Business Law Final

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The universal rules of Kantian ethics are based on which of the following two important​ principles?

consistency and reversibility

The UN Security Council is composed of​ _____ member nations

15

The​ _____ Amendment to the U.S. Constitution protects persons and corporations from overzealous investigative activities by the government.

4th

The​ _____ Amendment to the U.S. Constitution protects criminal defendants from cruel and unusual punishment.

8th

The actual performance of the criminal act is called the​ _____.

Actus Reus

Which of the following is an INCORRECT statement regarding an​ LLLP

An LLLP requires at least two general partners and at least two limited partners.

Marty Levine sees a house for sale and thinks his friend Linda Maxwell would want to buy it. Marty enters into a contract to purchase the house from the seller and signs the contract​ "Marty Levine, agent for Linda​ Maxwell." Which of the following is NOT​ true?

Because Marty is now Linda​ Maxwell's agent, she is bound to the contract

Which of the following is an INCORRECT statement regarding the UN Security​ Council?

Canada is a permanent member of the UN Security Council.

Siri, who is driving her​ automobile, is injured when another driver negligently causes an automobile accident. Siri hires a lawyer to represent her on a 35 percent​ contingency-fee basis. If the lawyer wins the case for Siri or settles the case with​ Siri's approval, he will earn 35 percent of whatever is collected from the defendant. If the lawyer does not win or settle the​ lawsuit, he gets paid nothing. The agent can recover this amount from the principal because of the duty to​ ____

Compensate

Antitrust defendants often opt to settle​ government-brought antitrust actions through a​ _____ in a government civil action

Consent decree

The​ _____ Clause of the​ _____ Amendment to the U.S. Constitution provides that a state cannot​ "deny to any person within its jurisdiction the equal protection of the​ laws."

Equal protection, 14th

General partners do not pay federal income taxes.​ Instead, the income and losses of partnership have to be reported on the individual​ partners' personal income tax returns. This is called​ ____

Flow through taxation

The United Nations is governed by the​ ___

General assembly, the security council, and the secretariat

The​ __________________ makes it a federal crime for anyone to access and acquire information intentionally from a protected computer without authorization.

Information Infrastructure Act

According to​ _____, people owe moral duties that are based on universal rules

Kantian ethics

Which of the following are categories of courts that established English common​ law?

Law, equity and merchants

Organization of the Petroleum Exporting Countries​ (OPEC) consists of​ oil-producing and exporting countries. The member nations include all of the following EXCEPT​ _____

Mexico

Which of the following is an INCORRECT statement regarding the doctrine of sovereign​ immunity?

Most Western nations have adopted the doctrine of absolute immunity

Nathan opens a clothing store called​ "The Clothing​ Store" and operates it as a sole proprietorship. Nathan files the proper statement and publishes the necessary notice of the use of the trade name. Nathan contributes​ $25,000 of his personal funds to the business and borrows​ $100,000 from a bank in the name of the business. After several​ months, Nathan closes the business because it is unsuccessful. At the time it is​ closed, the business has no​ assets, owes the bank​ $100,000, and owes other debts of​ $25,000. Which of the following is a correct statement regarding​ Nathan's personal risk exposure for his unsuccessful​ business?

Nathan loses his​ $25,000 capital​ contribution, and he is responsible for the​ $100,000 debt owed to the bank and the​ $25,000 debt owed to others.

A party may enter a plea of​ _____, whereby the accused agrees to the imposition of a penalty but does not admit guilt.

Nolo Contender

​A(n) _____ is an agreement that substitutes a new party for one of the original contracting parties and relieves the exiting party of liability on the contract

Novation

Which of the following is an INCORRECT statement regarding the North American Free Trade​ Agreement?

On August​ 12, 1972, the North American Free Trade Agreement​ (NAFTA) was signed by the leaders of the United​ States, Canada, and Mexico.

The​ defendant's attorney can call additional witnesses and introduce other evidence to counter the​ plaintiff's rebuttal. What is this​ called?

Rejoinder

In a civil​ case, the judge may reduce the amount of monetary damages awarded by the jury if he or she finds the jury to have been​ biased, emotional, or inflamed. This is called​ _____

Remittitur

___ is a tort in which the presumption of negligence arises because the defendant was in exclusive control of the​ situation, and the plaintiff would not have suffered injury but for​ someone's negligence

Res ipsa loquitur

_ is an action to undo a contract

Rescission

__ performance occurs when there has been a minor breach of contract

Substantial

Which of the following is a CORRECT statement regarding vertical restraints of​ trade?

The United States Supreme Court has applied both the per se rule and the rule of reason in determining the legality of vertical restraints of trade under Section 1 of the Sherman Act

Which of the following is an INCORRECT statement regarding gender​ discrimination

Title​ VII's prohibition against sex discrimination applies only to women.

Which of the following is an INCORRECT statement regarding the taxation of​ LLCs

Under the Internal Revenue​ Code, for federal income tax​ purposes, an LLC is taxed as a corporation unless it elects to be taxed as a partnership

​_____ is the process whereby the judge and attorneys ask prospective jurors questions to determine whether they would be biased in their decisions.

