Exam 16: The Legal and Regulatory Environment of Business

There are two categories of contractual breach. They are _____.

Strict liability torts involve actions that are inherently dangerous and for which a party may be liable no matter how carefully he or she (or it) performs them.

The legal environment of business is the place where business interacts with the legal system.

A contract to commit an unlawful act or to violate public policy is void.

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

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.

Defamation in written form is called slander.

Both tort law and contract law fall into the larger domain of public law.

Under the rule of law, the legal system establishes the rules of the game, adopting and enforcing them in a reasonably predictable manner.

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

Government intervenes in marketplace transactions because:

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.

Most of the money raised by the excise tax on cigarettes is paid by non-smokers.

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

After serving in Congress, George McGovern ran a successful hotel in Stratford, Connecticut.

Which of the following is NOT a primary function served by law in the United States

Laws preventing the forcible overthrow of the government are meant to _____.

The weight of evidence necessary for a judge or jury to decide in favor of the plaintiff or the defendant is called _____.

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

In the United States, the legal system _____ to respond to changes in social norms and commercial activities.