Exam 17: The Legal and Regulatory Environment of Business

_____ is(are) often placed on items and activities with which people may harm themselves, those around them, or the general environment.

_____ is making unauthorized and harmful physical contact with another person while _____ is threatening another person with such contact.

If someone's carelessness provides cause for legal action it is called "cause in fact."

_____ are costs that don't show up as part of the market price for a product.

In less than a year,McGovern's small business ownership had come to an end.

The concept of strict liability supports the plaintiff's right to pursue claims against members of the manufacturer's distribution chain.

Excise tax refers to a tax placed on "goods" produced within a country.

Punishment in a tort case includes fines, imprisonment, or both.

After serving in Congress, George McGovern ran a successful hotel in Stratford, Connecticut.

In _____, a crime such as robbery or homicide has occurred and a person found guilty of committing the crime can be fined or sent to jail.

Under the rule of law, a legal system can achieve a reasonable degree of fairness only if it guarantees equal treatment of all members of society.

In order to be valid, express warranties must be made or expressed in writing.

Both tort law and contract law fall into the larger domain of public law.

A contract to commit an unlawful act or to violate public policy is void.

What is agency? Give an example of a principal-agent relationship.

The most common type of damages sought by plaintiffs are called _____.

Which body of law results from judicial interpretations of statutory and other forms of law?

There are two categories of contractual breach.They are _____.

Offer and acceptance are the two parts of consideration in a contract.

Because the U.S.legal system is very fair, innocent parties are never forced to bear the cost of defending themselves in court.