BA 101 Bonus Ch. A 9B

What 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?

Bankruptcy

What is a social movement that seeks to increase and strengthen the rights and powers of buyers in relation to sellers?

Consumerism

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 practices

What is the purpose of the Uniform Commercial Code (UCC)?

To standardize commercial law and facilitate commercial transactions

_________ agencies 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 given area of authority.

administrative

A key responsibility of legislators is to pass laws that ensure a _________ free-market system

competitive

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

congress

A legally enforceable agreement between two or more parties is called a(n):

contract

A(n) _______ protects a creator's rights to materials such as books, articles, photos, paintings, and cartoons.

copyright

A person can legally protect their ideas by obtaining a(n)

copyright patent trademark

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

Government withdrawal of certain laws and regulations that seem to hinder competition is called _________.

deregulation

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

intentional tort

The ________ is the branch of government that oversees the legal system through a system of courts.

judiciary

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 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

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was passed to __________ the total number of bankruptcy filings and to decrease the perceived ease of filing.

reduce

Congress passed the _______ _________ Act in 1890 to stop large organizations from stifling competition.

sherman antitrust

________ law is a written law.

statutory

A way for the federal, state, and local governments to raise money is to impose:

taxes

True or false: A patent is protected for 20 years.

true

A(n) _________ guarantees that the product sold will be acceptable for the purpose for which the buyer intends to use it.

warranty

Which of the following is correct about an intentional tort?

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

What is a warranty?

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

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