Business Law study guide
After a period of ____ years from the application date for utility patents and ____ years for design patents in the United States, the patent expires and the invention is dedicated to the public.
20, 14
An issue involving the application or interpretation of a law is:
A Question of Law
The act of transferring to another all or part of one's duties arising under a contract is:
A delegation
In which of the following situations would the doctrine of "res ipsa loquitur" apply?
A post operative x-ray showed a surgical sponge in your stomach.
To which of the following does the statute of frauds apply?
A promise to pay the debt of another person.
Which of the following are damages that give the plaintiff the benefit of its bargain, putting the plaintiff in the case position it would have been in if the contract had been fulfilled?
Expectation damages
Rules adopted by a federal agency are published in the
Federal Register
It is also the Thesis of this course that Lawyers are a ___ that can be utilized to obtain competitive advantage and increase VALUE.
Human Resource
____ is when the court determines that multiple defendants are at fault and the plaintiff may collect the entire judgment from any one of them, regardless of the degree of the particular defendant's fault.
Joint and Several Liability
The authority of a court to hear and decide a specific case is:
Jurisdiction
The federal trademark act is known as the ___ Act
Lanham
Which of the following is a term addressing the ability of a manager to communicate effectively with counsel and to work together to solve complex problems?
Legal astuteness
Which of the following is a type of damages that the parties specify in advance?
Liquidated
Under the ___ rule, a statement made by a defendant in custody is admissible only if the defendant was informed prior to police interrogation of his or her constitutional rights.
Miranda
Which of the following is a theory that recognizes that firms have relationships which many constituent groups which both affect and are affected by the actions of the firm?
Stakeholder
A common law doctrine under which judges are obligated to follow the precedents established in prior decisions is:
Stare Decisis
A Limitation over the types of cases a court can hear is:
Subject-Matter Jurisdiction
____ law defines, a describes, regulates, and creates legal rights and regulations.
Substantive
Individuals or entities that purchase a business may be held liable for the tortious acts of the previous owner under:
Successor liability
The ____ approach recognizes that "business decisions consist of continuous, interrelated economics and moral components" and that "the moral aspects of choice" are the "final component of strategy."
Systems
The federal statute authorizing individuals to obtain copies of government records on any subject that is of interest is known as
The Freedom of Information Act
Assumption of risk is a defense to the tort of negligence. (T/F)
True
Federal jurisdiction is granted when a question pertains to the U.S. Constitution, acts of Congress, or Treaties (i.e., a Federal Question). (T/F)
True
What three-step procedure does an agency follow in order to promulgate rules or regulations, and in what order is the procedure performed?
(1) Notice to the public (2) evaluation of comments (3) Adoption
In order for a party to prevail in a tort action, the plaintiff must prove four elements: (i) the tortfeasor possessed actual or implied intent, (ii) the tortfeasor's act was voluntarily, (iii) but for the tortfeasor's act, there would be no injury (causation), and (iv) the plaintiff suffered a cognizable injury or harm. (T/F)
True
Laws establish rights, duties and privileges that are consistent with the values and beliefs of a society. (T/F)
True
The Criminal Act (Actus Reus) is the guilty act of wrongful act in question. (T/F)
True
The Ex Post Facto Clause states that a person can be convicted of a crime only if the person's actions consitutated a crime at the time they occurred. (T/F)
True
The packaging or dressing of a product may be protected under the trademark laws as trade dress. (T/F)
True
The purpose of precedent and stare decisis is to make the law more stable and predictable. (T/F)
True
The type of deed used by the seller determines the scope of the warranties the buyer is given. (T/F)
True
Theft (larceny) ranges from taking home pens and paper from the office to stealing money through the company's computer system. (T/F)
True
To have standing, an individual must demonstrate that he or she has been injured or threatened with injury. (T/F)
True
Trade secrets are protected for an indefinite time. (T/F)
True
Under strict liability, a defendant can be guilty of a crime regardless of his or her state of mind. (T/F)
True
When a creditor accepts a lesser amount owed and the debtor executes payment is known as "Accord and Satisfaction." (T/F)
True
The conveyance of a ___ interest conveys absolute ownership of real property.
