MGMT 2050 Final

What are two legal doctrines in negligence which describe causation?

"But For" Test -- actual cause + Proximate Cause -- foreseeabliity

Which of the following defines consideration in regards to contract law?

A bargained-for exchange of value

All of the following are contracts that must be in writing except:

A contract to lease goods under $1000 An agreement to pay the debt of another under a guaranty contract Contracts involving interests in land Promises related to marriage

Which of the following is an example of an illegal contract?

A contractor makes an agreement to build a homeowner's pool in the open field of the park behind their house

Which of the following is not true of bonds?

A corporation may issue a bond of any amount regardless of its earnings.

What is the Uniform Commercial Code (UCC)?

A model statute created by judges and legal scholars that simplified the conflicting common law rules concerning commercial transactions

If a jury cannot agree on whether to convict or acquit a defendant what is the result?

A new trial is held

employment contract agreement by which the employee agrees no to work for a business competitor for a specific period of time, or in a specific geographical region, or both, upon leaving the business?

A non-competition clause

Which of the following is true of tort liability in a general partnership?

A partner can be sued even if he or she did not commit the tort.

What is a limited-purpose public figure?

A person who thrusts themselves in the public eye with regard to a particular issue

Define complete performance.

A satisfaction of all terms and conditions of the contract

All should be included in a certificate of limited partnership except which of the following?

A scope of potential business opportunities and investment

Which of the following defines fraud?

A tort that occurs when a person uses false facts with an intent to deceive, and the victim is economically injured after relying on the misrepresentation

The act in furtherance of criminal intent

Actus Reas

Which of the following prohibits the suppression of competition by making unlawful business practices?

Administrative Procedure Act Sherman Act Federal Trade Commission Act None of the above

Which of the following is defined as a harmful or offensive contact?

Battery

Which of the following describes defamation?

Can take the form of any disclosure and doesn't require formal publication or broadcast. Intentionally or accidentally published false information about a victim showing malice. Can include two people exchanging false information about a third party

n a _________________ franchise, the franchisor licenses the franchisee to sell or make its products.

Chain-style

eter's Pet Palace, a pet store chain with five shareholders, is an example of a _________________ corporation.

Closely held

According to Section 2 of the Sherman Act, a person will be guilty of a felony if they do which of the following?

Combine with any other person to monopolize any part of the trade or commerce in or out of the country

Which of the following is a reason why the law favors contractual agreement?

Decreases the cost of doing business Reduces conflict Stabilizes business relationships

If a defendant fails to file an Answer or a plaintiff fails to file a Reply each may be found in ___________.

Default

A business owner has a duty to give a monthly report on sales via conference call. The owner transfers this duty to the company's sales director. This is an example of which of the following?

Delegation

What is the process whereby each party in a court case is required to surrender information they have about the subject matter of the case?

Discovery

In a _________________ franchise, the manufacturer licenses the franchisee to sell a product within a specific geographical area.

Distributorship

A _________________ is a distribution of corporate profits to shareholders.

Dividend

Which of the following is NOT true of an exclusive dealing agreement?

Does not include agreements by the manufacturer to only sell its products to a particular buyer

A defense that protects a person who is forced into committing criminal behavior due to a threat of imminent peril of death or serious injury to the defendant or a third party is called what?

Duress

Referring to contracts, which is true of duress? (Select all that apply.)

Duress involves the threat to the defendant (or a third party) of imminent peril of death or serious injury. A party who entered into a contract subject to duress may void it.

What is a legal obligation imposed on an individual requiring behavior adhering to a standard of reasonable care while performing acts which could foreseeably harm others?

Duty of Care

Which clause of the U.S. Constitution affirms that the laws of the U.S. must be applied equally to all of its citizens?

Equal Protection Clause

Which of the following is NOT true of administrative law?

Establish the mission statement of the agency

What type of contract is one in which the terms of the agreement are precisely delineated?

Express Contract

If an offer is clear as to who is involved, the objective of the contract, the terms of payment and performance, and when and how the contract will be fulfilled it is said to have what?

Express terms

Which of the following is NOT true of false imprisonment?

False imprisonment usually includes transportation of the victim.(False imprisonment is the intentional confinement or restraint of another person's movements. The confinement may be through trickery of the victim. The confinement may be through physical barriers.)

f John were to create an ad for STD awareness and used a picture of his friend who has no STD's, his friend could consider this what type of tort?

False light

What is the study and theory of law and legal systems?

Jurisprudence

A set of rules for human behavior established by legitimate legislative authority that has binding force upon citizens in a democratic society is referred to as what?

Law

People who believe in which jurisprudential school of thought suggest that judges should not be bound by precedent, but consider social and economic factors in interpreting the law?

Legal Realism

Which term describes courts empowered only to hear controversies of a specific nature?

Limited Jurisdiction

Which of the following is true of general and limited partners in a limited partnership?

Limited partners are not liable for partnership debts.

In a _________________ franchise, the franchisor provides a secret formula or process to the franchisee, and the franchisee then manufactures, distributes, and sells the product.

Manufacturing

What is an alternative to trial that uses an objective third party to assist parties in resolving disputes?

Mediation

Which of the following is NOT true of contracting with minors?

Minors are not required to live up to terms of contracts that provide them with the necessities of life.

Which term implies that the acceptance of an offer must reflect the terms set by the offer or it becomes a counteroffer?

Mirror-Image Rule

Which of the following are among the four invasion of privacy torts? (Select all that apply.)

Misappropriation Intrusion upon seclusion

Which of the following is NOT true for arbitration?

None of the above( An arbitrator is usually a retired judge or legal expert. Arbitration decisions may be legally binding or non-binding. An arbitrator is hired to hear the matter and impose a resolution upon them.)

