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227. The financial claims of ________ are given priority when assets are distributed among
creditors in a bankruptcy case.
228. Utilizing the bankruptcy laws, Yankee Distribution petitioned the court to reorganize and
continue operations while paying only a limited proportion of its current debts. This represents an
example of a Chapter ________ bankruptcy.
229. ________ is the process of eliminating laws and regulations that hinder competition.
230. Concerns over the increase in the number of business laws and regulations that were
costing the public money led to:
231. Which of the following industries has been deregulated?
232. One result of deregulation in the airline industry has been:
233. Several states now allow for competition in the electric power industry. Business
customers, for example, can purchase their electric service from several different utility
companies. This activity reflects a movement toward ________ in the utility industry.
234. One of the benefits that deregulation is supposed to provide to customers is:
235. One day as Brian was speaking with one of his customers a shriek went up from the other
side of the restaurant. When he rushed over, he found that one of his customers had spilled hot
tea on her arm. If this customer was so inclined, she could __________ and the court would likely
find in her favor.
236. Sondra was expecting a shipment of food from one of her suppliers and it didn't come.
When she called the supplier the phone was disconnected. Later Sondra read that the supplier
had gone out of business because it couldn't pay its debts. The supplier likely declared Chapter
__________ bankruptcy.
237. Cajun Cookin' sits on a large landscaped lot. Brian and Sondra have a contract with
Lovely Landscapes to mow the lawn and take care of the landscape. They pay $200 per month
for this service. After two weeks had gone by with no service, Brian called the company only to
find out that the owner and the crew had decided to take a vacation and would not be back to do
the landscaping for another two weeks. Lovely Landscapes:
238. As it turns out, Brian and Sondra's good fortune with the restaurant has caused their
competitors to lose business. In fact, Cajun Cookin' has been so successful that two other nearby
restaurants are in danger of going out of business. Brian and Sondra have:
239. Explain the difference between statutory law, common law, and business law.
240. What type of law is tort law? Explain what a tort is as well as the meaning of negligence.
241. Compare and contrast the protection offered by patents, copyrights, and trademarks.
242. What is the Uniform Commercial Code and why is it important?
243. Identify and discuss the six conditions that must be met for a contract to be legally
binding.
244. Explain two of the major U.S. antitrust laws.
245. Describe bankruptcy and three sections of the Bankruptcy Code.
