BUS 216001 Final Review
Which of the following are non-dischargeable debts? 1) Student loans, debts not listed in the bankruptcy, federal taxes 2) Debts for personal injury caused by driving while intoxicated 3) All of the above are generally non-dischargeable 4) Alimony, child support, debts incurred because of fraud or embezzlement
All of the above are generally non-dischargeable
Historical School of Law____________? A) Believed that precedent would be more important than moral arguments B) Stressed the need for certain laws and doctrines to be altered in order to remain current 3) Stated that the social context of law was more important 4) Emphasized the longstanding domination of men over both women and the rest of the world
Believed that precedent would be more important than moral arguments
An award of money damages to make the plaintiff whole. 1) Punitive 2) Nominal 3) Consequential 4) Compensatory
Compensatory
Which of the following nonbankruptcy alternatives is an agreement by creditors to accept less than the full amount of the debt and to discharge the debtor from further liability? 1) Reaffirmation 2) Receivership 3) Composition 4) Conversion
Composition
This may be awarded after the jury returns a verdict that the judge believes no rational jury could have come to. It reverses the verdict and awards judgment to the party against whom the jury's verdict was made. 1) Summary Judgment 2) Directed Verdict 3) Judgment N.O.V. 4) Motion to Dismiss 5) Reversal Verdict
Judgment N.O.V.
In the United States, lawyers undertake three years of graduate study resulting in the award of the: 1) Juris Doctor degree. 2) Scientiae Juridicae Doctor degree. 3) voir dire degree. 4) Magister Juris degree. 5) Legum Doctor degree.
Juris Doctor degree
The philosophy of law. There are many philosophies of law and thus many different jurisprudential views? a) Criminal law b) Civil law c) Jurisprudence d) Natural law
Jurisprudence
The duty of an agent to act always in the best interest of the principal, to avoid self-dealing. a) fiduciary duty/duty of loyalty b) duty of accounting c) duty of obedience d) duty of compensation
fiduciary duty/duty of loyalty
A lien that is expanded to cover any additional property that is acquired by the debtor while the debt is outstanding is known as a: 1) possessory lien. 2) tax lien 3) floating lien. 4) blanket lien.
floating lien
Under the Magnuson-Moss Act, a complete promise of satisfaction limited only in duration. 1) limited warranty 2) implied warranty 3) full warranty 4) durable warranty
full warranty
The person who holds another's general durable power of attorney is considered to be a(n): 1) special agent 2) independent contractor 3) subagent 4) general agent
general agent
The duty of an agent to act always in the best interest of the principal, to avoid self-dealing. 1) fiduciary duty/duty of loyalty 2) duty of compensation 3) duty of accounting 4) duty of obediane
fiduciary duty/duty of loyalty
The person who holds another's general durable power of attorney is considered to be a(n): a) subagent b) special agent c) independent contractor d) general agent
general agent
A(n) _____ is considered a disregarded entity for tax purposes. 1) general partnership 2) domestic corporation 3) foreign corporation 4) sole proprietorship 5) C corporation
general partnership
______ is a form of agency where the agent receives no compensation. 1) gratuitous agency 2) agency coupled with an interest 3) executive agency 4) general agency
gratuitous agency
______ is a form of agency where the agent receives no compensation. a) agency coupled with an interest b) general agency c) gratuitous agency d) executive agency
gratuitous agency
Identify the elements of a contract. 1) promise and money exchanged 2) voluntary agreement, consideration, capacity, legality 3) involuntary agreement, consideration, competency, legality 4) duty, breach, damages, causation
voluntary agreement, consideration, capacity, legality
_____ is the theory that a federal law supersedes any inconsistent state law or regulation. 1) priority 2) supercision 3) privity 4) preemption
preemption
A contract for which the non-breaching party has no remedy for its breach, generally because of a legal impediment such as a statute of limitations or statute of frauds issue. 1) voidable contract 2) valid contract 3) unenforceable contract 4) void contract
unenforceable contract
A contract that is accepted by the performance of the requested action, not by a promise. 1) passive contract 2) executory contract 3) unilateral contract 4) bilateral contract
unilateral contract
__________ liability is liability that is incurred indirectly through the actions of another. 1) fixed 2) limited 3) contingent 4) vicarious
vicarious
An agreement that never was a contract, generally because of a missing essential element. 1) valid 2) voidable 3) void 4) unenforceable
void
A contract that can be annulled or disaffirmed, often because of a capacity or voluntariness issue. 1) voidable contract 2) void contract 3) unenforceable contract 4) valid contract
voidable contract
Which of the following is true of the rule of priorities regarding the disposal of a debtor's property when the debtor defaults? 1) A mortgage has priority over a perfected security in fixtures, even if the security interest is a purchase-money security interest. 2) A perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods. 3) Persons who become lien creditors before or after the security interest is perfected win. 4) If the security interest was perfected at the time of filing for bankruptcy, the bankruptcy trustee can take the collateral.
A perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods.
Which of the following statements is true regarding states' powers? 1) Federal courts have repeatedly held that state attempts to regulate Internet content (typically to prevent pornography) are constitutional. 2) The dormant commerce clause restricts the federal government's abilities to regulate commerce, rather than the states'. 3) A state law that discriminates against out-of-state commerce, or places an undue burden on interstate commerce, would violate the dormant commerce clause. 4) The state police power can interfere with Congress's power to regulate interstate commerce. 5) Courts have interpreted spending power to mean that Congress can spend money only to carry out its powers under Article I, Section 8 but not to promote any other objective
A state law that discriminates against out-of-state commerce, or places an undue burden on interstate commerce, would violate the dormant commerce clause.
