Question 1

A contract can be enforced only if it has:

Accepted Answer

A) one party has agreed to the contract. 
B) one party must agree to perform some act. 
C) both parties must be over age 25. 
D) the purpose of the contract must be legal. 
A) one party has agreed to the contract. 
B) one party must agree to perform some act. 
C) both parties must be over age 25. 
D) the purpose of the contract must be legal.

Question 2

Government intervenes in marketplace transactions because:

Accepted Answer

A) Americans have come to expect this practice. 
B) Americans accept this practice. 
C) is the best means of correcting market failure. 
D) our market system is inefficient. 
A) Americans have come to expect this practice. 
B) Americans accept this practice. 
C) is the best means of correcting market failure. 
D) our market system is inefficient.

Question 3

A contract that has been broken _____.

Accepted Answer

A) will be executed at a later date 
B) is unenforceable 
C) has been breached 
D) has contractual capacity 
A) will be executed at a later date 
B) is unenforceable 
C) has been breached 
D) has contractual capacity

Question 4

Constitutional lawprohibits and punishes wrongful conduct.

Accepted Answer

A) True 
 B)False

Question 5

If you're a nonsmoker in an average American household, you:

Accepted Answer

A) are not impacted by smoking-related taxes. 
B) pay $630 a year in smoking related federal and state taxes. 
C) spend an average of $1600 per year on nonsmoking campaigns. 
D) still pay cigarette related health care and lost productivity costs averaging $10.28 per pack. 
A) are not impacted by smoking-related taxes. 
B) pay $630 a year in smoking related federal and state taxes. 
C) spend an average of $1600 per year on nonsmoking campaigns. 
D) still pay cigarette related health care and lost productivity costs averaging $10.28 per pack.

Question 6

Negative externalities are costs borne by _____ who are _____ the basic transactions.

Accepted Answer

A) other people / outside 
B) product users / a part of 
C) customers / external to 
D) clients / internal to 
A) other people / outside 
B) product users / a part of 
C) customers / external to 
D) clients / internal to

Question 7

To prove that an act, such as dropping a can of paint onto a homeowner's property, was negligent, the homeowner must demonstrate:

Accepted Answer

A) that the defendant owed a duty of care to the plaintiff. 
B) that the defendant breached his/her duty of care. 
C) that the defendant's breach of duty of care caused injury to the plaintiff or the plaintiff's property. 
D) all of the above. 
A) that the defendant owed a duty of care to the plaintiff. 
B) that the defendant breached his/her duty of care. 
C) that the defendant's breach of duty of care caused injury to the plaintiff or the plaintiff's property. 
D) all of the above.

Question 8

The legal system consists of the institutions and processes that actually enforce our rules and principles.

Accepted Answer

A) True 
 B)False

Question 9

In premises liability laws, there's a subcategory called "slip?and?fall" laws because slipping and falling are at the heart of so many premises?liability lawsuits.

Accepted Answer

A) True 
 B)False

Question 10

If an Act is passed by the U.S.Congress, it will become a federal statute.

Accepted Answer

A) True 
 B)False

Question 11

An express warranty is created when a seller _____.

Accepted Answer

A) runs an incorrect advertisement for the product 
B) provides an oral, not written, description of the product 
C) claims that the product meets certain standards of quality 
D) all of the above 
A) runs an incorrect advertisement for the product 
B) provides an oral, not written, description of the product 
C) claims that the product meets certain standards of quality 
D) all of the above

Question 12

_____ is a law enacted by legislative branches of government, such as the U.S.Congress.

Accepted Answer

A) Administrative law 
B) Statutory law 
C) Congressional law 
D) Tort law 
A) Administrative law 
B) Statutory law 
C) Congressional law 
D) Tort law

Question 13

In order to appoint an agent, a person must possess the capacity to make a contract.

Accepted Answer

A) True 
 B)False

Question 14

A manufacturer can be found negligent if they knew or should have known that their product was defective and they failed to warn customers.

Accepted Answer

A) True 
 B)False

Question 15

Defamation in written form is called slander.

Accepted Answer

A) True 
 B)False

Question 16

Litigation takes an average of 6 months from the time a complaint is filed until a judgment is rendered.

