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Exam 22: Extension: Working Within the Legal Environment

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Question 21

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Tort law includes product liability cases.

A) True
B) False

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Question 22

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Allison is concerned that she is not getting full disclosure of information from a mortgage broker who is hoping to refinance the mortgage on her house. Having recently studied business law, you suggest to Allison that she contact the ________________________ that was formed after the Dodd-Frank Wall Street Reform and Consumer Protection Act became law.

A) Federal Trade Commission (FTC)
B) Consumer Financial Protection Bureau (CFPB)
C) Due Diligence Agency (DDA)
D) Financial Fairness Consortium (FFC)

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

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Question 23

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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:

A patient injured through the negligence of a health care provider can be awarded compensation through the tort law system.

Under contract law, a 15-year-old may be a party to a contract.

Carlos has had a very successful year. His small corporation earned over $500,000. His company will have to pay part of its income to the federal government for income taxes.

A copyright protects an individual's ownership rights to materials such as books, articles, photos, and cartoons, which they created.

The Griggs v. Duke Power Company (1971) case established a precedent on the need to use job-related tests in employment practices. Similar court cases have been decided based on this decision. This is an example of:

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

Some economists advocate a ____________ on the consumption of such products as gasoline, liquor, cigarettes, and even soda pop, in the hope that consumers will think about how their purchases are having negative impacts on themselves and their environment.

The social movement designed to increase and strengthen the rights and powers of buyers in business transactions is called:

Congratulations! You've just finished composing a song that will be the next big hit. Your next step is to apply for a patent through the U.S. Patent & Trademark Office.

We count on companies to provide us with safe products, and to provide us with full disclosure if they are using potentially harmful chemicals in the production and distribution of their products. Under ______________, if in a court of law it is proven that a well-known fast food chain is using a potentially harmful chemical in the preparation of their French fries, the company is likely to be required to disclose information on this process to its customers.

Implied warranties are guarantees legally imposed on the seller.

An intentional tort is a willful act that results in injury.

The Sherman Antitrust Act was designed to prevent large businesses from stifling the competition of smaller or newer firms.

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

The number of personal bankruptcies has:

The Nutrition Labeling and Education Act of 1990 requires truthful and uniform nutritional labeling on all food the FDA regulates.

When your younger brother signs the back of his paycheck and gives it to you in payment for money he owes you, he has endorsed the check, and you may deposit it in your checking account.