Which of the following is true about defamation? 1) Corporations cannot be defamed. 2) Any person, living or dead, is capable of being defamed. 3) A statement is not defamatory unless it is false. 4) Libel can be justified by showing that you were quoting someone else.
A statement is not defamatory unless it is false.
Which of the following statements is most characteristic of stakeholder theory? a) Having gone along with legal duties, the corporation can ignore any other social obligations. b) The only moral duty a corporation has is to make the most possible money (maximize profits) for its stockholders. c) It is not the responsibility of the government to improve society. d) All stakeholders to a corporate decision deserve some kind of moral consideration.
All stakeholders to a corporate decision deserve some kind of moral consideration.
Which of the following is true of the Fair Credit Reporting Act? 1) An applicant denied credit has the right to be told the name and address of the credit bureau that prepared the report on which the denial was based. 2) Any person who obtains information from a credit agency under false pretenses is subject only to civil penalties. 3) A person is entitled to a free copy of his or her credit report from each of the three main credit bureaus every six months. 4) Adverse information from the person's credit report must be removed after three years.
An applicant denied credit has the right to be told the name and address of the credit bureau that prepared the report on which the denial was based.
Attorney-client privilege would be invoked in which of the following scenarios: 1) A physician refuses to reveal whether his patient is truly amnesiac. 2) A district attorney refusing to turn over evidence that he knows will cause the government to lose a case against a serial polluter. 3) A husband, who is an attorney, refuses to disclose information shared with him by his wife in a confidential email. 4) An attorney refusing to disclose an admission of guilt provided by his client during a conversation in his office. 5) A rabbi refusing to disclose the crime confessed to him by a penitent.
An attorney refusing to disclose an admission of guilt provided by his client during a conversation in his office.
Which of the following statements regarding the eligibility required to file for bankruptcy under Chapter 13 is correct? 1) Anyone who has a regular income and debts within the statutory range can file for bankruptcy under Chapter 13. 2) Filing for bankruptcy under Chapter 13 is involuntary, that is, it is forced upon the debtor by creditors who file for releif. 3) Sole proprietors cannot file for bankruptcy under Chapter 13. 4) The person must have less than $10,000 of unsecured debts and more than $2,000,000 of secured debts.
Anyone who has a regular income and debts within the statutory range can file for bankruptcy under Chapter 13.
What is a process agreed to by disputing parties in which a final and binding decision is made by a neutral decision maker and is enforceable through the courts if necessary. 1) Negotiation 2) Interrogation 3) Arbitration 4) Binding process 5) Mediation
Arbitration
During the time of the Revolutionary War against Great Britain, the states were governed by the _____. 1) Annapolis Convention 2) Articles of Incorporation 3) Bill of Rights 4) Articles of Confederation 5) Articles of Association
Articles of Confederation
_____ is a voluntary contract in which two or more persons decide to conduct business together and share profits and losses. 1) Noncompete agreement 2) Articles of incorporation 3) A committee charter 4) Operating agreement 5) Articles of partnership
Articles of partnership
Which of the following is a major advantage of sole proprietorships? 1) A range of options are available for raising working capital for sole proprietors. 2) It is always possible to bring in others to the business in a sole proprietorship 3) If sole proprietors seek funding from banks, down payment requirements typically are low. 4) Banks don't require any form of personal collateral to guarantee loans to sole proprietors. 5) Autonomy in a sole proprietorship comes with total ownership of the business's finances.
Autonomy in a sole proprietorship comes with total ownership of the business's finances.
In a complaint, a legal basis on which a claim is predicated. The legal basis can be Constitutional law, a statute, a regulation, or a prior judicial decision that creates a precedent to be followed? A) Cause of Action B) Cause of Inaction C) Civil Law D) Criminal Law
Cause of Action
The actual cause of negligence is sometimes called the "but for" event that is a breach of duty on the part of the defendant. 1) Damages 2) Cause-in-fact 3) Proximate cause 4) Breach of Duty of Due Care
Cause-in-fact
Which of the following chapters allows a company to reorganize while its financial affairs are put on a sounder basis? 1) Chapter 13 2) Chapter 12 3) Chapter 7 4) Chapter 11
Chapter 11
Which of the following chapters permits an individual with a regular income to establish a repayment plan by adjusting amounts or time frame for repayment? 1) Chapter 12 2) Chapter 13 3) Chapter 7 4) Chapter 11
Chapter 13
Which of the following chapters is a liquidation of the debtor's non-exempt assets for cash and distributing the cash to the creditors, thereby discharging the debtor from any further liability for those debts? 1) Chapter 12 2) Chapter 11 3) Chapter 13 4) Chapter 7
Chapter 7
The law that governs noncriminal disputes, such as in lawsuits (as opposed to prosecutions) over contract disputes and tort claims? a) Natural law b) Jurisprudence c) Civil law d) Criminal law
Civil Law
Judicial decisions that do not involve interpretation of statutes, regulations, treaties, or the Constitution? A) Common Law B) Criminal Law C) Civil Law D) Statutory Law
