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Exam 24: Appendix: Working Within the Legal Environment

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Question 91

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Though high-profile business bankruptcies such as Kmart and United Airlines dominate the news,over 90 percent of bankruptcy filings each year are by individuals.

A) True
B) False

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Question 92

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A public utility commission sets rates that can be charged by various public utilities to prevent unfair pricing by regulated monopolies.These public utility commissions are examples of state administrative agencies.

A) True
B) False

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Question 93

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Implied warranties are guarantees legally imposed on the seller.

Administrative agencies are given the power by Congress to pass rules and regulations within a specific area of authority.

Recent legislation encourages the use of submarine patents.

A patent gives inventors exclusive rights to their inventions for 20 years.

Business law is enforceable by the courts.

Warren Tee was injured using a hair dryer manufactured by the Whoopee Electrical Products Company.Warren has contacted a lawyer because he feels that Whoopee is responsible for his injury based on the legal principle of:

Money collected from excise taxes goes toward a specific purpose.

The Nike Swoosh and the Golden Arches of McDonald's are examples of a:

Copyrights can be passed on to the creator's heirs.

________ is the process of eliminating laws and regulations that hinder competition.

The body of law created by court decisions rendered by judges is called __________ law.

Trademarks generally belong to the owner forever,as long as they are properly registered and renewed every 10 years.

One result of deregulation in the airline industry has been:

Happy Pat's Pizza Parlor is concerned about a vendor's demand that he purchase unwanted supplies in order to buy the supplies he does want.This practice is known as:

When a local restaurant offers a discount to senior citizens,they have violated the price discrimination provisions of the Robinson-Patman Act.

The Nutrition Labeling and Education Act of 1990 requires truthful and uniform nutritional labeling on all food the FDA regulates.

Mary Ann owns a rare Monet painting and she has agreed to a contract whereby she will sell it to the Museum of Art for $5.3 million.At the last minute she decides she cannot bear to part with her painting and will not sell it to the Museum.The Museum can sue Mary Ann for specific performance.

Big Johnson Products charges Moe's Meats a lower price for goods because Moe and Johnson play golf together regularly.Big Johnson charges other firms similar to Moe's Meats more for the same products and this is beginning to hurt the business of the other firms.In fact,Moe's Meats is taking so much business away from the others due to its lower prices that the other firms are in danger of going out of business.This is an example of: