Understanding the Legal and Tax Environment

Which body of law has evolved out of judicial court decisions rather than being enacted by legislatures?

According to the Uniform Commercial Code (UCC), what is the minimum value for a sale of goods that requires a written contract to be legally binding in most states?

Which of the following is NOT a required element for a contract to be legally enforceable?

What is the legal term for a court order requiring a breaching party to perform the duties under the terms of a contract?

For how many years does a patent give an inventor the exclusive right to manufacture, use, and sell an invention?

What is the legal term for an untrue oral statement that damages a person’s reputation?

Which type of bankruptcy proceeding, used by an estimated 70 percent of businesses filing for bankruptcy, involves the liquidation of assets?

Which antitrust act, passed in 1890, was the first to regulate competition by banning monopolies and contracts in restraint of trade?

What is the term for a court-ordered remedy where a contract is canceled and the parties are returned to the situation that existed before the contract?

Which federal law, passed in 1936, tightened prohibitions against price discrimination?

What type of taxes are assessed on real and personal property based on the property's assessed value?

Which federal agency, created by the Pure Food and Drug Act of 1906, enforces laws to prevent the distribution of adulterated or misbranded foods and drugs?

What type of tax is placed on specific items such as gasoline, alcoholic beverages, and cigarettes, often to help pay for related services or to control certain practices?

What is the term for a civil, or private, act that harms other people or their property and is not the result of a breach of contract?

Under the concept of strict liability in product-liability law, when is a manufacturer or seller liable for any personal injury or property damage caused by defective products?

What is the primary function of an appellate court?

Which type of warranty is not written or oral but is imposed on sales transactions by statute or court decision?

The Children's Television Act of 1990 limits the amount of advertising to not more than how many minutes per hour on weekdays?

In a voluntary bankruptcy, who files the petition with the court?

What type of taxes are employers required to pay based on wages, salaries, and commissions, which includes the employer's share of Social Security and unemployment taxes?

What is the term for rules, regulations, and orders passed by bodies like the FTC and the SEC?

Which of the following is an example of a name that was once a trademark but is now considered a generic term and part of the public property?

What type of contract depends on the acts and conduct of the parties to show agreement, such as ordering food in a restaurant?

Which consumer protection law, passed in 1972, created an independent federal agency to establish and enforce consumer product safety standards?

What is the term for the alternative dispute resolution method where parties agree to present their case to an impartial third party and are required to accept that party's decision?

According to the Clayton Act, which practice is illegal if it lessens competition?

Which branch of government is the judiciary responsible for?

The Children's Online Privacy Protection Act (2002) regulates the collection of personally identifiable information online from children under what age?

What is the term for a design, name, or other distinctive mark that a manufacturer uses to identify its goods in the marketplace?

What does 'capacity' refer to as a requirement for a valid contract?

Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the debtor's exclusivity period for filing a reorganization plan is capped at how many months?

Which of the following is an example of an implied warranty?

Which court is the highest in the nation and the only one specifically established by the U.S. Constitution?

The Fair Credit Reporting Act (1971) gives consumers which of the following rights?

Which of these is an example of a federal administrative agency?

What type of law is the body of law that governs commercial dealings?

The Uniform Commercial Code (UCC) has been adopted by 49 states. Which state has only adopted part of it?

A 'tying contract' is an illegal practice under the Clayton Act. What does it involve?

What is the term for a legal protection that gives an author or artist exclusive rights to their creation for the life of the creator plus 70 years?

Which of the following is NOT a right of sellers under consumerism?

What does a servicemark identify?

For a tort to exist, through what means must the harm be done?

The 1950 Celler-Kefauver Act amended the Clayton Act to ban what specific action if it decreases competition?

The Brady Law (1998) imposes what requirement on gun purchasers?

Which type of income tax system is described as having rates that increase as income increases?

Which of the following is NOT one of the required elements of a valid contract?

The process of removing rules and regulations governing business competition is known as what?

What does the legal concept of 'consideration' require for a contract to be valid?

Which law makes it illegal to harass or abuse any person or make false statements when collecting a debt?

Which of these is NOT an example of a written contract that would typically be required to be in writing in most states?