Question 1

A(n) ________ tort is a willful act that results in injury.

Accepted Answer

A)  negligent 
B)  intentional 
C)  common 
D)  statutory 
A)  negligent 
B)  intentional 
C)  common 
D)  statutory

Question 2

The federal government can levy a sin tax in an effort to encourage businesses to hire new employees.

Accepted Answer

A) True 
 B)False

Question 3

The executive branch of the government is responsible for overseeing the legal system.

Accepted Answer

A) True 
 B)False

Question 4

A software development firm based in California and conducting business in Wyoming is unsure about the differences in state laws regarding business transactions. What body of laws standardizes interstate business regulations?

Accepted Answer

A)  Uniform Commercial Code 
B)  Universal Business Regulations 
C)  National Commercial Rules 
D)  Unified Commercial Regulations 
A)  Uniform Commercial Code 
B)  Universal Business Regulations 
C)  National Commercial Rules 
D)  Unified Commercial Regulations

Question 5

Negotiable instruments are forms of commercial paper.

Accepted Answer

A) True 
 B)False

Question 6

Compare and contrast the protection offered by patents, copyrights, and trademarks.

Accepted Answer

Patents provide inventors exclusive righ

Question 7

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

Accepted Answer

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

Question 8

Contract law is a set of laws that covers sales laws and other commercial laws.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following was designed to simplify and standardize the laws affecting businesses involved in interstate trade?

Accepted Answer

A)  common law 
B)  statutory law 
C)  the standardized commerce rules 
D)  the Uniform Commercial Code 
A)  common law 
B)  statutory law 
C)  the standardized commerce rules 
D)  the Uniform Commercial Code

Question 10

Regulations covering sales, checks, bank deposits, and bills of lading are contained in the Uniform Commercial Code.

Accepted Answer

A) True 
 B)False

Question 11

Batteries and tires sold with an express warranty provide the buyer with a guarantee regarding the life of the product.

Accepted Answer

A) True 
 B)False

Question 12

If a contract is to be legally binding, both parties must give consideration.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following holds a company liable for damages caused by a defective product even if the firm was unaware of the defect at the time of sale?

Accepted Answer

A)  network responsibility 
B)  managerial liability 
C)  patent infringement 
D)  strict product liability 
A)  network responsibility 
B)  managerial liability 
C)  patent infringement 
D)  strict product liability

Question 14

Which of the following is a condition required for a legally binding contract?

Accepted Answer

A)  discharge of obligation 
B)  warranty 
C)  mutual acceptance 
D)  duress 
A)  discharge of obligation 
B)  warranty 
C)  mutual acceptance 
D)  duress

Question 15

The European Union currently levies certain Internet taxes.

Accepted Answer

A) True 
 B)False

Question 16

Laws regulating marriage and the payment for personal injuries are part of our body of civil law.

Accepted Answer

A) True 
 B)False

Question 17

You and your boss agree to terminate your employment contract because you want to devote more time to school. This breach of contract would likely be resolved by

Accepted Answer

A)  a specific performance requirement. 
B)  the payment of damages. 
C)  a judge. 
D)  a discharge of obligation. 
A)  a specific performance requirement. 
B)  the payment of damages. 
C)  a judge. 
D)  a discharge of obligation.

Question 18

A patent gives inventors exclusive rights to their inventions for

Accepted Answer

A)  20 months. 
B)  17 years. 
C)  20 years. 
D)  the lifetime of the inventor plus 50 years. 
A)  20 months. 
B)  17 years. 
C)  20 years. 
D)  the lifetime of the inventor plus 50 years.

Question 19

A(n) ________ occurs when one party fails to follow the terms of a contract.

Accepted Answer

A)  breach of contract 
B)  discharge of obligation 
C)  obligation failure of enforcement 
D)  infringement of contract 
A)  breach of contract 
B)  discharge of obligation 
C)  obligation failure of enforcement 
D)  infringement of contract

Question 20

Real property is real estate owned by individuals and businesses.

Accepted Answer

A) True 
 B)False

Exam 21: Working Within the Legal Environment

A(n) ________ tort is a willful act that results in injury.

The federal government can levy a sin tax in an effort to encourage businesses to hire new employees.

The executive branch of the government is responsible for overseeing the legal system.

A software development firm based in California and conducting business in Wyoming is unsure about the differences in state laws regarding business transactions. What body of laws standardizes interstate business regulations?

Negotiable instruments are forms of commercial paper.

Compare and contrast the protection offered by patents, copyrights, and trademarks.

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

Contract law is a set of laws that covers sales laws and other commercial laws.

Which of the following was designed to simplify and standardize the laws affecting businesses involved in interstate trade?

Regulations covering sales, checks, bank deposits, and bills of lading are contained in the Uniform Commercial Code.

Batteries and tires sold with an express warranty provide the buyer with a guarantee regarding the life of the product.

If a contract is to be legally binding, both parties must give consideration.

Which of the following holds a company liable for damages caused by a defective product even if the firm was unaware of the defect at the time of sale?

Which of the following is a condition required for a legally binding contract?

The European Union currently levies certain Internet taxes.

Laws regulating marriage and the payment for personal injuries are part of our body of civil law.

You and your boss agree to terminate your employment contract because you want to devote more time to school. This breach of contract would likely be resolved by

A patent gives inventors exclusive rights to their inventions for

A(n) ________ occurs when one party fails to follow the terms of a contract.

Real property is real estate owned by individuals and businesses.

Taking Risks and Making Profits Within the Dynamic Business Environment

Understanding Economics and How It Affects Business

Doing Business in Global Markets

Demanding Ethical and Socially Responsible Behavior

How to Form a Business

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Production and Operations Management

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Employeemanagement Issues

Marketing: Helping Buyers Buy

Developing and Pricing Goods and Services

Distributing Products

Using Effective Promotions

Understanding Accounting and Financial Information

Financial Management

Using Securities Markets for Financing and Investing Opportunities

Money, Financial Institutions, and the Federal Reserve

Using Technology to Manage Information

Managing Risk

Managing Personal Finances

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