The Legal and Regulatory Environment of Business 17th Edition

The Fair Credit Reporting Act provides that a report containing information solely as to transactions or experiences between a consumer and a person making the report is not a consumer report covered by the act. Answer: TrueFeedback: The Fair Credit Reporting Act (FCRA) provides that a report containing information solely as to

Common ailments in which an employee has had a preexisting disease are compensable as "accidental injuries." Answer: TrueFeedback: Courts have held that heart attacks (as well as other common ailments in which an employee has had either a preexisting disease or a physical condition likely to lead to the disease) are compensable as

The courts will inquire into an agency's wisdom or effectiveness once the courts decide that an act of legislature is constitutional. Answer: FalseFeedback: An administrative agency must propose rules and regulations within the confines of its grant of power from the legislature, or a court will find the proposal void. However, once

It now appears the Supreme Court is comfortable limiting the per se illegality analysis to vertical agreements among competitors. Answer: FalseFeedback: It now appears the Court is comfortable limiting the per se illegality analysis to horizontal agreements among competitors. Vertical agreements involving pricing (high andlow) and territorial arrangements within channels of distribution

The Securities and Exchange Commission has both quasi-legislative and quasi-judicial powers. Answer: TrueFeedback: The Securities and Exchange Commission (SEC) has both quasi-legislative and quasi-judicial powers. Under its quasi-legislative power, it has adopted rules and regulations relating to financial and other information that must be furnished to the Commission. Under its quasi-judicial power,

According to the Congressional Budget Office, poorer taxpayers pay a higher percentage of their incomes in state and local sales taxes than do wealthier taxpayers. Answer: TrueFeedback: According to the Congressional Budget Office, the top 1% of federal income taxpayers pay more dollars of tax than the bottom 60% of taxpayers do.

Equal Employment Opportunity Commission guidelines allow employers to classify jobs as male or female as well as to have male and female seniority lists. Answer: FalseFeedback: Equal Employment Opportunity Commission guidelines forbid employers to classify jobs as male or female. Similarly, employers may not have separate male and female seniority lists. FalseFeedback: Equal

The Fair Credit Reporting Act regulates credit reports on both consumers and businesses. Answer: FalseFeedback: The Fair Credit Reporting Act regulates credit reports on consumers but not those on businesses. It applies to anyone who prepares or uses a credit report in connectionwith a) extending credit, b) selling insurance, or c) hiring

Under the Age Discrimination in Employment Act, age is often recognized as the basis for a bona fide occupational qualification. Answer: FalseFeedback: Under the Age Discrimination in Employment Act (ADEA), age is seldom recognized as the basis for a bona fide occupational qualification (BFOQ). In an exception to the general rule, one

Business ethics reflect elements of both formalism and consequentialism, but tend to focus more heavily on the former. Answer: FalseFeedback: Although business ethics reflect elements of both formalism and consequentialism, they focus more heavily on the latter. Business leaders feel a need to justify what they do in terms of whether it

Which of the following statements is true of the use of alternative dispute resolution (ADR) techniques? A. ADR techniques are ineffective once the pretrial process has begun. B. Disputing parties must begin a lawsuit to use any form of ADR. C. Disputing parties cannot specify the preferred ADR technique to be used in

Quasi-strict scrutiny has resulted in holdings that find laws to be valid as well as unconstitutional. Answer: TrueFeedback: Classifications under quasi-strict scrutiny tests are unconstitutional unless they are substantially related to an important government objective. This modified version of strict scrutiny has resulted in holdings that find laws to be valid as

Failure to satisfy a condition precedent excuses the performance of a contracting party even if the condition is a minor part of the transaction. Answer: TrueFeedback: If something must take place in the future, before a contracting party has a duty to perform, it is a condition precedent. Failure to satisfy a

The civil law arose in the eleventh and twelfth centuries as the English monarch appointed royal judges to ride circuits around the English countryside and to resolve disputes in the name of the king (or queen). Answer: FalseFeedback: Common law arose in the eleventh and twelfth centuries as the English monarchappointed royal

All states and federal courts have rules of procedure that require a jury to consist of 12 persons in both criminal and civil cases. Answer: FalseFeedback: Historically, a jury consisted of 12 persons. Today many states and some federalcourts have rules of procedure that provide for smaller juries in both criminal and

Rita is drunk while driving her car, and she hits Anna's car. This makes Anna a tortfeasor. Answer: FalseFeedback: One who commits a tort is a tortfeasor. In this case, Rita is the tortfeasor. FalseFeedback: One who commits a tort is a tortfeasor. In this case, Rita is the tortfeasor. False Feedback: One who commits

If something must take place in the future, before a party to a contract has a duty to perform, it is a condition subsequent. Answer: FalseFeedback: If something must take place in the future, before a party has a duty to perform, it is a condition precedent. A condition subsequent excuses contractual