Business Law Quizlet
Which country does the US legal system derive from?
United Kingdom
Where can you find a codification of federal laws?
United States Code
What is the big idea with corporate responsibility?
businesses are in a position to give back and they should use that role to improve the community they are in
What is the overarching idea in business ethics?
businesses should have a clear set of values that promote ethical practices and social responsibilities
What is the "obtain cover" remedy?
buyers are allowed to substitute goods for those due under the sales contract, but substitutes muse be reasonable, acquired without delay, and obtained in good faith
What is the "sue" remedy?
buyers are entitled to consequential and incidental damages if there is a breach of contract; may also be able to obtain liquidated damages or punitive damages
The following are possible remedies to buyers under the UCC:
cancel the contract, obtain cover, and sue
What gives the government the authority to regulate interstate and international commerce?
commerce clause
What are six features of a sales contract?
consensual, bilateral, onerous, commutative, nominate, and principal
Four sources of law in the US legal system are:
constitutional law, judicial law, legislative law, and administrative law
What are the four types of law within the US law system?
constitutional, case (judicial), legislative, and administrative
Examples of illegal contracts include all but the following:
contracts in consideration of marriage
All of the following are features of sales contracts except:
cumulative
Consequences of being convicted a crime include all of the following except:
damages
What do common law rules develop from?
decisions of the courts in legal disputes
What is an offer?
demonstrates an invitation to the other party to conclude an agreement
What do ethical principles do?
dictate decision, processes and procedures
What clause of the constitution offers the most extensive protection for businesses
due process clause
What is a breach of contract claim?
either or both parties claim that there was a failure, without legal excuse, to perform on any, or all, parts and promises of the contract
What is the function of law in the US?
establish standards, promote consistency, and promote, provide, and maintain order
What is ethical leadership?
ethical leaders should lead by example, promote open communication, avoid bias, and admit your mistakes
What are the two types of warranties?
express and implied
The 14th Amendment is a part of the Bill of Rights
false
True or false? All of the sections of the Bill of Rights apply to corporations and commercial activities
false
True or false? Criminal laws allow for damages to victims
false
True or false? Securities are only regulated by federal laws
false
True or false? The Patient Protection and Affordable Care Act's provision that mandated that individuals not insured through employment obtain minimum essential health insurance or face a penalty was upheld as constitutional by the 11th circuit
false
What laws are codified in codes specific to jurisdiction?
federal and state laws
The doctrine aimed at dividing the governing powers between the federal governments and the states is:
federalism
Which of the following is most likely to be classified as a necessary for which a minor will be held liable on a contract?
food
Courts of equity will not grant specific performance of contracts:
for a personal service contract
What are the ways an agreement can be invalidated?
fraud, misrepresentation, and undue influence
What can a contract be invalidated by?
fraud, misrepresentation, and undue influence; cannot be terminated just because a different decision needs to be made
What is the "obtain specific performance" remedy?
if the goods are unique or a legal remedy is inadequate, the seller may be required to deliver the goods as identified in the contract
Who decides the business ethics for a company?
leadership
What are both national and state government (concurrent) powers?
levy taxes, borrow money, administer courts, make and enforce laws, build roads and transportation systems, take private land for public use with just compensation (eminent domain), and charter banks and corporations
Forms of Alternative Dispute Resolution ("ADR") include all of the following except:
litigation
All of the following are examples of results of unethical business actions except:
lower employee salaries
The Bureau of Economics concentrates on all but the following:
lower prices for consumers
What are remedies to a breach of contract?
money damages, recission, and specific performance
Typical remedies available for a breach of contract include:
money damages, rescission, specific performance
What are ethical principles?
monitoring the quality of products and services, the commitment a business has to its customers, and how the business gives back to the community
What are the elements of a contract?
offer, acceptance, considerations; all need capacity
The elements that belong in a Code of Conduct for a company include all of the following except:
office hours
What is acceptance?
one person's compliance with the terms of an offer made by another; willingness of one party to enter in a contract with another party according to the terms set out by the offering party
Examples of a defect in a breach of the implied warranty of merchantability, include all of the following except:
product defect
What is the triple bottom line?
profit, people, and planet
What is consideration?
promise, performance, or forbearance bargained by a promisor in exchange for their promise
The elements of a contract include all but the following element:
promissory estoppel
What is an exception to the requirement of consideration?
promissory estoppel
The three dimensions of the triple bottom line include all of the following except:
promotion
Ethical rules can be based on deep values of an organization which may include:
quality of products and services, commitment to customers, how the organization gives back to the community
What do unethical business practices cause?
recruitment and retention problems, negative employee relations and causes issues with employee retention
What are federal (national) government powers?
regulate foreign and interstate commerce, coin money, tax imports and exports, establish and regulate the postal system, conduct foreign relations and make treaties, create and maintain armed forces, declare war, amend the US constitution, and to make laws "which shall be necessary and proper" for carrying out enumerated powers
What does the commerce clause give the government authority to do?