Accepted Answer

A) True 
 B)False

Question 17

George McGovern explained that Americans are ready to _____ at the drop of a hat.

Accepted Answer

A) fight 
B) go into debt 
C) sue 
D) resolve disputes 
A) fight 
B) go into debt 
C) sue 
D) resolve disputes

Question 18

Defamation delivered orally is called libel.

Accepted Answer

A) True 
 B)False

Question 19

Laws and practices making it possible to resolve disputes without taking them to trial are meant to _____.

Accepted Answer

A) maximize individual freedom 
B) provide a basis for compromise 
C) facilitate planning 
D) facilitate orderly change 
A) maximize individual freedom 
B) provide a basis for compromise 
C) facilitate planning 
D) facilitate orderly change

Question 20

Most actions of any kind set in motion a series of consequent actions, and the court must decide the point beyond which a defendant is no longer liable for these actions.This point is called _____.

Accepted Answer

A) proximate cause 
B) cause in fact 
C) actual cause 
D) cause of duty 
A) proximate cause 
B) cause in fact 
C) actual cause 
D) cause of duty

A contract can be enforced only if it has:

Government intervenes in marketplace transactions because:

A contract that has been broken _____.

Constitutional lawprohibits and punishes wrongful conduct.

If you're a nonsmoker in an average American household, you:

Negative externalities are costs borne by _ who are _ the basic transactions.

To prove that an act, such as dropping a can of paint onto a homeowner's property, was negligent, the homeowner must demonstrate:

The legal system consists of the institutions and processes that actually enforce our rules and principles.

In premises liability laws, there's a subcategory called "slip?and?fall" laws because slipping and falling are at the heart of so many premises?liability lawsuits.

If an Act is passed by the U.S.Congress, it will become a federal statute.

An express warranty is created when a seller _____.

_____ is a law enacted by legislative branches of government, such as the U.S.Congress.

In order to appoint an agent, a person must possess the capacity to make a contract.

A manufacturer can be found negligent if they knew or should have known that their product was defective and they failed to warn customers.

Defamation in written form is called slander.

Litigation takes an average of 6 months from the time a complaint is filed until a judgment is rendered.

George McGovern explained that Americans are ready to _____ at the drop of a hat.

Defamation delivered orally is called libel.

Laws and practices making it possible to resolve disputes without taking them to trial are meant to _____.

Most actions of any kind set in motion a series of consequent actions, and the court must decide the point beyond which a defendant is no longer liable for these actions.This point is called _____.

The Foundations of Business

Entrepreneurship

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Product Design and Development

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Personal Finances

Managing Information and Technology

Filters

Exam 17: The Legal and Regulatory Environment of Business

A contract can be enforced only if it has:

Government intervenes in marketplace transactions because:

A contract that has been broken _____.

Constitutional lawprohibits and punishes wrongful conduct.

If you're a nonsmoker in an average American household, you:

Negative externalities are costs borne by _____ who are _____ the basic transactions.

To prove that an act, such as dropping a can of paint onto a homeowner's property, was negligent, the homeowner must demonstrate:

The legal system consists of the institutions and processes that actually enforce our rules and principles.

In premises liability laws, there's a subcategory called "slip?and?fall" laws because slipping and falling are at the heart of so many premises?liability lawsuits.

If an Act is passed by the U.S.Congress, it will become a federal statute.

An express warranty is created when a seller _____.

_____ is a law enacted by legislative branches of government, such as the U.S.Congress.

In order to appoint an agent, a person must possess the capacity to make a contract.

A manufacturer can be found negligent if they knew or should have known that their product was defective and they failed to warn customers.

Defamation in written form is called slander.

Litigation takes an average of 6 months from the time a complaint is filed until a judgment is rendered.

George McGovern explained that Americans are ready to _____ at the drop of a hat.

Defamation delivered orally is called libel.

Laws and practices making it possible to resolve disputes without taking them to trial are meant to _____.

Most actions of any kind set in motion a series of consequent actions, and the court must decide the point beyond which a defendant is no longer liable for these actions.This point is called _____.

The Foundations of Business

Entrepreneurship

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Product Design and Development

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Personal Finances

Managing Information and Technology

Filters

Negative externalities are costs borne by _ who are _ the basic transactions.