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Questions and Answers
What is the purpose of compliance with laws and regulations in business operations?
What is the purpose of compliance with laws and regulations in business operations?
- To gain competitive advantage
- To avoid legal consequences and penalties (correct)
- To maximize profits
- To establish good relationships with customers
What is the nature of legally binding contracts?
What is the nature of legally binding contracts?
- They are agreements that are only enforceable if they are in writing
- They are agreements that are only enforceable if they are signed by a lawyer
- They are informal agreements that are not enforceable by law
- They are voluntary agreements between two or more parties that are enforceable by law (correct)
What is the role of administrative law in the United States?
What is the role of administrative law in the United States?
- To regulate international trade and commerce
- To regulate criminal activities
- To regulate the activities of government agencies (correct)
- To regulate the activities of private businesses
