Exam 24: Appendix: Working Within the Legal Environment

A(n)_________ guarantees that the product you buy will conform to the customary standards of the trade/industry.

The intent of the Sherman Antitrust Act of 1890 was to encourage the growth of large business organizations in the U.S.in order to compete with more established firms in Europe.

If an automobile manufacturer unknowingly sells a defective product that causes an injury,the manufacturer is protected from product liability lawsuits.

Utilizing the bankruptcy laws,Yankee Distribution petitioned the court to reorganize and continue operations while paying only a limited proportion of its current debts.This represents an example of a Chapter ________ bankruptcy.

Michael opened a new bakery.He had always admired the cute,friendly face of the Pillsbury Doughboy so as a tribute to Pillsbury,he decided to use it as his company's logo.Not long after Pillsbury sued him for:

__________ often help to pay for highway construction or improvements.

Producers of government approved drugs and chemicals cannot be sued by individuals who develop side effects years later.

Tort law involves criminal acts where victims can be awarded compensation.

A check is an example of a negotiable instrument.

Common law is the body of law established through legislative action by Congress.

The language used in statutory law often requires interpretation by the courts.

The Federal Trade Commission deals with issues such as preventing companies from making misleading "Made in the USA" claims.

When John Dough was brought to court accused of robbing a bank,he was prosecuted under civil law.

Traditionally,taxes have been used as a source of funding for government operations and programs.

One of the benefits that deregulation is supposed to provide to customers is:

Big Buxx National Bank has decided to change its advertising campaign.In the new campaign it will announce that the bank has the lowest bank fees in the country even though it has not done research to discover whether this is,in fact,true.Business law is the framework within which a competitor could take Big Buxx to court in the event its claims are not true.

Public utility commissions are federal agencies.

If I agree to sell you my bike for $50 and we are both competent individuals we have a contract.

The City of New Orleans filed suit against certain gun manufacturers for financial payments to cover the costs of police work and medical care as a result of gun violence.This suit was based on the legal principle of:

Business law creates the legal framework for the enforcement of criminal statutes.