Question 1

What are the primary goals of tort law and how are these goals achieved?

Accepted Answer

The primary goal of tort law is restoring the victim to the condition that he or she would have been in had no injury ever taken place. Likewise, the primary goal of contract law is restoring the nonbreaching party to the condition that he or she would have been in had the contract not been breached. To achieve these goals, the legal system provides for monetary awards in the form of compensatory damages. Another form of monetary award, punitive damages, is intended to punish, to deter similar injurious conduct in the future, or to set an example.

Question 2

Tort reform is a movement to stem the swelling tide of personal-injury litigation in the U.S.

Accepted Answer

A) True 
 B)False  True

Question 3

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

Accepted Answer

A)  promote social justice 
B)  shape moral standards 
C)  maximize individual freedom 
D)  provide a basis for compromise 
A)  promote social justice 
B)  shape moral standards 
C)  maximize individual freedom 
D)  provide a basis for compromise B

Question 4

Give an example of a contract that is unenforceable because it lacks legality.

Accepted Answer

The answer of Give an example of a contract that...

Question 5

_____ is(are) often placed on items and activities with which people may harm themselves, those around them, or the general environment.

Accepted Answer

A)  Negative externalities 
B)  Mala prohibita 
C)  Judicial review 
D)  Excise tax 
A)  Negative externalities 
B)  Mala prohibita 
C)  Judicial review 
D)  Excise tax

Question 6

The person who acts for the other is called the agent; the person the agent acts for is called the principal.

Accepted Answer

A) True 
 B)False

Question 7

In the United States, warranties are established by the Occupational Safety and Health Act (OSHA).

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A)  maximize individual freedom 
B)  provide a basis for compromise 
C)  shape moral standards 
D)  promote social justice 
A)  maximize individual freedom 
B)  provide a basis for compromise 
C)  shape moral standards 
D)  promote social justice

Question 9

In terms of legal ethics, filling the air with secondary cigarette smoke is considered mala prohibita (bad because we declare them to be bad).

Accepted Answer

A) True 
 B)False

Question 10

Productliability lawsuits against businesses that sell "unreasonably dangerous" products went up a hundredfold between 1950 and 2001, to a total of $205 billion.

Accepted Answer

A) True 
 B)False

Question 11

The good thing about laws is that they can be written to take care of all contingencies that arise during the course of life.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

The law assumes that, when performing employment duties, an employee is under the control of the employer.

Accepted Answer

A) True 
 B)False

Question 14

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

Question 15

It takes only a small increase in the price of cigarettes to reduce demand by a significant amount.

Accepted Answer

A) True 
 B)False

Question 16

John Parrimore and Mary Gonzales have entered into a _____. The legal and enforceable agreement between the two parties creates an obligation or duty to either do or not to do something specific.

Accepted Answer

A)  binding agreement 
B)  contract 
C)  agency agreement 
D)  partnership 
A)  binding agreement 
B)  contract 
C)  agency agreement 
D)  partnership

Question 17

In _____, a crime such as robbery or homicide has occurred and a person found guilty of committing the crime can be fined or sent to jail.

Accepted Answer

A)  civil law 
B)  criminal law 
C)  statutory law 
D)  administrative 
A)  civil law 
B)  criminal law 
C)  statutory law 
D)  administrative

Question 18

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 19

Assault and battery is a criminal matter and does not involve civil law.

Accepted Answer

A) True 
 B)False

Question 20

State and Federal statutes can also be criminal statutes.

Accepted Answer

A) True 
 B)False

What are the primary goals of tort law and how are these goals achieved?

Tort reform is a movement to stem the swelling tide of personal-injury litigation in the U.S.

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

Give an example of a contract that is unenforceable because it lacks legality.

_____ is(are) often placed on items and activities with which people may harm themselves, those around them, or the general environment.

The person who acts for the other is called the agent; the person the agent acts for is called the principal.

In the United States, warranties are established by the Occupational Safety and Health Act (OSHA).

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

In terms of legal ethics, filling the air with secondary cigarette smoke is considered mala prohibita (bad because we declare them to be bad).

Productliability lawsuits against businesses that sell "unreasonably dangerous" products went up a hundredfold between 1950 and 2001, to a total of $205 billion.

The good thing about laws is that they can be written to take care of all contingencies that arise during the course of life.

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

The law assumes that, when performing employment duties, an employee is under the control of the employer.

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 _____.

It takes only a small increase in the price of cigarettes to reduce demand by a significant amount.

John Parrimore and Mary Gonzales have entered into a _____. The legal and enforceable agreement between the two parties creates an obligation or duty to either do or not to do something specific.

In _____, a crime such as robbery or homicide has occurred and a person found guilty of committing the crime can be fined or sent to jail.

An express warranty is created when a seller _____.

Assault and battery is a criminal matter and does not involve civil law.

State and Federal statutes can also be criminal statutes.

The Foundations of Business

Business Ethics and Social Responsibility

Business in a Global Environment

Selecting a Form of Business Ownership

The Challenges of Starting a Business

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Teamwork and Communications

Marketing: Providing Value to Customers

Product Design and Development

Operations Management in Manufacturing and Service Industries

The Role of Accounting in Business

Managing Financial Resources

Personal Finances

Managing Information and Technology

Filters

Exam 16: The Legal and Regulatory Environment of Business

What are the primary goals of tort law and how are these goals achieved?

Tort reform is a movement to stem the swelling tide of personal-injury litigation in the U.S.

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

Give an example of a contract that is unenforceable because it lacks legality.

_____ is(are) often placed on items and activities with which people may harm themselves, those around them, or the general environment.

The person who acts for the other is called the agent; the person the agent acts for is called the principal.

In the United States, warranties are established by the Occupational Safety and Health Act (OSHA).

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

In terms of legal ethics, filling the air with secondary cigarette smoke is considered mala prohibita (bad because we declare them to be bad).

Productliability lawsuits against businesses that sell "unreasonably dangerous" products went up a hundredfold between 1950 and 2001, to a total of $205 billion.

The good thing about laws is that they can be written to take care of all contingencies that arise during the course of life.

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

The law assumes that, when performing employment duties, an employee is under the control of the employer.

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 _____.

It takes only a small increase in the price of cigarettes to reduce demand by a significant amount.

John Parrimore and Mary Gonzales have entered into a _____. The legal and enforceable agreement between the two parties creates an obligation or duty to either do or not to do something specific.

In _____, a crime such as robbery or homicide has occurred and a person found guilty of committing the crime can be fined or sent to jail.

An express warranty is created when a seller _____.

Assault and battery is a criminal matter and does not involve civil law.

State and Federal statutes can also be criminal statutes.

The Foundations of Business

Business Ethics and Social Responsibility

Business in a Global Environment

Selecting a Form of Business Ownership

The Challenges of Starting a Business

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Teamwork and Communications

Marketing: Providing Value to Customers

Product Design and Development

Operations Management in Manufacturing and Service Industries

The Role of Accounting in Business

Managing Financial Resources

Personal Finances

Managing Information and Technology

Filters