MGT 3300 Final Exam

When the party who breaches a contract has behaved maliciously and committed a tort, the court may want to discourage such behavior in the future by imposing what damages besides regular damages?

Puntitive

The goal of mediation is to

Reach an agreement which both parties sign off on

According the UCC's statute of frauds all

Sales of goods worth more than $500 must be in writing

Most states have a two-part legislature, such as Tennessee's Senate and House of Reps. Having two legislative bodies is meant to

Serve as a checks and balances for each other

The majority of businesses in the United States are

Sole practitioners

The ______ relieves a manufacturer of liability for failing to warn of a product's characteristics or dangers when "the end user knows or reasonably should know of a product's danger."

Sophisticated user defense

Megan signs a contract saying she will sell Scott a rare Pokemon card for $5000. She later refuses to sell the card.Scott sues Megan and the court orders Megan to sell the card to Scott for $5000. This is an example of the equitable remedy of

Specific Performance

The practice of deciding court cases by referring to earlier decisions known as

Stare decisis

Today a corporation must be created according to

State Law

Contract law is primarily

State common law

Most tort cases are filed in

State courts

Federal regulation ____ state regulation.

Takes precedence over

Failing to file tax returns, failing to report all income, and overstating your business expenses to lower the amount of money owed to the IRS could be examples of

Tax Evasion

The part of the Constitution that probably has the largest impact on business is knows as

The Commerce Clause

Franchises may be terminated by

The bankruptcy of the franchisee

In a sole proprietorship, the owner is

The business

If a defendant fails to appear in court after being issued a summons

The court will issue a default judgment against the defendant

Scienter is

The intent to defraud

The term res ipsa loquitur means

The things speaks for itself

The UCC's purpose is

To simplify, clarify and modernize the law governing commercial transactions

Forum non conveniens (the forum is not suitable) is a doctrine used by judges to

Transfer a case to another court

Which of the following is NOT a form of intellectual property?

A building

When a person suffers an injury due to deliberate deception, there may be a tort of

Fraud

A contract is a(n) ____ if it arises from the actions rather than the expressions of the parties.

Implied Contract

If you rent an apartment, the apartment is known as

A leasehold

The ____ Amendment to the U.S. Constitution gives the federal government the power to impose income taxes.

16th

Approximately what percentage of patent applications are approved

50%

A tort is

A breach of a duty owed to another that causes harm

Which of the following would be likely to be a violation of the equal protection clause

A state admits only men to a college and does not allow women to enroll

Federal administrative agencies, such as the Environmental Protection Agency or the IRS

All of the above (enact regulations, supervise compliance with regulations, and adjudicate violations of regulations)

The 1966 Supreme Court opinion relating to the Miranda rights holds that

All of the above (persons accused of a crime must be informed of their right to remain silent, persons accused of a crime must be informed of their right to be represented by an attorney, and persons accused of a crime must be informed that statements they make can be used as evidence against them)

Law can be classified on the basis of whether it is

All of the above (public or private, civil or criminal, and procedural or substantive)

Which of the following COULD be a trade secret?

All of these COULD be trade secrets (a mathematical equation, a cake recipe, and a list of clients)

A judicial system that requires parties to represent themselves and argue their positions before a neutral court is referred to as

An adversary system of justice

Under the CISG, advertisements

Are NOT offers that can be accepted to form a contract

__________ of the Uniform Commercial Code governs the law of commercial sales.

Article 2

In a criminal trial, to be found guilty, the standard is guilt

Beyond a reasonable doubt

Which of the following activities is an example of an ultra-hazardous activity

Blasting with explosives

The ____ is what is paid for the substitute goods when a seller fails to deliver goods as specified by a contract.

Cover price

You tell people that someone you dislike is a child molester. This is not true. You most likely committed the tort of

Defamation per se

When state action either shocks the conscience or offends judicial notions of fairness and human dignity it is violating

Due process

The document that sets forth the rights and obligations of the franchiser and franchisee is known as the

Franchise agreement

Dee, a debt collector, calls old Mr. Thompson ten times a day about his debts. She calls him names and threatens to have him beat up. This causes him severe anxiety attacks each time they speak. Dee may be best sued for

Infliction of emotional distress

If a company attempts to steal the good name of another by using a well-respected name to sell their product they could be sued for

Infringement

Trademarks, trade names, patents, and copyrights represent a category of property called

Intangible propety

Real property differs from personal property in that REAL property

Is immovable while personal property is movable

In cases involving businesses, where the public enters the business as a part of doing business, the law presumes the property

Is safe for public admission

The US Constitution created these three branches of federal government: (1) executive, (2) judicial, (3)

Legislative

Specific damages to be paid in case of breach, that the parties agree to in the contract in advance of a breach arecalled ____ damages:

Liquidated

As the United States Supreme Court has explained, for a state to have jurisdiction over an out-of-state business there must exist

Minimum contacts

If a person engages in illegal activities, such as drug dealing, and one hides the origins of the income, besides tax problems, there may be a crime of

Money laundering

The reasonable person standard compares the actions of the wrongdoer/tort feasor with those of a hypothetical person known as the reasonable person. The standard of care that the law presumes the reasonable person meets is

Ordinary care or due care

Chattel is the traditional term for

Personal property

Which is the correct order of stages for a typical lawsuit

Pleadings, discovery, pretrial, trial, appeals

A(n) ____ is an activity that substantially and unreasonably interferes with the use and enjoyment of someone's land.

Private nuisance

The Uniform Commercial Code (UCC) is designed to

Promote uniformity of the laws relating to commercial sale of goods.

The ___________ guarantees federal judges the right to serve "during good behavior."

United States Constitution

The FIRST thing a business with a civil dispute going to litigation must determine is

Which court has the power and authority to decide the case

A party can submit written questions called ____ to the opposing party.

Written interrogatories

A misdemeanor is generally

a crime punishable by LESS than a year in prison