Common Law
In most states, the negligence of the plaintiff is weighed against the negligence of the defendant, and where the defendant's negligence outweighs the plaintiff's, the plaintiff can recover against the defendant even though the plaintiff has caused some of his or her own injuries. The plaintiff's recovery will generally be reduced by the amount of his or her own negligence. 1) Contributory Negligence 2) Assumption of Risk 3) Comparative Negligence 4) Negligence Per Se
Comparative Negligence
A written agreement in which the defendant in a lawsuit admits liability and accepts the amount of agreed-upon damages that must be paid to the plaintiff is known as a(n) _____ agreement. 1) Confession of judgment 2) Sequestration 3) Wage assignment 4) Garnishment
Confession of judgment
The founding documents of any nation-state's legal system? a) Statutes b) Constitutions c) Administrative Regulations d) Common law
Constitutions
An intrernational body of contract law. 1) Convention on Contracts for the International Sale of Goods (CISG) 2) International Body of Contract Law Regulations (IBCLR) 3) Agreement of International Contract Law (AICL) 4) Uniform Commercial Code (UCC)
Convention on Contracts for the International Sale of Goods (CISG)
Values that are generally recognized as positive ethical characteristics of an individual or a business organization. People may have strong views about other kinds of ethical values, but these values are more widely accepted. Josephson is recognized as identifying this more modern theory. a) Aristolianism b) Conscious Capitalism c) Core Values d) Virtue Ethics
Core Values
Which of the following acts restricts card issuers from providing tangible gifts to students on college campuses in exchange for filling out a credit card application? 1) Fair Credit and Charge Card Disclosure Act 2) Fair Credit Reporting Act 3) Fair Credit Billing Act 4) Credit Card Accountability, Responsibility, and Disclosure Act
Credit Card Accountability, Responsibility, and Disclosure Act
The body of law in any nation-state that defines offense against society as whole, punishable by fines, forfeitures, or imprisonment? A) Criminal Law B) Civil Law C) Natural Law D) Jurisprudence
Criminal Law
School of legal thought that believes that the social order (and the law) is dominated by those with power, wealth, and influence? a) Ecofeminism b) Natural law c) Positivism d) Critical Legal Studies
Critical Legal Studies
The _____ would use the law to overturn the hierarchical structures of domination in the modern society? A) Critical legal studies school of thought B) Ecofeminist school of legal thought C) Legal realist school D) Natural law school of thought
Critical Legal Studies School of Thought
Which of the following requires that we put duty first, act rationally, and give moral weight to the inherent equality of all human beings? a) Cynicism b) Deontology c) Jurisprudence d) Utilitarianism
Deontology
_____ is a portion of a corporation's net income designated by the board of directors and returned to shareholders on a per share basis. 1) Retained earnings 2) Corporate bond 3) Compensation 4) Share 5) Dividend
Dividend
In 1970, Congress enacted the _____ to give consumers access to their credit files in order to correct errors. 1) Fair Credit and Charge Card Disclosure Act 2) Fair Credit Billing Act 3) Fair Credit Reporting Act 4) Uniform Consumer Credit Act
Fair Credit Reporting Act
The _____ amended the Truth in Lending Act by requiring credit card issuers to disclose in a uniform manner the annual percentage rate, annual fees, grace period, and other information on credit card applications. 1) Consumer Leasing Act 2) Fair Credit and Charge Card Disclosure Act 3) Fair Credit Reporting Act 4) Credit Card Accountability, Responsibility, and Disclosure Act
Fair Credit and Charge Card Disclosure Act
Goods that have become so related to particular real property that an interest in them arises under real property law. 1) Windows 2) Farm Products 3) Inventories 4) Fixtures
Fixtures
_____ is a legal process by which a creditor can obtain a court order directing the debtor's employer or any party who owes money to the debtor to pay directly to the creditor a certain portion of the employee's wages until the debt is paid. 1) Wage assignment 2) Garnishment 3) Sequestration 4) Confession of judgment
Garnishment
With reference to the bicameral legislature in the United States, the _____ retains the exclusive right to originate bills raising revenue (taxation). 1) House of Representatives 2) House of Lords 3) Senate 4) House of Commons 5) Chamber of Lords
House of Representatives
Which of the following is true about shareholders? 1) In a closely held corporation, the body of shareholders tends to be large. 2) Shareholders' personal assets such as their own homes or bank accounts are reachable to creditors. 3) Shareholders of a corporation enjoy unlimited liability. 4) If a company that is unable to pay its debts seeks protection from creditors in a bankruptcy court, its shareholders lose the value of their stock. 5) Shareholders should be human beings and not corporate entities, such as partnerships or corporations.
If a company that is unable to pay its debts seeks protection from creditors in a bankruptcy court, its shareholders lose the value of their stock.
A warranty imposed by law that comes along with a product automatically. 1) Preemption 2) Strict Liability 3) Implied Warranty 4) Express Warranty
Implied Warranty
Which of the following is true of the social contract? a) It maximizes personal freedoms at the expense of public order. b) It dispenses with the need for an organized government. c) Individuals voluntarily give up rights to the state. d) The government coerces individuals to obey its laws.
Individuals voluntarily give up rights to the state.
