Exam 22: Extension: Working Within the Legal Environment

Which of the following can review and, when necessary, overturn decisions made at the trial court level?

What is the Uniform Commercial Code and why is it important?

Though high-profile business bankruptcies such as Borders and Blockbuster dominate the news, over 90 percent of bankruptcy filings each year are by individuals.

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.

Which of the following protects the original work of authors and artists (i.e., their books, photos, or cartoons)?

When a payee signs the back of a check the payee's signature is referred to as an endorsement.

An interlocking directorate occurs when a board of directors includes members of the board of competing corporations.

Toyota and General Motors have both been involved in major product liability cases.

While the government regulates business activities, businesses would prefer to set their own standards of behavior. Which of the following is the most likely reason the government has intervened?

Common law is the body of law established through legislative action by Congress.

Which of the following established a government agency to enforce the laws regulating unfair competition?

The body of law created by court decisions rendered by judges is called __________ law.

If in the normal course of a job an employee creates a cartoon, the copyright belongs to the employer.

Mini-Case Brian and Sondra have just opened a new Cajun restaurant on the edge of town, Cajun Cookin' Inc. They own the land and building and have a brand-new kitchen as well as a lovely seating area, filled with mementos from the South. They have a liquor license and make wonderful Southern drinks. They are quite pleased that members of the community are helping their business grow by coming in for a meal or a drink after work. They are good businesspeople who pay their bills on time and as a result have great relationships with the vendors that supply them food. -Sondra was expecting a shipment of food from one of her suppliers and it didn't come. When she called the supplier the phone was disconnected. Later Sondra read that the supplier had gone out of business because it couldn't pay its debts. The supplier likely declared Chapter __________ bankruptcy.

Sales taxes are the largest source of tax income received by the federal government.

Mark and Barry own the Warehouse Liquor Store in town. They are careful to pay all of their taxes in full and on time. Recently the local government has decided to raise the taxes imposed on the sale of cigarettes and liquor. Barry and Mark are upset about this because:

The rule of strict product liability holds a firm liable for a defective product only if the firm knowingly placed a hazardous product on the market.

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

Which of the following do school districts utilize to generate needed funding?

The warranty you receive in the box with a Bluray player is an implied warranty.