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Exam 21: Appendix: Working Within the Legal Environment

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Question 21

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The offer of a 3-year or 36,000-mile warranty by a car dealer on a new vehicle is an example of an implied warranty.

A) True
B) False

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Question 22

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Exclusive dealing means selling goods with the condition that the buyer will not buy goods from a competitor.

A) True
B) False

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Question 23

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In order to be legally binding, a contract must be a written agreement between two or more parties.

The Clayton Act prohibits interlocking directorates.

Producers of government-approved drugs and chemicals cannot be sued by individuals who develop side effects years later.

Concerns over the increase in the number of business laws and regulations that were costing the public money led to

Negligence, in tort law, deals with behavior that causes intentional harm or injury.

The Sherman Antitrust Act forbids actual monopolies or attempts to monopolize any part of commerce.

Without the permission of the inventor, Five Star Automobile Manufacturing copied the engine design of an innovative competitor. What is Five Star guilty of?

Which of the following is true of a copyright?

________ refers to rules, statutes, codes, and regulations established to provide a legal framework within which business may be conducted.

Requiring that both parties are competent for a contract to be legal protects those who might be unable to protect themselves.

Tort law involves criminal acts where victims can be awarded compensation.

Statutory law refers to written legislation.

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

Which of the following protects the original work of authors and artists (i.e., their books, photos, or cartoons) ?

In order for a contract to be legal, mutual acceptance is achieved when one party is under duress.

The FTC has jurisdiction over false or misleading advertising.

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

Lower courts must abide by the precedents set by higher courts.