The tax return that provides information to the taxing authority about a general partnership is called a (n): 1) Initial Public Offering (IPO) 2) Information return 3) Buy/Sell agreement 4) Disregarded entity 5) 501(c)(3)
Information return
Public disclosure of embarrassing facts—for example, the publication of a private citizen's medical records without consent—constitutes which tort? 1) Invasion of Privacy 2) Trespass and Nuisance 3) Free Speech 4) Defamation
Invasion of Privacy
Which of the following is a critical limitation on state police power? 1) It cannot interfere with Congress' power to regulate interstate commerce. 2) It cannot pass a law different from those of other states. 3) It cannot be used to regulate speed limits. 4) It cannot be used to regulate alcohol. 5) It cannot be used to limit smoking.
It cannot interfere with Congress' power to regulate interstate commerce.
Identify the incorrect statement about a shareholder derivative lawsuit. 1) It is a lawsuit brought by a shareholder on behalf of a corporation against a third party. 2) A shareholder alleges in the lawsuit that the people charged with acting in the corporation's best interests are failing to do so. 3) Very few state laws give shareholders a right to sue a third party in a shareholder derivative lawsuit. 4) These lawsuits are very controversial because they are typically litigated by plaintiffs' lawyers working on contingency fees. 5) Executives disfavor these lawsuits because oftentimes, shareholders sue the directors themselves for failing to act in the company's best interest.
It is a lawsuit brought by a shareholder on behalf of a corporation against a third party.
Which of the following statements is true of agencies created by agreement? 1) It is a requirement under the law that all oral agency contracts be reduced to writing. 2) It is not necessary that a party give consideration. 3) Agencies created by consent must be contractual, that is, they must include all necessary elements of a contract. 4) Contracts that agents make with third parties are never in writing.
It is not necessary that a party give consideration.
Which of the following statements is true of agencies created by agreement? a) It is not necessary that a party give consideration. b) Contracts that agents make with third parties are never in writing. c) Agencies created by consent must be contractual, that is, they must include all necessary elements of a contract. d) It is a requirement under the law that all oral agency contracts be reduced to writing.
It is not necessary that a party give consideration.
Which of the following is true of the Truth in Lending Act? 1) It does not regulate credit-card transactions. 2) It protects business organization debtors. 3) It establishes maximum interest rates. 4) It protects natural-person debtors.
It protects natural-person debtors.
If a defamatory statement is published in written form, it is called _____. 1) Libel 2) The Enquirer 3) Slander 4) Perjury
Libel
Written requests made to a presiding judge during a legal proceeding. 1) Removal 2) Solicitations 3) Permission slips 4) Motions 5) Side bar request
Motions
The basic entities that comprise the international legal system. Countries, states, and nations are all roughly synonymous. State can also be used to designate the basic units of federally united states, such as in the United States of America? A) Civil law B) Code law C) Country-cities D) Nation-states
Nation-States
A jurisprudence that emphasizes a law that transcends positive laws (human laws) and points to a set of principles that are universal in application. a) Positive law b) Realism c) Natural Law d) Ecofeminism
Natural Law
An act of the defendant that violates a statute, regulation or ordinance can be used to establish a breach of the duty of due care. 1) Negligence Per Se 2) Intentional Tort 3) Negligence 4) Res Ipsa Loquiter
Negligence Per Se
Which of the following is true? a) If one is meeting the requirements of the law, then one is necessarily meeting minimum moral standards. b) If one is acting ethically, then one must be meeting the minimum requirements of the law. c) Acting legally never equates to acting ethically. d) One can act ethically without following the law or act legally without meeting ethical standards.
One can act ethically without following the law or act legally without meeting ethical standards.
Which of the following permits states to regulate broadly in order to protect and promote the public order, health, safety, morals, and general welfare? 1) Extraordinary rendition 2) Waterboarding 3) Police power 4) Tax power 5) Spending power
Police power
According to which school of thought is law the command of sovereign? A) Positive-Law School of legal Thought B) Natural-Law School of Legal Thought C) Legal Realist School of Thought D) Critical Legal Studies School of Thought
Positive-Law School of legal Thought
A prior judicial decision that is either binding or persuasive, so provides a rule useful in making a decision in the case at hand? A) Constitutions B) Statutes C) Precedent D) Policy
Precedent
Which of the following terms best describes the doctrine that permits federal law to trump, and render unenforceable, conflicting state laws? 1) Naturalization 2) Preemption 3) Habeas corpus 4) Waterboarding 5) Unitary executive theory
Preemption
_____ rights are rights given to existing shareholders in a corporation to purchase any newly issued stock to maintain same proportion of their existing holdings. 1) Squeeze-out 2) Tender 3) Drag-along 4) Preemptive 5) Tag-along
Preemptive
The relationship between two contracting parties. 1) Privity 2) Priority 3) Warranty 4) Moss-Magnusen
Privity
Which of the following statements best characterizes conscious capitalism? a) Profit and prosperity must go hand in hand with social justice and environmental stewardship. b) The only moral duty a corporation has is to maximize profits for its stockholders. c) The profit motive cannot be reconciled with social justice; companies must choose one or the other. d) You have to be awake to be a successful capitalist.
Profit and prosperity must go hand in hand with social justice and environmental stewardship.
