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Decisions made by judges in previous cases are an important part of common law.

A) True
B) False

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

A) True
B) False

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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 B)
F) None of the above

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


A) common law
B) statutory law
C) the standardized commerce rules
D) the Uniform Commercial Code

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

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If I agree to sing at your wedding for free and then don't show up,you may sue me for breach of contract.

A) True
B) False

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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) corporate liability.
B) trademark infringement.
C) profit minimization.
D) patent infringement.

E) None of the above
F) B) and C)

Correct Answer

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A breach of contract occurs when one party fails to follow the terms of the contract.

A) True
B) False

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Which of the following do school districts utilize to generate needed funding?


A) sin tax
B) sales tax
C) property tax
D) income tax

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

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Describe bankruptcy and three sections of the Bankruptcy Code.

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Bankruptcy refers to the legal process b...

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The Robinson-Patman Act applies only to business-to-business transactions.

A) True
B) False

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

A) True
B) False

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The Dodd-Frank Wallstreet Reform and Consumer Protection Act evolved from the mortgage industry meltdown,which was the consequence of deceptive behavior of professionals on Wall Street and uninformed consumers who risked too much and purchased homes whose future monthly payments were more than they could afford.The agency that was created to provide consumers with accurate information so they can make informed decisions about loans and other financial instruments is known as ____________________.


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

E) None of the above
F) C) and D)

Correct Answer

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In which of the following does the creditor start legal procedures?


A) debtor initiatives
B) voluntary bankruptcy
C) involuntary bankruptcy
D) creditor restructuring

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

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

A) True
B) False

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An interlocking directorate occurs when a contract between a retailer and a wholesaler requires misleading advertising.

A) True
B) False

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Under contract law,"duress" means the presence of coercion through force or threat of force.

A) True
B) False

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Income taxes include taxes paid on real and personal property.

A) True
B) False

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The number of personal bankruptcies has:


A) significantly decreased as a result of the Bankruptcy Reform Act.
B) increased.
C) nearly reached the level of business bankruptcies.
D) remained unchangeD.

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

Correct Answer

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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.

A) True
B) False

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The use of tying contracts was prohibited by the Clayton Act of 1914 because these contracts:


A) required retailers to use false and misleading advertising.
B) required retailers to purchase unwanted items in order to purchase desired items.
C) forced households to buy wanted products in order to buy a desired product.
D) forced competitors into price discrimination agreements.

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

Correct Answer

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