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As business partners, Peggy and Maria have a legal relationship where either one of them is authorized to act for the other and under that person's control. This is called _____.


A) agency
B) a contract
C) business law
D) bankruptcy

E) A) and C)
F) C) and D)

Correct Answer

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

A) True
B) False

Correct Answer

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Briefly discuss the differences between criminal and civil law.

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Criminal law prohibits and punishes wron...

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Which of the following is NOT a primary function served by law in the United States


A) Keeping the peace
B) Promoting social justice
C) Shaping moral standards
D) Restricting individual freedom

E) A) and B)
F) A) and C)

Correct Answer

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The U.S. legal system has always been successful in guaranteeing equal treatment under the law.

A) True
B) False

Correct Answer

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The punishment in tort cases is the monetary compensation that the court orders the defendant to pay the plaintiff.

A) True
B) False

Correct Answer

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_____ is one foundation of law that requires us to act within certain welldefined limits. It prohibits activities that take place outside those limits because they make the process of allocating resources more wasteful and expensive.


A) Effectiveness
B) Efficiency
C) Negative externality
D) Mala per se

E) None of the above
F) B) and D)

Correct Answer

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In order to appoint an agent, a person must possess the capacity to make a contract.

A) True
B) False

Correct Answer

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