Goods that are useful to society (parks, education, national defense, highways) that would ordinarily not be produced by private enterprise. These things require public revenues (taxes) and political support to be adequately maintained a) Aristolianism b) Public Goods c) Core Values d) Virtue Ethics
Public Goods
Damages awarded in cases where the conduct of the defendant is deemed to be so outrageous that justice is only served by adding a penalty over and above compensatory damages. 1) Nominal 2) Compensatory 3) Punitive 4) Consequential
Punitive
Which of the following nonbankruptcy alternatives is a court action that places the debtor's property under the control of a custodian so that it can be preserved or distributed for the benefit of all creditors? 1) Reaffirmation 2) Conversion 3) Receivership 4) Composition
Receivership
_____ is the practice by a financial institution of refusing to grant home loans or home-improvement loans to people living in low-income neighborhoods. 1) Inclusionary zoning 2) Constructive eviction 3) Blockbusting 4) Redlining
Redlining
Literally, "the thing speaks for itself." In tort cases, it creates a presumption that the defendant was negligent because he or she was in exclusive control of the situation and that the plaintiff would not have suffered injury but for someone's negligence. It shifts the burden to the defendant to prove that he or she was not negligent. 1) Res ipsa loquitur 2) Speakitus Thingitus 3) Caveat Emptor 4) Negligence Per se
Res ipsa loquitur
What term means that the same parties may not take up the same dispute in another court at another time. 1) Stare decisis 2) Direct estoppel 3) Starry skysis 4) Judicial prevention 5) Res judicata
Res judicata
An organized codification of the common law of contracts 1) Restatement of Torts 2) Restatement of Contracts 3) Uniform Commercial Code 4) Statutes
Restatement of Contracts
Which of the following is at the top of the order of priority when the distribution of a debtor's estate takes place during a bankruptcy proceeding? 1) domestic support obligations 2) Unsecured creditors (timely filings) 3) Secured creditors 4) Claims for interest at legal rate
Secured creditors
With reference to the bicameral legislature in the United States, the _____ maintains the exclusive right to provide advice and consent to the president. 1) House of Lords 2) Second Chamber 3) Senate 4) Commons 5) Lower House
Senate
After which event did the Bush administration argue for strong unitary executive power? 1) September 11, 2001 2) The capture and death of Osama Bin Laden 3) The conviction of twenty-three Americans in Italy in 2009 4) The Gulf War 5) Implementation of the FISA in 1978
September 11, 2001
Which theory is concerned with "distributive justice"—that is, what is the fair way to distribute goods among a group of people? a) Social Justice b) Capitalism c) Social Contract d) Utilitarianism
Social Justice
What is the most common form of doing business in the United States? 1) Limited liability partnership 2) Sole proprietorship 3) Limited liability company 4) General partnership 5) Corporation
Sole proprietorship
The authority within any nation-state. This usually means the power to make and enforce laws within the nation-state? a) Sovereignty b) Nation-state c) President d) Code law
Sovereignty
An order directing a person to deliver the exact property (real or personal) that she contracted to sell to the buyer. 1) Damage award 2) Specific performance 3) Injunction 4) Compensatory damages
Specific performance
Which of the following is a doctrine that limits judicial overreach by circumscribing the types of cases that are litigated in our courts? 1) Personal jurisdiction 2) Voir dire 3) Peremptory 4) Standing 5) Subject matter jurisdiction
Standing
A rule requiring that certain contracts be evidenced by some writing, signed by the person to be bound, to be enforceable. 1) Statute of Limitations 2) Statute of Frauds 3) Res Ipsa Loquiter 4) Caveat Emptor
Statute of Frauds
Legislative directives, having the form of general rules that are to be followed in the nation-state or its subdivisions. These are controlling over judicial decisions or common law, but are inferior to (and controlled by) constitutional law? a) Constitutions b) Statutes c) Precedent d) Policy
Statutes
_____ are capital raised by a corporation through issuance of shares entitling owners to an ownership interest. 1) Assets 2) Debentures 3) Bonds 4) Stocks 5) Options
Stocks
Liability without fault. This may arise when the defendant engages in ultrahazardous activities or where defective product creates an unreasonable risk of injury to consumers or others. 1) Negligence 2) Strict Liability 3) Intentional Tort 4) Direct Liability
Strict Liability
The standard of review in which the government must prove the law is justified by a compelling government interest is known as: 1) Internment 2) Minimal scrutiny 3) Reparation 4) Strict Scrutiny 5) Affirmative action
Strict Scrutiny
_____ imposes a liability on a merchant-seller of defective goods without proof of negligence and without privity. 1) Strict products liability 2) Negligence 3) Preemption 4) Statute of repose
Strict products liability
Legal authority to hear and decide a case or controversy. 1) Res Judicata 2) Statute of Limitations 3) Summary Judgment 4) Subject Matter Jurisdiction 5) Judicial review
Subject Matter Jurisdiction
Which of the following focuses on the content of government legislation itself? 1) Substantive due process 2) Doctrine of prior restraint 3) Procedural due process 4) Establishment Clause 5) Doctrine of incorporation
Substantive due process
When a judge grants this, she has concluded that there are no matters of law or fact on which reasonable people would disagree. This is a final order, and it is appealable. 1) Arbitration order 2) Statute of limitations 3) Subject matter jurisdiction 4) Moot penalty 5) Summary judgment
Summary judgment
To which historical event can the view of congressional power evolve over time from stricter interpretation of Article I, Section 8 to a broader one? 1) The War of 1812 2) The Great Depression 3) World War II 4) September 11, 2001 5) The Civil War
The Great Depression
In a courtroom, who among the following would sit closest to the jury during a civil trial? 1) The individuals who will later be called in as expert witnesses. 2) Legal counsel for a company being sued for negligence. 3) A government attorney bringing suit against a company accused of polluting a city's water supply. 4) An attorney defending his client against murder charges. 5) The attorney for a plaintiff accusing his business partner of fraud.