fee simple
A ___ is any crime that is punishable by death or imprisonment for more than one year.
felony
The person conveying real property is the ____, and the person to whom the propery is conveyd is the ____.
grantor, grantee
In a(n) ____, the potential buyer pays the seller for the right, but not the obligation, to purchase the property during a given time period.
option contract
A contract entered into by a minor is
voidable
____ also known as "compensatory damages", measure the cost to repair or replace an item, or the decrease in market value caused by the tortious conduct and may also include compensation for medical expenses, lost wages, and pain and suffering.
Acutal damages
____ occurs when a person acquires ownership on a piece of property by adversely possessing a parcel of land for the period of time specified by a state statute.
Adverse possession
The principle, "pacta sunt servanda" means:
Agreements must be kept
Which of the following is FALSE regarding written contracts? -Disputes are easier to settle when contractual terms are writing. -In general, written contracts aid in the conduct of smooth business contracts. -All contracts must be in writing in order to be enforced. -None of the above.
All contracts must be in writing in order to be enforced.
Which of the following is true regarding agency action? -Agencies make rules to effectuate legislative enactments -Agencies resolve conflicts by formal adjudication. -Agencies conduct investigations regarding compliance with specific laws and regulations. -All of the above are correct.
All of the above are correct
Which of the following is a primary source of law?
An Administrative Regulation
The act of transferring to another all or part of one's rights arising under a contract is:
An assignment
Which of the following is a type of conditional promise?
Both a condition concurrent and a condition subsequent
Diversity jurisdiction exists when:
Both that a lawsuit is between citizens of different states and that the amount in controversy, exclusive of interest and all costs, exceeds $75,000.
A person who has legal _____ to contract is one who has the mental ability to understand his or her rights and obligations under a contract and, therefore, will presumably be able to understand how to comply with the terms of the agreement.
Capacity
The "but for" test and the "substantial factor" test are both associated with which element of a negligence claim?
Causation
Under the doctrine of ___, the plaintiff may only recover the proprotionate amount of damages attributable to the defendant's negligence.
Comparative negligence
Federal administrative agencies are normally created by
Congress
____ is the taking of money or property that is lawfully in the employee's possession by reason of his or her employment.
Embezzlement
Which of the following is NOT a part of the measure of compensatory damages? -The cost to repair or replace an item. -The decrease in market value of an item. -Compensation for medical expenses. - Damages to deter others from engaging in similar conduct.
Damages to deter others from engaging in similar conduct
The form of logic where one reasons from the general to the specific is known as
Deductive Logic
According to Aristotle, what are the elements of persuasion:
Ethos, Pathos, & Logos
A LONG-ARM STATUTE permits a court to exercise jurisdiction over a defendant residing in the same state as the court. (T/F)
False
A Law is an enforceable rule governing relationships among individuals and between individuals and their families. (T/F)
False
A contract is an agreement that cannot be enforced in court. (T/F)
False
A contract's purpose must sometimes accomplish some goal that is legal and not against public policy. (T/F)
False
A copyright is a government-granted right to exclude others from making, using or selling an invention. (T/F)
False
A syllogism is composed of the major conclusion, minor premise, and the assumption. (T/F)
False
A tort is a criminal wrong resulting in injury to a person or property (T/F)
False
Case law is defined as rules of law passed by Congress and state legislatures. (T/F)
False
Contracts that can by their terms be performed within one year from the day after the contract is formed must be in writing (T/F)
False
In a criminal trial, the defendant must be proven guilty by a preponderance of the evidence. (T/F)
False
Registration with the Federal Trademark Register is a requirement for obtaining any rights in a trademark. (T/F)
False
The "No Double Jeopardy Rule" holds that a person can be tried for the same crime twice. (T/F)
False
The Constitution sets forth the general organization, powers and limits of government and also includes local ordinances passed by municipal or county governing units. (T/F)
False
The person that conveys real property by deed is called the grantee (T/F)
False
VENUE is the term for the personal jurisdiction of a court. (T/F)
False
The tort of negligence does not include the element of ___.
