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Exam 21: Appendix: Working Within the Legal Environment

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Question 81

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Lawtown's mayor has just signed legislation requiring fire sprinklers in every public school. This is an example of

A) common law.
B) statutory law.
C) administrative law.
D) unwritten law.

E) A) and B)
F) B) and D)

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Question 82

True/False

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Batteries and tires sold with an express warranty provide the buyer with a guarantee regarding the life of the product.

A) True
B) False

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Question 83

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Business law creates the legal framework for the enforcement of criminal statutes.

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

A(n) ________ tort is a willful act that results in injury.

Under the doctrine of strict product liability, a manufacturer can be held liable

The Federal Trade Commission acts to stop false and deceptive advertising and labeling.

An interlocking directorate occurs when a board of directors includes members of the board of competing corporations.

Which of the following prohibits monopolies, attempts to monopolize, and any restraint of trade?

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.

Congratulations! You've just finished composing a song that will be the next big hit. Your next step is to apply for a patent through the U.S. Patent & Trademark Office.

Under contract law, an agreement for the sale of goods worth $50 or more must be in writing.

________ often help to pay for highway construction or improvements.

Another name for sin tax is excise tax.

When a payee signs the back of a check the payee's signature is referred to as an endorsement.

When Bryan and Lizzie 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.

The Federal Trade Commission Act of 1914 prohibits minors from entering into contracts.

Which of the following refers to a tax designed to reduce the consumption of a specific good?

Because it is no longer used in construction today, National Asbestos Manufacturing cannot be sued for damages today that are caused by asbestos that may still remain in some buildings.

The Robinson-Patman Act applies only to sellers who knowingly induce an unlawful discrimination in price.