The attorney for a plaintiff accusing his business partner of fraud.
Problems with Warranty Theory in general include 1) The claimant must prove that there was a sale. 2) The sale must be of real estate or services rather than other goods. 3) The action must be brought within the 25-year statute of limitations. 4) There are no problems with the Warranty Theory. It is absolutely perfect.
The claimant must prove that there was a sale.
Worker's compensation laws cut off the employee's right to sue the employer. In states with worker's compensation laws on the books, which situation is considered an exception to this? a) The employer does not insure through a state fund established for the purpose. b) The employer deliberately injures an employee. c) The injury has been caused by a fellow employee. d) The situation involves contributory or comparative negligence.
The employer deliberately injures an employee.
Worker's compensation laws cut off the employee's right to sue the employer. Which situation is considered an exception to this? 1) The injury has been caused by a fellow employee. 2) The employer does not insure through a state fund established for the purpose. 3) The employer deliberately injures an employee. 4) The situation involves contributory or comparative negligence.
The employer deliberately injures an employee.
Which of the following best describes the term habeas corpus? 1) The right to seek release from unlawful detention by petitioning a neutral judge 2) A theory in constitutional law that the president controls the entire executive branch, totally and completely 3) The division and sharing of power between state and federal governments 4) The doctrine that certain information on national security is so sensitive that it cannot be disclosed in court 5) The capture and transfer of suspected criminals from one country to another for interrogation
The right to seek release from unlawful detention by petitioning a neutral judge
According to the legal realist school of thought, _____? a) Precedent was more important than moral arguments b) Law is politics and is thus not neutral c) Wives, children, land, and animals are valued as economic resources d) The social context of law was more important
The social context of law was more important
Which of the following is a disadvantage of sole proprietorships? 1) It is difficult to create a sole proprietorship. 2) They have limited liability for business debts. 3) Autonomy comes with limited ownership of the business's finances. 4) There is a lack of flexibility. 5) They have to pay ordinary income tax on their business profits.
They have to pay ordinary income tax on their business profits.
Formal agreements concluded between nation-states. a) Statutes b) Treaties c) Nation-States d) Sovereignty
Treaties
Which of the following acts ensured that every individual who has need for consumer credit is given full disclosure of the finance charge and the annual percentage rate of interest? 1) Credit Card Accountability, Responsibility, and Disclosure Act (CARD) 2) Truth in Lending Act 3) Fair Credit Reporting Act 4) Fair Credit and Charge Card Disclosure Act
Truth in Lending Act
Which of the following terms refers to a constitutional test created by the Supreme Court to determine a law's validity? 1) Extraordinary rendition 2) Preemption 3) Dormant commerce clause 4) Police power 5) Undue burden
Undue burden
The modern American state statutory law governing commercial transactions. 1) U.S. Constitution 2) Uniform Commercial Code (UCC) 3) Convention on Contracts for the International Sale of Goods (CISG) 4) Uniform Probate Code (UPC)
Uniform Commercial Code (UCC)
Which theory holds that the "right" moral act is the one that produces the greatest good for society? a) Cynicism b) Deontology c) Jurisprudence d) Utilitarianism
Utilitarianism
Aristotle's perspective on finding happiness through the application of reason in human affairs advises continual practice to develop habits of virtuous moral character. In a modern setting deliberating on values and their application to individual and corporate ethical dilemmas and adhering to the recommendations of this analysis would provide similar practice. a) Aristolianism b) Conscious Capitalism c) Core Values d) Virtue Ethics
Virtue Ethics
A manifestation of the willingness to be bound by the terms of the offer. 1) offer 2) acceptance 3) capacity 4) consideration
acceptance
Based on the interpretation of the First Amendment of the US Constitution, a public figure cannot recover in a defamation case unless the public figure can prove that the plaintiff's defamation was done with: 1) negligence. 2) actual malice. 3) help of a newspaper. 4) knowledge that the statement is true.
actual malice
An agency in which the agent has an interest in the property regarding which he or she is acting on the principal's behalf. 1) agency coupled with an interest 2) gratuitous agency 3) executive agency 4) shop rights doctrine
agency coupled with an interest
An agency in which the agent has an interest in the property regarding which he or she is acting on the principal's behalf. a) shop rights doctrine b) agency coupled with an interest c) gratuitous agency d) executive agency
agency coupled with an interest
Which of the following are duties of an agent to a principal? a) The agent must obey reasonable directions concerning the manner of performance. b) An agent may not lawfully profit from a conflict between his personal interest in a transaction and his principal's interest in the same transaction. c) The agent must keep accurate financial records and may not commingle funds. d) all of the above.
all of the above
Which of the following are duties of an agent to a principal? 1) An agent may not lawfully profit from a conflict between his personal interest in a transaction and his principal's interest in the same transacation. 2) The agent must keep accurate financial records and may not commingle funds. 3) all of the above. 4) The agent must obey reasonable directions concerning the manner of performance.
all of the above.
