Exam 16: The Legal and Regulatory Environment of Business

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

In less than a year, McGovern's small business ownership had come to an end.

Statutory laws are laws enacted by administrative agencies.

Laws ensuring such rights as freedom of speech and religion are meant to _____.

Jonathan Swift likened _____ to "cobwebs" because they seem to stretch in every direction to catch innocent flies while failing utterly to stop wasps and other creatures responsible for much greater crimes against human comfort.

List and describe the primary functions served by law in the United States.

Why does the government sometimes get involved with economic activity Give an example of this.

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

Economic growth in countries where the legal system fails to provide reliable contract enforcement is usually very robust.

In order to be valid, express warranties must be made or expressed in writing.

Law pertaining to rules set down by any of the numerous agencies and departments created to administer federal or local law is called _____.

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.

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

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

Statutory laws are made by legislative bodies.

A contract that has been broken _____.

If someone's carelessness provides cause for legal action it is called "cause in fact."

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

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

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