BUS LAW FINAL

Which amendment guarantees the right to due process?

5th and 14th

Neal and Tim get into an argument at the bar. When Tim is not looking Neal punches him in the back of the head. Time never sees the punch. What tort has Neal most likely committed?

Battery

What is the primary source of congress's power?

The Commerce clause

True or False. A contract for the sales of goods would not need to be in writing under the statute of frauds.

True

True or False. A sample is considered an express warranty in a sale of goods

True

What is the name given to the jury selection process in the jury trial?

Voir dire

What duty does a landowner owe to unknown trespassers?

a duty not to intentionally injure

Which of the following courts would be required to follow a decision made by the US supreme court?

all of them

Which of the following term best describes the voluntary transfer of contract rights to a third party?

an assignment

What creates an administrative agency and gives it power?

an enabling statute

What is an advertisement generally considered?

an invitation for the prospective buyer to make an offer

What article of the UCC governs contracts for the sale of goods?

article 2

What type of contract involves one party making a promise in exchange for the promise of another party?

bilateral contract

What is another name for Sunday closing laws?

blue laws

What is it called when a party fails to perform as required by the contract without any justification or excuse?

breach

Petra tells Carey "I will sell you my guitar for $400 to which Carey replies "I would be willing to give you $300 for it." What would best describe Carey's statement?

counteroffer

What are liquidated damages?

damages that are agreed to in advance

What terms describes a principal whose existence and identity are known to a third party dealing with an agent?

disclosed principal

What are the trial courts in the federal court system called?

district courts

What would a party that is forced to sign a contract at gunpoint most likely argue as a defense to the contract?

duress

Which of the following terms best describes the government's power to take the title to private property after paying the owner just compensation?

eminent domain

What is the term for contract clause that attempts to relive a party of liability for torts?

exculpatory clause

What type of agency is created without an agent's right to compensation?

gratuitous agency

What legal effect does a contract entered into by a minor without parental consent have?

it is voidable - has the potential for being void

What is real property?

land

What term best describes a defamatory statement made in the newspaper that falsely claims that a person has a sexually transmitted disease?

libel

What is the name of the common law contract rule that holds that acceptance is effective the moment it is sent?

mailbox rule

Which of the following is not an element of the tort of negligence?

malicious intent

What term best describes a person who deals in goods of a particular kind?

merchant

Which of the following individuals would have limited capacity to enter into a contract?

minor, mentally ill, incompetent

What is the name of the common law contract rule that holds that the terms accepted by the offeree must be identical to the terms offered by offeror?

mirror image rule

What is required for a valid contract?

mutual assent, consideration, capacity

How many justices sit on the U.S. Supreme Court?

nine

Al tells his neighbor I would be willing to sell you my van for $400. What would best describe Al's statement?

offer

What is the name given to a contract where the seller agrees to sell all of the goods that he produces to a single buyer?

output contract

What is the name of the rule under the UCC that required goods to be tendered exactly to the requirements?

perfect tender rule

What is the most important underlying public policy of sales?

promote an exchange economy, provide an opportunity for specialization and enhanced productivity

A state statute required all doctors to pass a test and obtain a license from the state's medical board before. What type of statute would this be considered?

regulatory licensing statute

What is the name of the rule that holds that an employer is vicariously liable for torts committed by employees within the scope of employment?

respondent superior

What is the term used to describe state civil courts that are only authorized to hear cases involving limited amount of money?

small claims court

What type of equitable relief involves a court order commanding a breaching party to fulfill its contractual obligations by performing an act?

specific performance

What is the initial pleadings filed by a plaintiff in a civil law suit?

summons and complaint

What is sometimes referred to as "the supreme law of the land?"

the US Constitution

What does federalism refer to?

the division of power between the federal government and the states

Which amendment to the US Constitution protects freedom of speech?

the first amendment

Who has the power to appoint the head of a federal administrative agency housed within the executive branch?

the president

What type of statute regulates the maximum rate of interest that can be contracted for?

usury statute