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Exam 22: Extension: Working Within the Legal Environment

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Question 111

Multiple Choice

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Which of the following holds a company liable for damages caused by a defective product even if the firm was unaware of the defect at the time of sale?

A) network responsibility
B) managerial liability
C) patent infringement
D) strict product liability

E) All of the above
F) C) and D)

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Question 112

Multiple Choice

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When a person's or company's behavior causes unintentional harm or injury to others they are said to be __________ in tort law.

A) out-of-control
B) liable
C) negligent
D) purposeful

E) A) and C)
F) B) and C)

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Question 113

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Contract law is a set of laws that covers sales laws and other commercial laws.

A patent gives inventors exclusive rights to their inventions for:

A patent protects an inventor's right to a product or process.

The Sarbanes-Oxley Act requires CEOs to verify the accuracy of their firms' financial statements to the SEC.

Which of the following prohibits monopolies, attempts to monopolize, and any restraint of trade?

Business law is enforceable by the courts.

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

Patent owners are prohibited from selling or licensing their patent rights to others.

It appears that some regulation of business is necessary to ensure fair and honest dealings with the public.

Which of the following describes the requirement that both parties in a legally binding contract must give something of value?

The most popular form of bankruptcy among individuals is Chapter 11.

Administrative agencies actually have a greater impact on businesses than courts do.

The U.S. court system is organized solely at the federal and state levels.

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

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

When Sam and Marie got married they wanted to travel, buy nice houses and cars, and enjoy the good life. They used credit cards to finance their lifestyle, believing they would be fine as long as they could make the minimum payments. One day they discovered that because of rising interest rates, even the minimum payments were out of reach. They decided to declare Chapter 13 bankruptcy. Under this plan, they will have to pay their creditors back over 3 to 5 years.

A patent gives inventors exclusive rights to their inventions for 20 years.

About __________ percent of patent applications are approved.