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Exam 21: Working Within the Legal Environment

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Question 41

Multiple Choice

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

A) competent parties
B) mutual acceptance
C) consideration
D) legal purpose

E) A) and D)
F) C) and D)

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Question 42

Multiple Choice

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A(n) ________ tort is a willful act that results in injury.

A) negligent
B) intentional
C) common
D) statutory

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

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Question 43

Multiple Choice

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You and your boss agree to terminate your employment contract because you want to devote more time to school. This breach of contract would likely be resolved by

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

Batteries and tires sold with an express warranty provide the buyer with a guarantee regarding the life of the product.

A(n) ________ occurs when one party fails to follow the terms of a contract.

The federal government can levy a sin tax in an effort to encourage businesses to hire new employees.

Negotiable instruments are forms of commercial paper.

A software development firm based in California and conducting business in Wyoming is unsure about the differences in state laws regarding business transactions. What body of laws standardizes interstate business regulations?

If a contract is to be legally binding, both parties must give consideration.

Compare and contrast the protection offered by patents, copyrights, and trademarks.

Regulations covering sales, checks, bank deposits, and bills of lading are contained in the Uniform Commercial Code.

Which of the following was designed to simplify and standardize the laws affecting businesses involved in interstate trade?

The European Union currently levies certain Internet taxes.

Which of the following is a condition required for a legally binding contract?

Real property is real estate owned by individuals and businesses.

A patent gives inventors exclusive rights to their inventions for

The executive branch of the government is responsible for overseeing the legal system.

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?

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