Question 1

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 2

Which of the following is NOT one of the requirements of a legal contract

Accepted Answer

A)  Mutual agreement 
B)  Both parties must possess legal capacity to assume contractual duties 
C)  Each agrees not to cause harm or unreasonable risk to the other party 
D)  Each must exchange something of legal value 
A)  Mutual agreement 
B)  Both parties must possess legal capacity to assume contractual duties 
C)  Each agrees not to cause harm or unreasonable risk to the other party 
D)  Each must exchange something of legal value

Question 3

The median award for damages in civil cases is $90,000.

Accepted Answer

A) True 
 B)False

Question 4

Statutory laws are laws enacted by administrative agencies.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

If a case has been adjudicated, then it is pending in court.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A)  Externalities 
B)  Compensatory damages 
C)  Implied warranties 
D)  Liabilities 
A)  Externalities 
B)  Compensatory damages 
C)  Implied warranties 
D)  Liabilities

Question 9

The law works to make business relationships as predictable as possible.

Accepted Answer

A) True 
 B)False

Question 10

If you suffer injury because of a defective product you may file a product liability claim.

Accepted Answer

A) True 
 B)False

Question 11

In court, the _____ is the party filing the complaint, while the _____ is the party charged in the complaint.

Accepted Answer

A)  district attorney / criminal 
B)  accuser / accused 
C)  defendant / plaintiff 
D)  plaintiff / defendant 
A)  district attorney / criminal 
B)  accuser / accused 
C)  defendant / plaintiff 
D)  plaintiff / defendant

Question 12

_____ is the principle by which government legitimately exercises its authority only in accordance with publicly declared laws that are adopted and enforced according to established procedure.

Accepted Answer

A)  Fairness doctrine 
B)  Rule of law 
C)  Predictability 
D)  Equal treatment 
A)  Fairness doctrine 
B)  Rule of law 
C)  Predictability 
D)  Equal treatment

Question 13

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.

Accepted Answer

A)  a judicial review 
B)  a precedent 
C)  an administrative law 
D)  a statutory law 
A)  a judicial review 
B)  a precedent 
C)  an administrative law 
D)  a statutory law

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

If your city or town passes a law, it would be considered a municipal ordinance.

Accepted Answer

A) True 
 B)False

Question 16

Civil law prohibits and punishes wrongful conduct, such as assault and battery, murder, robbery, extortion, and fraud.

Accepted Answer

A) True 
 B)False

Question 17

Manufacturer's negligence may take the form of _____.

Accepted Answer

A)  failure to warn 
B)  negligent design 
C)  negligence per se 
D)  all of the above 
A)  failure to warn 
B)  negligent design 
C)  negligence per se 
D)  all of the above

Question 18

An agreement is an exchange of promises or an exchange of a promise for an act.

Accepted Answer

A) True 
 B)False

Question 19

Capacity is a legal relationship between two parties in which one party acts on behalf of, and under the control of, another.

Accepted Answer

A) True 
 B)False

Question 20

Intentional torts against property are the most common torts when it comes to disputes in business.

Accepted Answer

A) True 
 B)False

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

Which of the following is NOT one of the requirements of a legal contract

The median award for damages in civil cases is $90,000.

Statutory laws are laws enacted by administrative agencies.

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

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

If a case has been adjudicated, then it is pending in court.

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

The law works to make business relationships as predictable as possible.

If you suffer injury because of a defective product you may file a product liability claim.

In court, the _ is the party filing the complaint, while the _ is the party charged in the complaint.

_____ is the principle by which government legitimately exercises its authority only in accordance with publicly declared laws that are adopted and enforced according to established procedure.

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.

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

If your city or town passes a law, it would be considered a municipal ordinance.

Civil law prohibits and punishes wrongful conduct, such as assault and battery, murder, robbery, extortion, and fraud.

Manufacturer's negligence may take the form of _____.

An agreement is an exchange of promises or an exchange of a promise for an act.

Capacity is a legal relationship between two parties in which one party acts on behalf of, and under the control of, another.

Intentional torts against property are the most common torts when it comes to disputes in business.

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

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

Which of the following is NOT one of the requirements of a legal contract

The median award for damages in civil cases is $90,000.

Statutory laws are laws enacted by administrative agencies.

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

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

If a case has been adjudicated, then it is pending in court.

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

The law works to make business relationships as predictable as possible.

If you suffer injury because of a defective product you may file a product liability claim.

In court, the _____ is the party filing the complaint, while the _____ is the party charged in the complaint.

_____ is the principle by which government legitimately exercises its authority only in accordance with publicly declared laws that are adopted and enforced according to established procedure.

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.

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

If your city or town passes a law, it would be considered a municipal ordinance.

Civil law prohibits and punishes wrongful conduct, such as assault and battery, murder, robbery, extortion, and fraud.

Manufacturer's negligence may take the form of _____.

An agreement is an exchange of promises or an exchange of a promise for an act.

Capacity is a legal relationship between two parties in which one party acts on behalf of, and under the control of, another.

Intentional torts against property are the most common torts when it comes to disputes in business.

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

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

In court, the _ is the party filing the complaint, while the _ is the party charged in the complaint.