Exam 17: The Legal and Regulatory Environment of Business

In the United States, warranties are established by the Occupational Safety and Health Act (OSHA).

Implied warranties arise automatically when there is a transaction.

The primary goal of tort law is to compensate victims so that they will be in a better position financially than they would have been in had their injuries never taken place.

McGovern believes we are too convinced about safety and environmental issues.

In the United States, as in all complex societies, we've entrusted the responsibility for adopting and enforcing legal rules and principles to _____.

The person who acts for the other is called the agent; the person the agent acts for is called the principal.

In a principal-agent relationship the _____ is acting on behalf of the _____.

Private law deals with the relationship of government to private individuals and other private entities.

Since 1868, U.S.courts have used the _____of the Fourteenth Amendment to the Constitution to check a range of potentially discriminatory and unfair actions by governments at every level.

Tort reform is a movement to stem the swelling tide of personal-injury litigation in the U.S.

A(n) _____ is created when a seller affirms that a product meets certain standards of quality, description, performance, or condition.

Respondeat superior translates as _____.

A tort is a civil wrong resulting in an injury done to someone's person or property.

Under the doctrine of strict liability in tort, you don't have to prove negligence on the manufacturer's part.

George McGovern was a small business owner before he was a politician.

Laws and regulations influence almost all areas of business.

The key to flexibility in a legal system is flexibility on the level at which rules and principles are _____.

Defamation means communicating to a third party information that's harmful to someone's reputation.

Briefly discuss the differences between criminal and civil law.

Punitive damages are particularly useful in discouraging manufacturers from making unsafe products.