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BonusA-21
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
59. 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.
60. John Fielder is a renowned photographer of the Colorado Rocky Mountain region. Each of
his works is copyrighted. This means that anyone can use his photos so long as they give Mr.
Fielder notice.
61. The Uniform Commercial Code establishes a standardized set of regulations for business
transactions in all 50 states.
62. Regulations covering sales, checks, bank deposits and bills of lading are contained in the
Uniform Commercial Code.
63. The warranty you receive in the box with a Bluray player is an implied warranty.
64. A warranty guarantees that the product sold will be acceptable for the purpose for which
the buyer intends to use it.
65. Batteries and tires sold with an express warranty provide the buyer with a guarantee
regarding the life of the product.
66. Implied warranties are guarantees legally imposed on the seller.
67. A full warranty limits the defects or mechanical problems that are covered in a product.
68. Generally a warranty is an important part of a product.
69. Negotiable instruments provide a conditional promise to pay a specified amount of
money.
70. A check is an example of a negotiable instrument.
71. Negotiable instruments are forms of commercial paper.
72. When a payee signs the back of a check the payee's signature is referred to as an
endorsement.
73. The offer of a 3-year or 36,000-mile warranty by a car dealer on a new vehicle is an
example of an implied warranty.
74. The warranty you receive in the box with an iPad is an express warranty.
75. When Sears agrees to replace or repair your defective treadmill at no charge to you,
Sears is fulfilling a full warranty on your treadmill.
76. 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.
77. A contract is a legally enforceable agreement between two or more parties.
78. Contract law is a set of laws that covers sales laws and other commercial laws.
79. In order for a contract to be legal, mutual acceptance is achieved when one party is under
duress.
80. Under contract law,
duress
means the presence of coercion through force or threat of
force.
81. Under contract law,
consideration
means something of value.
82. If a contract is to be legally binding, both parties must give consideration.
83. In order to be legally binding, a contract must be a written agreement between two or
more parties.
84. Under contract law, a 15-year-old may be a party to a contract.
85. Under contract law, an agreement for the sale of goods worth $50 or more must be in
writing.
86. A breach of contract occurs when one party fails to follow the terms of the contract.
87. Under contract law, "damages" are the monetary settlements awarded to a person who is
injured by a breach of contract.
88.
Specific performance
means that a person who violates a contract is required to live up to
the agreement even if money damages are adequate.
89. Requiring that both parties are competent for a contract to be legal protects those who
might be unable to protect themselves.
90. If Toni agrees to sing at Brad's wedding for free and then doesn't show up, Brad may sue
Toni for breach of contract.
91. 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.
92. Mary Ann owns a rare Monet painting and she has agreed to a contract whereby she will
sell it to the Museum of Art for $5.3 million. At the last minute she decides she cannot bear to
part with her painting and will not sell it to the Museum. The Museum can sue Mary Ann for
specific performance.
93. The Justice Department's antitrust division serves as a watchdog for violations of the
Uniform Commercial Code.
94. The Sherman Antitrust Act was designed to prevent large businesses from stifling the
competition of smaller or newer firms.
95. The Sherman Antitrust Act forbids actual monopolies or attempts to monopolize any part
of commerce.
96. The Justice Department's lawsuit against Microsoft is an example of an antitrust case.
97. The Clayton Act of 1914 prohibits price discrimination.
98. Exclusive dealing means selling goods with the condition that the buyer will not buy goods
from a competitor.
99. A tying contract requires a buyer not to purchase goods from a competitor as a condition
of buying product from the seller.
100. An interlocking directorate occurs when a board of directors includes members of the
board of competing corporations.
101. The Clayton Act prohibits interlocking directorates.
102. The Federal Trade Commission Act prohibits unfair methods of competition.
103. The Federal Trade Commission deals with issues such as preventing companies from
making misleading "Made in the U.S.A" claims.
104. The Federal Trade Commission Act of 1914 prohibits minors from entering into contracts.
106. The Robinson-Patman Act prohibits price discrimination in all transactions except
business-to-business transactions.
107. The Robinson-Patman Act applies only to business-to-business transactions.
108. The Robinson-Patman Act applies only to sellers who knowingly induce an unlawful
discrimination in price.
109. One purpose of the Robinson-Patman Act is to outlaw price differences that substantially
weaken competition.
110. The changing nature of U.S. business from manufacturing to knowledge technology has
led to the call for new levels of regulation from federal agencies.
111. Consumerism is a social movement that seeks to increase and to strengthen the rights
and powers of buyers in relation to sellers.
112. The Sarbanes-Oxley Act requires CEOs to verify the accuracy of their firms' financial
statements to the SEC.
113. Alcohol Labeling Legislation of 1988 provides for warning labels on liquor saying that
minors should not drink.