Intent
Which of the following is NOT true regarding the legal requirements of a deed?
It must signed by the named grantee.
A contract under which the offeror cannot revoke the offer for a stipulated time period is: -A mandatory contract -A Quasi-contract -An open contract -None of the Above
None of the Above
A court decision that furnishes an example of authority for deciding subsequent cases involving identical or similar facts is:
Precedent
According to Oliver Wendell Holmes, Jr., the object of legal study is:
Prediction
___ for arrest is defined as a reasonable belief that the suspect has committed a crime or is about to commit a crime.
Probable cause
____ law establishes the methods of enforcing the rights established by law.
Procedural
A doctrine that applies when a promisor makes a clear and definite promise on which the promise is binding if justice will be better served by the enforcement of the promise.
Promissory estoppel
Which of the following is not one of the basic elements for formation of a valid contract?
Promissory estoppel
Which of the following is NOT one of the four primary public policy objectives of the laws and regulations applicable to U.S. business in the early twenty-first century? -Promoting economic growth -Protecting workers -Promoting public welfare -Promoting government regulation
Promoting government regulation
A preliminary hearing requires the prosecutor to present probably cause that the defendant committed the crime (T/F)
True
____ also knwon as exemplary damages, may be awarded to punish the defendant and deter others from engaging in similar and are awarded only in cases of outrageous misconduct.
Punitive damages
Which type of deed contains no express or implied warranties?
Quitclaim
In negligence cases, Defendants are generally held to which standard:
Reasonable person
The Thesis of this course is that the LAW is not a handicap but a:
Resource
Which of the following describes when an employer is held vicariously liable for the torts of the "servant" or employee if the employee was acting within the scope of his or her employment?
Respondeat Superior
In the legal reasoning, the "controlling rule" equates with which part of the syllogism:
The major premise
A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed is:
The mirror-image rule
Which of the following is the best defense to negligence?
The plaintiff contributed to his own injuries.
Throwing trash onto someone else's land would be an example of:
Tresspass to Land
A CONDITION PRECEDENT in a contract is a condition that must be met before a party's promise becomes absolute. (T/F)
True
A REVOCATION can occur anytime before an acceptance. (T/F)
True
A classic example of a trade secret is the formula for Coca-Cola. (T/F)
True
A misdemeanor is a crime punishable by a fine or a jail sentence of less than one year. (T/F)
True
A geographic district in which a legal action is tried and from which the jury is selected is:
Vanue
A third party beneficiary is someone who is not
a party to the original contract
The defendant formally pleads guilty or not guilty at the
arraignment
In a criminal case, the accused is presumed innocent until proven guilty
beyond a reasonable doubt
A ____ placed on a product indicates that the product has met the certifier's standards of safety or quality
certification mark
Conditions ____ occur when the mutual duties of performance are to take place simultaneously.
concurrent
Under the doctrine of ___, the plaintiff's negligence is an absolute bar to recovery against the defendant.
contributory negligence
The term "actus reus" is often used to describe a guilty
deed
A valid search warrant must ___.
describe in specific detail what is to be searched or seized
A(n) ____ state of mind is the least culpable type of "mens rea".
negligent
An offer can be terminated by ____
operation of law and also action of the parties
Evidence found as the result of an illegal search may be characterized as
the fruit of the poisonous tree.
The duration of a copyright granted to a known individual. Not a work done for hire, will be
the life of the author plus 70 years.
Under the doctrine of ___, a court may invalidate an agreement if one party had sufficient influence and power over the other as to make genuine assent impossible.
undue influence