Voir dire

Which of the following is NOT an illegal form of discrimination under Title VII of the Civil Rights Act of​ 1964?

age

A party who agrees to act on behalf of another is called​ a(n) __

agent

If a drug manufacturer requires patients to purchase its​ blood-monitoring services along with its drug to treat​ schizophrenia, where the drug manufacturer was one of many providing​ blood-monitoring services, but the only manufacturer of the​ drug, this would be​ __

an illegal tying arrangement

National origin discrimination includes discrimination against employees or job applicants for all EXCEPT which of the following​ reasons

a​ person's undocumented immigrant status

​________ courts were allowed to give equitable remedies under the English common law

chancery

English​ _____ law was developed by​ judges, who issued their opinions when deciding cases. The principles in these cases became precedent for later judges deciding similar cases.

common

​_____ are treaties that are sponsored by international organizations such as the United Nations.

conservations

If a​ person's minority status is only one factor of many factors considered in an employment​ decision, that employment decision made in the favor of this minority candidate will usually be​ ______

considered lawful

The​ _____ School of jurisprudence proposes that legal rules are unnecessary and are used as an obstacle by the powerful to maintain the status quo.

critical legal studies

_____ discrimination occurs when an employer discriminates against an entire protected class.

disparate-impact

___ discrimination occurs when an employer treats a specific individual less favorably than others because of that​ person's race,​ color, national​ origin, sex, or religion

disparate-treatment

Title VII of the Civil Rights Act of 1964 applies to all EXCEPT which of the​ following?

employers with fewer than 15 employees

Which of the following is NOT a primary function of law in the United​ States?

establishing uniform principles of individual morality

According to the Statute of​ Frauds, an​ _____ contract that cannot be performed by its own terms within​ _____ of its formation must be in writing

executory; one year

Laws that are enacted only after considerable​ study, debate, and public input are an example of which function of the​ law?

facilitating orderly change

The Securities and Exchange Commission is an example of a​ _____.

federal administrative agency

Many international contracts contain a choice of​ _____________ clause that designates which​ nation's court has jurisdiction to hear a case arising out of a contract. In​ addition, many contracts also include a​ ______________clause that designates which​ nation's laws will be applied in deciding such a case

forum-selection; choice of law

Which of the following is NOT an example of a defense to price​ discrimination?

if the price differential is due to lack of buyer bargaining power

Laws that make certain activities crimes are an example of which function of the​ law?

keeping the peace

____ is a body of rules of action or conduct prescribed by controlling authority and having binding legal force.

law

The United States has addressed the environment that resulted from the information age in all of the following ways EXCEPT​ __________

limiting the use of digital technologies by the government

An) _____ fact is a fact that is important to the subject matter of a contract

material

___ of damages is a​ _____ party's legal duty to avoid or reduce damages caused by a breach of contract.

mitigation; non-breaching

The​ _____ School of jurisprudence asserts that the law should be based on morality and ethics

natural law

Antitrust defendants often opt to settle​ government-brought antitrust actions by entering a plea of​ _____ in a criminal action.

nolo contender

A(n) _____ is a law enacted by local government​ bodies, such as cities and​ municipalities, counties, school​ districts, and water districts.

ordinance

​_____ is an equitable doctrine that allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice

part influence

Market sharing is a​ _____ violation of Section 1 of the Sherman Act

per se

The​ _____ rule is applicable to restraints of trade considered inherently​ anti-competitive

per se

Laws that allow for the settlement of cases prior to trial are an example of which function of the​ law?

providing a basis for compromise

An agency can be legally terminated in all EXCEPT which of the following​ ways?

ratification of the contract by the principal

Proving that a defendant is in violation of Section 2 means proving that the defendant in the​ _____ market possesses​ _____ power and engaged in a​ _____ act of monopolization to acquire or maintain that power

relevant; monopoly;willful

The​ _____ standard holds that only unreasonable restraints of trade violate Section 1 of the Sherman Act.

rule of reason

​_____ means​ "to stand by the​ decision."

stare decisis

The Texas Natural Resources Code is an example of​ a(n) ____

state statute

​A(n) _____ is a written law enacted by the legislative branch of the federal and state governments that establishes certain courses of conduct to which covered parties must adhere.

statute

Which of the following is NOT a duty a principal owes to an​ agent?

subrogation

is a category of due process that requires government​ statutes, ordinances,​ regulations, or other laws be clear on their face and not overly broad in scope.

substantive due process

The manufacturer or seller is not liable if a product is materially altered or modified after it leaves the​ seller's possession and the alteration or modification causes an injury. Such alteration or modification is called a​ _____ event.

supervening

Which of the following is NOT a criterion to qualify as a general partnership under the​ UPA?

the issuance of​ publicly-traded stock

What was the main reason for the creation of law courts by William the Conqueror during the early development of the English common​ law?

to administer the law in a uniform manner

What was the main reason for the establishment of chancery courts during the development of English common​ law?

to eliminate unfair results and limited remedies of law courts

Gift promises are​ _____ because they lack​ _____.

unenforceable; consideration

A company is trying to determine whether it should close an unprofitable plant located in a small community.​ _____ would require that the benefits to shareholders from closing the plant be compared with the benefits to​ employees, their​ families, and others in the community from keeping it open.

utilitarianism

​A(n) _____ restraint of trade occurs when two or more parties on different levels of distribution enter into a​ contract, combination, or conspiracy to restrain trade

vertical

The board of directors has authority over all of the following EXCEPT​ ____

voting rights

Section​ _____ of the​ _____ Act gave the​ _____ the power to prevent anticompetitive mergers.

​​7; Clayton; federal government


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