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Exam 21: Appendix: Working Within the Legal Environment

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Question 101

True/False

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Common law is based on the precedent of earlier court decisions.

A) True
B) False

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Question 102

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The City of Lawtown filed suit against certain gun manufacturers for financial payments to cover the costs of police work and medical care as a result of gun violence. This suit was based on the legal principle of

A) unintentional torts.
B) statutory consideration.
C) strict product liability.
D) common law.

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

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Question 103

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As it turns out, Nolan and Sadie's good fortune with the restaurant has caused their competitors to lose business. In fact, Cajun Kitchen has been so successful that two other nearby restaurants are in danger of going out of business. Nolan and Sadie have

A(n) ________ guarantees that the product you buy will conform to the customary standards of the trade/industry.

Common law is the body of law established through legislative action by Congress.

We count on companies to provide us with safe products, and to provide us with full disclosure if they are using potentially harmful chemicals in the production and distribution of their products. Under ________, if in a court of law it is proven that a well-known fast food chain is using a potentially harmful chemical in the preparation of their fries, the company is likely to be required to disclose information on this process to its customers.

A bankruptcy allows creditors to get at least part of their money when there are assets available to divide among the creditors.

A warranty guarantees that the product sold will be acceptable for the purpose for which the buyer intends to use it.

The primary objective of a tax credit is to encourage businesses to behave in certain ways. One example is offering a tax credit to automobile manufacturers for the purchase of robotics used in the manufacture of automobiles.

Congress is responsible for passing legislation that is enforced by the judiciary.

The Federal Trade Commission enforces laws and guidelines regarding unfair business practices.

The regulation of marriages and payments for personal injuries is covered by

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

You verbally promise to pay your sister tomorrow the $25 that you owe her. This promise however, is not a negotiable instrument because

Laws regulating marriage and personal injury liability are part of our body of criminal law.

The financial claims of ________ are given priority when assets are distributed among creditors in a bankruptcy case.

The changing nature of U.S. business from manufacturing to knowledge technology has led to the call for new levels of regulation from federal agencies.

When a person's or company's behavior causes unintentional harm or injury to others they are said to be ________ in tort law.

Sadie 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 Sadie read that the supplier had gone out of business because it couldn't pay its debts. The supplier likely declared Chapter ________ bankruptcy.

Laws regulating marriage and the payment for personal injuries are part of our body of civil law.