BA 101; (bonus chapter A) Working in a Legal Environment.
What type of law is referred to as a written law?
Statutory law
______________are the most common way federal, state, and local governments raise money.
Taxes
What is a warranty?
A promise made by a seller about the quality or performance of goods for sale
A patent gives inventors exclusive rights to their inventions for ___ years.
20
What is a copyright?
A document that protects a creator's rights to materials such as books, articles, photos, paintings, and cartoons
What is a contract?
A legally enforceable agreement between two or more parties
What are federal or state institutions and other government organizations created by Congress or state legislatures with delegated power to create rules and regulations within their mandated area of authority?
Administrative agencies
Jim claims that Tom breached a contract. What can a judge do?
Award damages, cancel a contract, or direct a party to do or not to do an act
In order to reduce the total number of bankruptcy filings and eliminate the perceived ease of filing for bankruptcy congress passed the:
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
People can legally protect their ideas through _________(gives inventors exclusive rights to their inventions),_______________(protects a creator's rights to materials such as books), and____________(protects name, symbol, or design).
Blank 1: patents Blank 2: copyrights Blank 3: trademarks
What is a social movement that seeks to increase and strengthen the rights and powers of buyers in relation to sellers?
Consumerism
What is deregulation?
Government withdrawal of certain laws and regulations that seem to hinder competition
What is product liability?
Holds businesses liable for harm that results from the production, design, or inadequate warnings of products they market
Which of the following is correct about an intentional tort?
Intentional torts include acts that harm property. Intentional torts include acts that harm other persons. The required intent for intentional torts is the desire to cause harm.
What is the branch of government chosen to oversee the legal system through the court system?
Judiciary
What are the three legal protections individuals can use to protect their ideas?
Patents, copyrights, and trademarks
Congress passed the __________. _____________Act in 1890 to stop large organizations from stifling competition.
Sherman Antitrust
The act that makes it illegal to create a monopoly or stifle competition is the:
Sherman Antitrust Act of 1890
What are some key responsibilities of legislators to maintain the free-market system?
To pass laws that ensure a competitive atmosphere and promote fair business practicesneg
What was the purpose of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005?
To reduce the total number of bankruptcy filings and to eliminate the perceived ease of filing.
What is the purpose of the Uniform Commercial Code (UCC)?
To standardize commercial law and facilitate commercial transactions
True or false: Consumerism is a social movement that seeks to increase and strengthen the rights of buyers in relation to sellers.
True
A comprehensive commercial law that covers sales laws and other commercial laws is called the:
Uniform Commercial Code
Negotiable instruments are forms of __________ ________________that are transferable among businesses and individuals and represent a promise to pay a specified amount.
commercial paper
A key responsibility of legislators is to pass laws that ensure a __________ , free-market system.
competitive
A social movement that seeks to increase and strengthen the rights and powers of buyers in relation to sellers is called______________
consumerism
A __________ protects a creator's rights to materials such as books, articles, photos, paintings, and cartoons.
copyright
The judiciary is the branch of government chosen to oversee the legal system through a system of __________
courts
The Smith's new roof, installed by John's company, leaked in several places during the next rain. A ceiling and wall had to be replaced and they had to pay a different company to tear off the roof. They were now suing for _______________to pay the new roofer and for the repairs to the interior.
damages
When the government withdraws certain laws and regulations that seem to hinder competition, it is called:
deregulation
Key responsibilities of legislators in a free market system is to pass laws that promote _____________ business practices and ______________.
fair competition
A willful act that results in injury is called a(n):
intentional tort
The reason for creating the Sherman Antitrust Act was that
large companies in oil, railroads, and steel dominated the economy
Administrative agencies are federal or state institutions and other government organizations that are created by
legislation
Forms of commercial paper that are transferable among businesses and individuals and represent a promise to pay a specified amount are called:
negotiable instruments
A copyright protects a creator's right to materials such as:
paintings articles books
A document that gives inventors exclusive rights to their inventions for 20 years is called a(n):
patent
The part of tort law that holds businesses liable for harm that results from the production, design, or use of products they market is called:
product liability
Bankruptcy is the legal process by which a person, business, or government entity, unable to meet financial obligations is:
relieved of those debts by a court
A way for the federal, state, and local governments to raise money is to impose:
taxes
A guarantee that the product sold will be acceptable for the purpose for which the buyer intends to use it is called a:
warranty
Statutory law is also referred to as:
written law
Which of the following is a possible remedy if one party fails to follow the terms of a contract?
The party who violated the contract may be required to live up to the agreement if money damages would not be adequate. Payment of damages Discharge of obligations
