Exam 24: Appendix: Working Within the Legal Environment

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:

Criminal law defines crimes,establishes punishments,and includes payment for personal injury.

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.

Businesses today prefer to have the government set the standards for acceptable behavior.

Laws regulating marriage and the payment for personal injuries are part of our body of civil law.

The Nike Swoosh and the McDonald's Golden Arches are examples of corporate trademarks.

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

A "tying contract" requires a buyer not to purchase goods from a competitor as a condition of buying product from the seller.

"Specific performance" means that a person who violates a contract is required to live up to the agreement even if money damages are adequate.

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

Your paycheck and the check you write to Old Navy for a pair of jeans are both examples of a negotiable instrument.

You agree to sell your car to your neighbor for $5,000.You and your neighbor have provided each other:

Business law refers to a body of regulations that,when enforced,provides a framework within which business may be conducted.

Chapter 13 proceedings are more complicated than Chapter 7 bankruptcy proceedings.

Deregulation has always benefited consumers.

Negotiable instruments are forms of commercial paper.

If State University violates its housing contract with a student,the student is prohibited from suing the university for damages because the contract was for the delivery of services rather than the delivery of goods.

Bankruptcy is the legal process by which a person,business,or government entity that is unable to meet financial obligations is relieved of those debts by a court.

The Justice Department's lawsuit against Microsoft is an example of an antitrust case.

The American Inventor's Protection Act requires patent applications to be made public after 18 months regardless of whether a patent has been granted.