Exam 17: The Legal and Regulatory Environment of Business

When the decision of a court involves an interpretation of law, it may establish _____ that must be used by lower courts in deciding future cases.

Civil law prohibits and punishes wrongful conduct, such as assault and battery, murder, robbery, extortion, and fraud.

OSHA is an acronym for which of the following?

Laws discouraging such activities as drug or alcohol abuse are meant to _____.

Which of the following involves an exchange between an offeror and an offeree?

Laws are designed to serve a general function that is the promotion of justice for businesses.

Through the _____, the U.S.legal system is prepared to address each issue or dispute on its own terms.

Actual cause is the direct cause?and?effect relationship between the defendant's action and the plaintiff's injury.

Which of the following is NOT a theory of recovery in a product liability claim?

Manufacturers, but not retailers, may be held liable for breach of warranty.

The standard for determining proximate cause is generally foreseeability.

State and Federal statutes can also be criminal statutes.

Externalities are costs that don't show up as part of the market price for a product.

A contract is _____.

A negligence tort results not from intentional wrongdoing, but from carelessness.

Intentional torts against economic interests include all of the following except _____.

Discuss employer-employee contracts and the doctrine of respondeat superior.

In contract law, the purpose of imposing monetary damages is to correct the wrong done when a contract is breached.

If a product sold on the market fails to meet legal standards, the company might be considered to be negligent per se.

Public law has a major impact on the activities of both individuals and businesses in the United States.