Under common law, which of the following statements is accurate? Lower courts mu
ID: 425809 • Letter: U
Question
Under common law, which of the following statements is accurate?
Lower courts must abide by the decisions handed down by higher courts.
Higher courts must abide by the decisions handed down by lower courts.
Special courts do not set precedent.
Courts overwhelmingly settle most business decisions.
References
A popular newspaper was shut down due to accusations that the newspaper’s journalists were illegally “phone hacking” in order to gather information for their stories. Due to a connection with a U.S.-based company, the U.S. District Attorney also opened an investigation. This type of investigation is handled under ______________.
criminal law
statutory law
administrative law
civil law
Unintentional harm, injury, or negligence is covered under which type of law?
rev: Civil
Criminal
Tort
Constitutional
Recently, an international automobile company responded to several accusations of selling defective braking systems, which resulted in several recalls. Under ________, the law states that it really does not matter whose fault it is (manufacturer, assembler, or dealer); all companies whose names are behind this product are liable.
product liability
strict product liability
insurance liability
wrongful code
___________ last for the lifetime of the creator of the work, such as books, articles, photos, and cartoons. They can then be passed on the to the creator’s heirs.
Trademarks
Copyrights
Patents
Icons
he Pillsbury Doughboy is an example of a:
patent.
copyright.
trademark.
contract.
The Uniform Commercial Code covers _____________, which provide a sense of security for the buyer of products.
warranties
patents
copyrights
trademarks
You verbally promise to pay Tom the $25 that you owe him tomorrow. This promise, however, is not a negotiable instrument because:
it is not in writing.
it is not payable at a specific time.
it is not a promise to pay a specific amount.
it does not contain an unconditional promise.
References
Which of the following was passed to protect competition from unfair monopolies?
The Sherman Act
The Patriot Act
The Taft-Hartley Act
The Dodd-Frank Act
shley’s Boutique owner went on a jewelry-buying trip to India. While purchasing a collection of jade necklaces, earrings, and bracelets, the manufacturer insisted that in order to purchase those items, the owner would also need to purchase ruby and opal jewelry in similar styles. If the transaction were in the U.S., we would consider the manufacturer’s attempt to negotiate in this manner as ___________, and similar to a(n) __________.
illegal; interlocking directorate
legal; implied contract for the seller
illegal; price fixing statute
illegal; tying contract
__________ often help cash-starved states to raise revenue.
Sin taxes
Property taxes
Income taxes
Facility taxes
Chapter 7 of the bankruptcy law requires filers to sell off their nonexempt assets. An example of an exempt asset would be ______________.
a small portion of one’s residence
an antique table valued at $18,000
a luxury yacht
up to two business buildings
The section of the Bankruptcy Code that allows a business to reorganize and pay only a limited proportion of its debts is Chapter:
7.
11.
13.
17.
Which of the following industries has been deregulated?
Chemicals
Agriculture
Telecommunications
Steel
n the state of Pennsylvania, __________ of the energy industry permits customers to shop for and choose among several suppliers of electricity, rather than be served by only one provider.
inflation
deregulation
monopolization
reflation
Under common law, which of the following statements is accurate?
Explanation / Answer
Under common law, which of the following statements is accurate?
Answer:- Lower courts must abide by the decisions handed down by higher courts.
A popular newspaper was shut down due to accusations that the newspaper’s journalists were illegally “phone hacking” in order to gather information for their stories. Due to a connection with a U.S.-based company, the U.S. District Attorney also opened an investigation. This type of investigation is handled under ______________.
Answer:- criminal law.
Unintentional harm, injury, or negligence is covered under which type of law?
Answer:- Tort
___________ last for the lifetime of the creator of the work, such as books, articles, photos, and cartoons. They can then be passed on the to the creator’s heirs.
Answer:- Copyrights
The Pillsbury Doughboy is an example of a
Answer:- Trademark
The Uniform Commercial Code covers _____________, which provide a sense of security for the buyer of products.
Answer:- warranties
You verbally promise to pay Tom the $25 that you owe him tomorrow. This promise, however, is not a negotiable instrument because:
Answer:- it is not in writing.
shley’s Boutique owner went on a jewelry-buying trip to India. While purchasing a collection of jade necklaces, earrings, and bracelets, the manufacturer insisted that in order to purchase those items, the owner would also need to purchase ruby and opal jewelry in similar styles. If the transaction were in the U.S., we would consider the manufacturer’s attempt to negotiate in this manner as ___________, and similar to a(n) __________.
Answer:- illegal; tying contract
__________ often help cash-starved states to raise revenue.
Answer:- Six taxes
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