QUESTION What is the Uniform Commercial Code? What will be an ideal response? ANSWER Answer: The Uniform Commercial Code is a comprehensive commercial law designed to provide uniformity in sales and other commercial law and to describe the rights of buyers and sellers in transactions. It involves warranties, which are a seller’s promises to […]
QUESTION Labor unions are organizations of employers formed to protect and advance their members’ interests by bargaining with employees over job-related issues. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Labor unions are organizations of employees formed to protect and advance their members’ interests by bargaining with management over job-related […]
QUESTION Juanita flew down to Florida to sail her newly purchased yacht back home to Rhode Island. Before she left Florida, she stocked her boat with alcoholic beverages. What taxes did Juanita have to pay on this whole trip? Explain. What will be an ideal response? ANSWER Answer: Juanita had to pay excise taxes […]
QUESTION Which of the following, if true, weakens Weinstock’s argument? A) The Legal Division consumes more office supplies per person than any other department. B) Beginning lawyers require a great deal of supervision before they can contribute effectively. C) The Legal Division could be reorganized so that each manager supervises matters related to a single […]
QUESTION Which of the following is NOT covered under copyright law? A) a song B) a poem C) a painting D) a logo E) a play ANSWER Answer: D Explanation: D) A logo is an example of something that can be trademarked. Trademarks are for protecting owners’ rights to brand names.
QUESTION Which type of law covers warranties and negotiable instruments? A) commercial law B) contract law C) bankruptcy law D) tort law E) consumer protection law ANSWER Answer: A Explanation: A) Commercial law covers laws affecting sales transactions, under which warranties and negotiable instruments are covered.
QUESTION Which of the following products is NOT covered under the food and drugs category of consumer-protection laws? A) lipstick B) shaving cream C) eyeglasses D) hearing aids E) apparel ANSWER Answer: E Explanation: E) The food and drugs category of consumer-protection laws covers food, cosmetics, and medical devices. Apparel is covered under the […]
QUESTION Which of the following is NOT a category of consumer-protection law? A) food and drugs B) manufacturing C) labeling and packaging D) consumer product safety E) pricing and credit ANSWER Answer: B Explanation: B) There are four categories of consumer-protection laws: food and drugs, labeling and packaging, consumer product safety, and pricing and […]
QUESTION SnowDonuts, a maker of snow tubes, owes many thousands of dollars to suppliers of the plastic from which the tubes are made. The suppliers have asked the courts to force SnowDonuts to repay. But SnowDonuts just got its three biggest orders ever. What would the courts likely do? A) have SnowDonuts file voluntary Chapter […]
QUESTION Which of the following is NOT a tax the government levies on U.S. citizens? A) income tax B) property tax C) excise tax D) value-added tax E) ill-health tax ANSWER Answer: E Explanation: E) The principal ways the government raises revenue is by levying the following taxes: income tax, property tax, sales tax, […]