All are required of the franchisor as part of the Franchise Rule except which of the following?

Notify the franchisee of personnel changes

New contracts of a corporation are also called _________________.

Novations

Which of the following is not true of general partnerships?

Partners must always agree to split the profits and losses evenly.

A grandfather tells his grandson that he will pay him $1,000 because he helped his grandfather when he was sick a few years earlier. This is an example of what kind of invalid consideration?

Past consideration

In a sole proprietorship, the sole proprietor assumes _________________ liability.

Personal

Common stock shareholders generally have _________________, including the right to purchase newly-issued stock over other parties.

Preemptive rights

What is concurrent jurisdiction?

two or more courts from different systems simultaneously have jurisdiction over a specific case.

Because the Supreme Court hears cases which have already been heard in lower courts it is considered what type of court?

Appellate Court

John and Sean own grocery stores in California. They both agree to stop buying and selling products from Quinton and his company. This is an example of which horizontal restraint?

Boycott

What is defined as spoken false information that harms a person's reputation?

Slander

A _________________ is the most common form of U.S. business.

Sole proprietorship

Which of the following is NOT true about a trial's ripeness?

Some U.S. court systems will offer advisory opinions on supposed controversies.

Which of the following implies a purposeful, knowing effort to accomplish an unlawful act?

Specific Intent

designed to discourage judges from deviating from an earlier court ruling on a particular issue

Stare Decisis

Which of the following would NOT included in a defendant's answer document to the court?

Statute of Limitation

If an individual is found guilty of participating in meth dealing to teenagers it would be considered what kind of crime?

Strict Liability Offense

Which term best describes when liability falls on manufacturers and merchants, and all others in the chain of distribution, who sell defective products to consumers that injure themselves without shoing the manufacturer breached the duty of care?

Strict Product Liability

Which of the following is NOT a form of horizontal restraint?

Tying Arrangement

The presence of which of the following would be a legitimate reason to challenge a contract? (Select all that apply.)

Undue influence Fraud Mistake Duress

Which of the following is a situation where only one party to the contract errs?

Unilateral Mistake

If a contract is composed of all the legal requirement, but not yet performed, it is said to be a____ contract?

Valid

Which of the following is NOT a remedy for the non-performance of a contract agreement?

Value exchange( Like performance Money damages Recission)

Which of the following is not true of an LLC?

An LLC is not taxed at the business level; members are taxed individually.

Which of the following is not true of LLC taxation?

An LLC must retain all losses.

If a party feels a mistake of law was made in a trial, she/he may request what?

An appeal

Which of the following is NOT true for bilateral and unilateral contracts?

An example of a bilateral contract is a person who returns a stolen item for a reward.( In a unilateral contract, if the offeree performs subject to an offer, the offeror may be bound to his promise to perform as well. Bilateral contracts consist of binding promises to perform from both parties. Unilateral contracts consist of the offeror making an offer and the offeree accepts by performing an action.)

The transfer of benefits of a contract to a third party is known as what?

Assignment

What type of damages will be awarded to a non-breaching party if the breaching party knows (or should know) that a breach will cause special harm to the non-breaching party?

Consequential damages

Define an informal contract.

Contracts not requiring a special form or signature

A tort that occurs when a person interferes with or deprives another person of his or her property is called what?

Conversion

Which crimes are third when listed from least serious to most serious?

Felonies

Under which of the following does an offer made by one merchant to another remain open for a set time, during which it cannot be revoked?

Firm Offer Rule

HealthyUs is a corporation formed in Maine, but now operates in Vermont. This is an example of a(n) _________________ corporation.

Foreign

The managing partner of a limited partnership is known as the _________________ partner.

General

What shields most doctors and other medical personnel from liability for inuries to a person that might result from attempts to assist them in exigent circumstances?

Good Samaritan Laws

Which of the following is not true of the owner of a sole proprietorship?

He is required by law to adopt a fictitious business name.

when two firms at the same level of distribution make an agreement to restrain trade?

Horizontal Restraint

A motion for a change of venue might be granted if _______.

If a party feels a judge is biased If no impartial jurors can be found in the community

All are examples of infractions except:

Internet fraud( Nuisance Parking violations Traffic violations)

Which of the following is true of the Clayton Act?

Is an amendment to the Sherman Act

Why is a gift not consideration? (Select all that apply)

It is a free-will offering

Which of the following is the lowest standard of proof in a legal case?

Prima Facie

Corporations created to assist doctors, lawyers, accountants, etc. are known as _________________ corporations.

Professional

Which of the following prevents one person from serving as a director of one or more corporations when certain conditions are met?

Section 8 of the Clayton Act

States that some contracts require writing

The Statute of Frauds

Which of the following would be considered valid reason to discharge a contract? (Select all that apply.)

The contract is to sell a house but the house explodes A cement layer is hired to make a sidewalk and a tropical storm hits the city

Who participates in the selection of jurors for a trial?

The judge The lawyers of each party

All are true statements for conspiracy except:

The object of the crime has to be accomplished.(It is the act of agreeing to commit a crime, coupled with another act in pursuit of the contemplated crime. Prevalent in the business context It is a specific intent crime.)

Which of the following is true of money laundering? (Select all that apply.)

The term comes from the notion that illegally obtained money is "dirty" money and most be laundered.

All of the following are purposes for voir dire and preempotory challenges except:

To take less time to reach a verdict( To determine potential juror qualification for jury duty Help parties find the ultimate verdict more acceptable Give parties power to excuse jurors with a private bias)

Illegal interference with another's realty and personalty falls under which category?

Torts against property

Which is true for torts and crimes?

Torts may be serious enough to be considered crimes.

A tort that occurs when a person unlawfully takes or damages another's property is:

Trespass to Chattel