In legal terms, a servant is another term for: 1) an employer 2) an independent contractor 3) a household worker 4) an employee
an employee
In legal terms, a servant is another term for: a) a household worker b) an employee c) an employer d) an independent contractor
an employee
_______ authority arises where the principal gives the third party reason to believe that the agent had authority. 1) apparent 2) line 3) functional 4) executive
apparent
A defense to a plaintiff's action in tort where the plaintiff has knowingly and voluntarily entered into a risky activity that results in injury. 1) last clear chance 2) comparative negligence 3) Obvious risk 4) assumption of risk
assumption of risk
The process by which a security interest becomes enforceable against the debtor with respect to the collateral is known as: 1) .exoneration. 2) subrogation. 3) attachment. 4) perfection
attachment
Article I of the Constitution establishes the legislative branch through a(n) _____. 1) unicameral legislature 2) bicameral legislature 3) multicameral legislature 4) collaboration of legislative representational models 5) tricameral legislature
bicameral legislature
A contract where each party makes a promise to the other. 1) implied 2) unilateral 3) bilateral 4) express
bilateral
Any act that fails to meet a standard of the person's duty of due care toward others. The standard is usually described as the standard of behavior that is expected of a hypothetical "reasonable person" under the circumstances. Certain professionals, however, may be held to a higher standard than the ordinary person, that of the reasonable professional in the same profession. 1) breach of the duty of due care 2) Negligence Per Se 3) defamation 4) proximate cause
breach of the duty of due care
The mental state of mind sufficient to understand that a contract is made and its consequences. 1) agreement 2) capacity 3) consideration 4) legality
capacity
Law decided by judges as recorded and published in cases 1) common law 2) administrative law 3) case law 4) statutory law
case law
Evidence that is not "direct" but that provides judges and juries with facts that tend to show legal liability. 1) speculative evidence 2) circumstantial evidence 3) evidence indirectus 4) anecdotal evidence
circumstantial evidence
The property given as security for a debt is known as: 1) lien. 2) collateral. 3) mortgage. 4) blood promise
collateral
Product advertising is typically an example of _____ speech. 1) symbolic 2) obscene 3) political 4) commercial 5) confrontation
commercial
Damages that flow as a foreseeable but indirect result of the breach of contract. 1) compensatory damages 2) punitive damages 3) nominal damages 4) consequential damages
consequential damages
The surrender of any legal right in return for the promise of some benefit; the "price" paid for what is received. 1) capacity 2) consideration 3) offer 4) acceptance
consideration
Actions of a plaintiff that contribute to his or her own injuries. Historically, this theory would be a complete bar to the plaintiff's recovery, if the plaintiff were at fault at all for his or her own injuries. 1) Negligence Per Se 2) Assumption of Risk 3) contributory negligence 4) comparative negligence
contributory negligence
The wrongful taking of someone's property by another; the civil equivalent of theft. 1) tortious interference with contract 2) assumption of risk 3) conversion 4) defamation
conversion
A person who owes money or a duty of performance to another is known as a(n): 1) bailer. 2) pledger. 3) creditor. 4) debtor.
debtor.
To choose to legally disavow or avoid a contract. 1) void 2) relinquish 3) disaffirm 4) affirm
disaffirm
The _____ restricts the states' abilities to regulate commerce, rather than the federal government's. 1) unitary executive clause 2) Commerce Clause 3) Equal Protection Claus 4) dormant commerce clause 5) Free Exercise Clause
dormant commerce clause
List the elements of negligence. 1) duty of due care, breach of duty of due care, injury, cause-in-fact, proximate cause 2) agreement, capacity, consideration, legality 3) breach of care, actual cause, damages 4) duty of due care, breach of duty of due care, actual causation, damages
duty of due care, breach of duty of due care, injury, cause-in-fact, proximate cause
The board of directors is responsible for all of the following EXCEPT: 1) authorizing major new decisions such as a new plant or factory or entry into a new foreign market. 2) electing new directors to replace directors who resign. 3) appointing and removing corporate officers. 4) determining employee compensation, especially bonus and incentive plans. 5) declaring and paying a corporate dividend to shareholders.
electing new directors to replace directors who resign.
A contract that has been completed. 1) executory 2) bilateral 3) executed 4) express
executed
A contract that has yet to be completed. 1) executed contract 2) bilateral contract 3) unilateral contract 4) executory contract
executory contract
A contract in where the material terms are in words, orally or in writing. 1) implied 2) express 3) bilateral 4) unilateral
express
Contractually given authority to the agent from the principal, orally or in writing, communicated to the third party. 1) implied authority 2) express authority 3) vicarious authority 4) apparent authority
express authority
Under the Equal Credit Opportunity Act: 1) if the credit is refused, the creditor, on demand, must disclose the reasons for rejection. 2) alimony received and child support payments are not considered sources of income. 3) questions concerning plans for children should be asked before sanctioning credit. 4) the creditor must ask all credit applicants for a statement of marital status.
if the credit is refused, the creditor, on demand, must disclose the reasons for rejection.
