Bonus Chapter A

Match the type of bankruptcy to those most likely to use it

Chapter 7= Businesses and Individuals Chapter 11= Businesses Chapter 13= Individuals

Administrative agencies are federal or state institutions and other government organizations that are created by

Congress

Section 1 of the Sherman Antitrust Act prohibits which activities?

Contracts, combinations, or conspiracies in restraint of trade

Chapter 11 is supposed to help both the __ and the ___ by giving a company the opportunity to become solvent again.

Creditors; debtors

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

The act that makes it illegal to create a monopoly or stifle competition is the:

Sherman Antitrust Act of 1890

What type of law includes state and federal constitutions, legislative enactments, treaties of the federal government, and ordinances?

Statutory law

Which of the following laws was passed to address critics who argued that some inventors intentionally delayed or dragged out a patent application because they expected others to eventually develop similar products or technology?

The American Inventor's Protection Act

The ___ ____ ___ is a comprehensive commercial law that covers sales laws and other commercial law

Uniform Commercial Code

What is the difference between voluntary and involuntary bankruptcy?

Voluntary bankruptcy is when the debtor applies for bankruptcy; involuntary bankruptcy is when the creditors start legal action against the debtors.

A benefit of deregulation of the airline industry was new __ flying new routes

airlines or competitors

The legal process by which a person, business, or government entity, unable to meet financial obligations, is relieved of those debts by a court is called ___

bankruptcy

The ___ protects a creator's rights to materials such as books, articles, photos, paintings, and cartoons

copyright

Key responsibilities of legislators in a free market system is to pass laws that promote __ business practice and ___

fair; competition

A willful act that results in injury is called a(n)

intentional tort

The taxes of state and local governments are important to businesses considering the __ for a new facility

location

One result of deregulation in the telecommunication market has been:

more TV channels

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 precedent comes from decisions made in previous cases and guide a judge in the handling of __ cases

new

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

Express warranties are specific representations by ___ that ___ rely on regarding the goods they purchase

sellers; buyers

___ are the most common way federal, sate, and local governments raise money

taxes

A ____ is a legally protected name, symbol, or design that identifies the goods or services of one seller

trademark

Bankruptcy can be either:

voluntary or involuntary

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

warranty

Statutory law is also referred to as:

written law

Which of the following is correct about an intentional tort?

- Intentional torts include acts that harm other persons - Intentional torts include acts that harm property - The required intent for intentional torts is the desire to cause harm.

Businesses may receive a tax credit for

- hiring new employees -purchasing a new equipment

The major source of revenue of the federal government include:

- income tax on business -income tax on individuals

a patent gives inventors exclusive rights to their inventions for ___ years

20

What is a warranty?

A promise made by a seller about the quality or performance of goods for sale

____ agencies are federal or state institutions and other government organizations created by Congress or state legislature with delegated power to create rules and regulations within their given area of authority

Administrative

What was the purpose of the 1984 Bankruptcy Amendments and Federal Judgeships Act?

It allowed a person who is bankrupt to keep part of the equity in a house and car, as well as some other personal property.

What is an advantage of Chapter 13 of the Bankruptcy Code?

Less complicated and less expensive than Chapter 7

How long does copyright protection for published works last?

Life of author, plus 70 years

Which of the following is true in regards to a patent application fee?

Patents dealing with complex technology are more expensive than patents dealing with simple technology

What are the three legal protections individuals can use to protect their ideas?

Patents, copyrights, and trademarks

Decisions judges have made in earlier cases that guide the handling of new cases are called

Precedent