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Exam 24: Appendix: Working Within the Legal Environment

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Question 21

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The Constitution gives the judiciary the power to establish bankruptcy laws.

A) True
B) False

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Question 22

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Which of the following describes the requirement that both parties in a legally binding contract must give something of value?

A) competent parties
B) mutual acceptance
C) consideration
D) legal purpose

E) None of the above
F) A) and B)

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Question 23

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

Submarine patents are primarily designed to generate large patent royalties for their owners.

When your younger brother signs the back of his paycheck and gives it to you in payment for money he owes you,he has endorsed the check,and you may deposit it in your checking account.

Which of the following do school districts utilize to generate needed funding?

When your New Jersey based mail-order computer company sells to a customer in Illinois,the Uniform Commercial Code (UCC)will establish the legal requirements that your firm must follow.

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

Negotiable instruments provide a conditional promise to pay a specified amount of money.

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

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

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

Trial courts hear cases involving criminal and civil law.

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

Which of the following established a government agency to enforce the laws regulating unfair competition?

Under contract law,a 15-year-old may be a party to a contract.

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

The holder of an exclusive copyright may charge a fee to anyone who wishes to use the copyrighted material.

It appears that some regulation of business is necessary to ensure fair and honest dealings with the public.

Administrative agencies actually have a greater impact on businesses than courts do.