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

In 1978, a 13-year-old boy was severely burned in a rear-end collision involving a Ford Pinto. The case went to court and Ford was ordered to pay $125 million in punitive damages based on the legal principle of

Business law is enforceable by the courts.

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

The rule of strict product liability holds a firm liable for a defective product only if the firm knowingly placed a hazardous product on the market.

The Uniform Commercial Code establishes a standardized set of regulations for business transactions in all 50 states.

Public utility commissions are federal agencies.

A warranty guarantees that

Which of the following is considered as a cause for the significant increase in bankruptcies?

Describe bankruptcy and three sections of the Bankruptcy Code.

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

Negotiable instruments are forms of commercial paper.

When your younger brother signs the back of his paycheck and gives it to you in payment for money he owes you, he has endorsed the check, and you may deposit it in your checking account.

Intentional and unintentional behavior that causes harm or injury is an example of a tort.