Exam 21: Working Within the Legal Environment

Recent legislation encourages the use of submarine patents.

Candace owns a rare painting and has agreed to a contract whereby she will sell it to the Washingtonian Museum for $7.8 million. At the last minute, she decides she cannot bear to part with her painting and will not sell it to the Washingtonian. The museum can sue Candace for specific performance.

A(n) ________ patent refers to the situation when some inventors intentionally delay a patent application because they expect others to develop similar products or technology.

A tying contract requires a buyer not to purchase goods from a competitor as a condition of buying product from the seller.

The number of Americans filing for bankruptcy has increased tremendously since the late 1980s.

The Federal Trade Commission Act of 1914 prohibits unfair methods of competition.

Which of the following industries has been deregulated?

Public utility commissions are federal agencies.

A breach of contract occurs when one party fails to follow the terms of the contract.

________ often help to pay for highway construction or improvements.

A ________ is a legally enforceable agreement between two or more parties.

Submarine patents are primarily designed to generate large patent royalties for their owners.

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made it easier for individuals to eliminate most debts in a bankruptcy.

It appears that some regulation of business is necessary to ensure fair and honest dealings with the public.

Laws regulating marriage and personal injury liability are part of our body of criminal law.

The warranty you receive in the box with your new iPad is a(n)

Which of the following holds a company liable for negligence in the production, design, sale, or use of products the firm markets?

One of the benefits that deregulation is supposed to provide to customers is

Trademarks generally belong to the owner forever, as long as they are properly registered and renewed every 10 years.

Both the airline and telecommunications industries have been deregulated.