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Exam 24: Appendix: Working Within the Legal Environment

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Question 121

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When Sam and Marie got married they wanted to travel,buy nice houses and cars,and enjoy the good life.They used credit cards to finance their lifestyle,believing they would be fine as long as they could make the minimum payments.One day they discovered that because of rising interest rates,even the minimum payments were out of reach.They decided to declare Chapter 13 bankruptcy.Under this plan,they will have to pay their creditors back over 3 to 5 years.

A) True
B) False

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Question 122

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The primary objective of a sin tax is to generate additional revenue for the government.

A) True
B) False

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Question 123

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James advertises in the newspaper to sell his used car for $6,000.Eric test drove the car and then offered James $5,400 for the car.In this case:

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.

Once companies declare bankruptcy,they always go out of business.

The branch of the government responsible for overseeing the legal system is the:

Filing for bankruptcy under the Chapter 11 provisions allows a company to reorganize and continue operations while paying only a proportion of its debts.

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. -Sondra was expecting a shipment of food from one of her suppliers and it didn't come.When she called the supplier the phone was disconnected.Later Sondra read that the supplier had gone out of business because it couldn't pay its debts.The supplier likely declared Chapter __________ bankruptcy.

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

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

The intent of a patent is to:

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

The Sarbanes-Oxley Act requires CEOs to verify the accuracy of their firms' financial statements to the SEC.

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:

Which of the following is an example of statutory law?

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

Under contract law,"consideration" means something of value.

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

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.