Chapter A

can be either a voluntary or involuntary process for relief from debt.

Bankruptcy

What are taxes?

How the government (federal, state, and local) raises money

A comprehensive commercial law that covers sales laws and other commercial laws is called the:

Uniform Commercial Code

When creditors start legal action to recover money from a debtor, it is

Voluntary

What is a contract?

a legally enforceable agreement between two or more parties

Patent

gives the inventor the sole right to make, use, or sell the item for 20 years

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

intentional tort

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

standardize commercial law and facilitate commercial transactions

Most bankruptcies are:

voluntary

Allowing a person who is bankrupt to keep part of the equity in a house and car, and some other personal property was the purpose of the:

1984 Bankruptcy Amendments and Federal Judgeships Act

Copyrights last for the lifetime of the author or artist plus

70 years

What is a copyright?

A document that protects a creator's rights to materials such as books, articles, photos, paintings, and cartoons

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

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

Once a petition has been filed for Chapter 11 relief for a business, can the debtor continue to be able to manage the business?

Yes, under court protection while a payment plan is worked out

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

The cost of a patent depends on its

Complexity

A social movement that seeks to increase and strengthen the rights and powers of buyers in relation to sellers is called

Consumerism

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

Consumerism

Creator's rights to materials such as books, photos, and paintings are protected by a ______.

Copyright

When the government withdraws certain laws and regulations that seem to hinder competition, it is called:

Deregulation

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 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.

The purpose of the American Inventors Protection Act is to

prevent intentionally dragging out of patent applications prevent submarine patents make patent applications public after 18 months

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

Trademark

protects product names and identifying marks

Copyright

protects the creative work of authors, composers, and artists

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 guarantee that the product sold will be acceptable for the purpose for which the buyer intends to use it is called a:

warranty

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

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

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

Bankruptcy

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

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

The rules, statutes, codes, and regulations that provide a legal framework for the conduct of business and that are enforceable by court action are called

Business law

are forms of commercial paper that are transferable among businesses and individuals and represent a promise to pay a specified amount.

Negotiable Instruments

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

What is the branch of government chosen to oversee the legal system through the court system?

Judiciary

How long does copyright protection for published works last?

Life of author, plus 70 years

When submitting a patent application, the fees for a patent dealing with complex technology usually cost ______ a patent dealing with simpler concepts.

More than

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

Patent, copyrights, trademarks

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

Patents dealing with complex technology will cost more than a patent dealing with simpler technology.

Which of the following is a possible remedy if one party fails to follow the terms of a contract?

Payment of damages Discharge of obligations The party who violated the contract may be required to live up to the agreement if money damages would not be adequate.

liability holds businesses liable for harm that results from the production, design, or inadequate warnings of products they market.

Product

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

Sherman Antitrust Act of 1890

are the most common way federal, state, and local governments raise money.

Taxes

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

What act requires that patent applications be made public after 18 months, regardless of whether a patent has been awarded

The American Inventors Protection

Who has the right to sell or license the use of a patent to others?

The patent owner

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 other persons. Intentional torts include acts that harm property.

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