regulate interstate and international commerce
What are state government powers?
regulate interstate commerce, establish and maintain schools, establish local governments, issue licenses, permits, and certificates, protect public health, safety, and morals, maintain state militia (National Guard), and ratify amendments to the US Constitution
Regulations are:
rules adopted by administrative agencies
How many steps are there to ethical decision making?
six
How are administrative agencies created?
statutes passed by Congress
Which clause of the US Constitution provides that, within its own sphere, federal law is supreme and that state law must, in case of conflict, yield?
supremacy clause
The benefits of Corporate Responsibility for a business include:
talent attraction, consumer influence, and improved perception by investors
What are the benefits of corporate responsibility?
talent attraction, consumer influence, and improved perceptions by investors
What is the "cancel the contract" remedy?
the UCC allows buyers to cancel the contract for nonconforming goods and to seek remedies that give them the benefit of the bargain
What governs sales contracts?
the Uniform Commercial Code
What source of law governs sales contracts?
the Uniform Commercial Code
Who designs the structure of an agency?
the agency itself
Why are agencies needed?
the bandwidth of the direct government is not capable of handling all necessary tasks
A minor can avoid a contract to purchase a car if:
the car has been destroyed, the car has been damaged, and he or she grows tired of it
What is profit in the triple bottom line?
the financial return an organization generates for shareholders
What is the commutative feature of a sales contract?
the good sold is considered to be the equivalent of the price, and vice versa
What is the onerous feature of a sales contract?
the good sold is conveyed in consideration of the price, and the price paid is conveyed in consideration of the good
What is corporate responsibility?
the idea that a business is given the opportunity and privilege to make the world a better place
What is an implied warranty?
the law implies a warranty; a warranty automatically exists simply because a sale was made
What is a vendor?
the party who is obligated to deliver the good
What is a vendee?
the party who is obligated to pay for the good
Who appoints leaders to run administrative agencies?
the president
Who appoints leaders to the agencies?
the president
What is an express warranty?
the seller explicitly guarantees the quality of the good or service sold; written directly into the contract
What is the principal feature of a sales contract?
the validity does not depend upon the existence of other contracts
What is the consensual feature of a sales contract?
they are perfected by mere consent without the need for any additional acts
What is the nominate feature of a sales contract?
this type of contract has a special designation
What is the purpose of federalism?
to avoid tyranny, allow for more participation in government, and to give the states more freedoms
What is the function of law in the United States?
to establish standards, promote consistence and maintain order
Why should a set of ethics or code of conduct should be developed
to organize and guide the organization
True or false? A contract involving a minor is likely only voidable until the contract reaches the age of majority.
true
True or false? A person who does not have capacity can chose to void the contract.
true
True or false? Some of the rights in the Constitution's Bill of Rights extends to Corporations
true
True or false? State agencies are designed in the same way as federal agencies.
true
True or false? The UCC allows sales contracts to have more flexibility than a standard contract.
true
True or false? The UCC governs goods, services and realty.
true
True or false? You can only seek to get damages from the civil system.
true
What team?
wildcats
What is an organic statute?
written by Congress; lays out the purpose of the agency and the responsibilities and authority
What system is the state law of Louisiana derived from?
French systems
The FDA stands for:
The Food and Drug Administration
What is planet in the triple bottom line?
an organization's effects on the environment
What is a contract?
an agreement between two or more people that is enforceable by law
What is a warranty?
assures the buyer that a good or service is free from defects
What are the six steps of ethical decision making?
1. make sure leaders understand the issue at hand and have gathered all of the facts related to it, 2. leaders should list all of the facts they know, and list any assumptions they are making about the issue, 3. note all of the concerns related to the issue, including all of the people concerned, the laws related to the issue, and any corporate or professional ethical guidelines that may be involved, 4. construct a potential solution to the problem, 5. evaluate the proposed solution, making sure to consider all of the ethical aspects, 6. once leaders have come to a solution, they recommend it and any actions that need to be taken
What is the bilateral feature of a sales contract?
both parties in the contract are bound to fulfil reciprocal obligations toward each other
Administrative agencies are created by:
Congress
Alex has been sued by Will for failure to pay rent for their apartment which source of law will govern this lawsuit?
Civil Law
What is people in the triple bottom line?
an organization's commitment to positively impacting society
The legislature of the state of Wyoming enacts a new statute that sets standards for the liability of businesses selling defective products. This statute applies in:
Wyoming only
What is a sales contract?
a contract of sale is a specific type of contract in which one party is obligated to deliver and transfer ownership of a good to a second party, who in turn is obligated to pay for the good in money, or its equivalent
The process of assigning authority to administrative agencies is called:
a delegation
Consideration may include any of the following except:
a gift
What kind of system is the United States?
a republic system under the Constitution
What is a sale?
a transaction that involves "the passing of title from the seller to the buyer for a price"
Which of the following is correct with regards to the powers of state government in the US?
all powers not specifically enumerated to the federal government are reserved to the states