The authority of an agent to perform acts that are reasonably necessary to accomplish the purpose of the agency, although not explicitly stated in the agency agreement. 1) express authority 2) unilateral authority 3) lingering authority 4) implied authority
implied authority
A contract not expressed by inferred from the parties' actions. 1) bilateral contract 2) implied contract 3) unilateral contract 4) express contract
implied contract
Adam goes to a hardware store and tells the salesclerk that he needs a paint that will dry overnight because he was painting his front door and a rainstorm is predicted for the next day. The clerk gives him, a slow-drying oil-based paint that takes two days to dry. The store has breached a (n) _____. 1) warranty of merchantability 2) implied warranty of fitness for particular purpose 3) warranty of usage of trade 4) warranty of the course of dealing
implied warranty of fitness for particular purpose
Merchant-seller's implied warranty that goods are suitable for the goods' normal uses. 1) implied warranty of fitness for a particular purpose 2) implied warranty of merchantability 3) express warranty 4) implied warranty of suitability
implied warranty of merchantability
A person who is hired to accomplish a result but is not subject to specific control by the one hiring. 1) special agent 2) subagent 3) independent contractor 4) general agent
independent contractor
A person who is hired to accomplish a result but is not subject to specific control by the one hiring. a) special agent b) general agent c) subagent d) independent contractor
independent contractor
Goods, other than farm products, held by a person for sale or lease or consisting of raw materials, works in progress, or material consumed in a business are known as: 1) equipment. 2) inventories. 3) fixtures. 4) consumer goods.
inventories
A code-law system _____? a) is used to resolve particular cases, usually by judges and a jury. b) is unique to England, the United States, and former colonies of the British Empire. c) recognizes the use of precedents in judicial cases. d) is one where all the legal rules are in one comprehensive legislative enactment.
is one where all the legal rules are in one comprehensive legislative enactment.
Stakeholders of a corporation include the following: a) its employees, suppliers, customers, and the community. b) only its shareholders. c) only its employees. d) there is no such thing as a stakeholder unless you are killing vampires.
its employees, suppliers, customers, and the community.
The giving up by a person of that which she had a right to retain. 1) caveat emptor 2) offer 3) acceptance 4) legal detriment
legal detriment
Authority that arises where actual authority has been terminated, but third parties are led by the principal's negligence to believe it still exists. 1) express authority 2) extinguished authority 3) lingering authority 4) implied authority
lingering authority
A doctrine under which the employer is liable for torts committed by the employee in the scope of employment. 1) agency coupled with an interest 2) shop rights doctrine 3) master-servant doctrine 4) employer liability doctrine
master-servant doctrine
Personal jurisdiction requires litigants to have some form of _____ with the state where the case is filed. 1) minimum contacts 2) sua sponte 3) voir dire 4) res judicata 5) writ of certiorari
minimum contacts
Courts are legally required to pay _____ to jurors serving on jury duty. 1) typically less than $20 per day, to cover food and transportation costs 2) a juror's living expenses 3) 50 percent of a juror's ordinary pay 4) a juror's ordinary pay 5) no specific amount
no specific amount
A token amount of money paid when the breach has caused no loss. 1) consequential damages 2) punitive damages 3) compensatory damages 4) nominal damages
nominal damages
the standard of judging something as an outsider would understand it; 1) reasonable educated adult standard 2) subjective standard 3) objective standard 4) Oxford standard
objective standard
The proposal upon which the contract is based. 1) acceptance 2) capacity 3) offer 4) consideration
offer
A contract in which one party has performed, or partly performed, and the other has not. 1) unilateral contract 2) executed contract 3) partially executed contract 4) hoppity contract
partially executed contract
What are the initial documents filed by parties in a lawsuit called? 1) pleadings 2) motions 3) statutory interpretation 4) interrogatories 5) res judicata
pleadings
Representation in the lower House of Representatives is proportionate to a state's _____. 1) per capita income 2) export levels 3) population 4) literacy rate 5) rate of industrial growth
population
The Fourteenth Amendment to the Constitution: 1) prevents any state from depriving citizens of their rights without "due process of law." 2) prevents the government from establishing a religion. 3) protects the rights that are not specifically enumerated in the Constitution. 4) prohibits "cruel and unusual" punishment. 5) prohibits the government from restricting the free exercise of religion.
prevents any state from depriving citizens of their rights without "due process of law."
If a lawyer is dealing with an issue that takes him/her out of state to litigate a case, he/she can ask to be admitted temporarily by a court in that foreign state through a motion called: 1) open-door policy. 2) for cause. 3) pro hac vice. 4) injunction. 5) request for admission.
pro hac vice.
According to the _____, before a government can move to take away life, liberty, or property, the defendant is entitled to at least adequate notice, a hearing, and a neutral judge. 1) Establishment Clause 2) Free Exercise Clause 3) procedural due process 4) doctrine of prior restraint 5) substantive due process
procedural due process
The Establishment Clause: 1) prohibits the government from establishing a religion. 2) requires states to provide equal protection of laws to persons within their jurisdiction. 3) prohibits establishing cruel punishment as a norm. 4) prohibits the government from preventing the free exercise of any religion. 5) requires the federal government to establish a standard in police power among different states.
prohibits the government from establishing a religion.
The one to whom a promise is made. 1) obligor 2) promissory estoppel 3) promisee 4) promisor
promisee
The one who makes a promise. 1) promisee 2) defendant 3) plaintiff 4) promisor
promisor
To be prohibited from denying a promise when another has subsequently relied upon it, and the promise does not rise to the level of a contract. 1) promissory estoppel 2) quasi-contract 3) Res Ipsa Loquitor 4) agreement
promissory estoppel
Sometimes known as legal cause, this must be shown as well as actual cause, so that an act of the defendant will not result in liability if the consequences of the negligent act are too remote or unforeseeable. 1) breach of duty of due care 2) cause-in-fact 3) proximate cause 4) causality legalus
proximate cause
A contract imposed on a party when there was none, to avoid unjust enrichment. 1) quasi-contract 2) caveat emptor 3) promissory estoppel 4) voidable contract
quasi-contract
One of the disadvantages associated with sole proprietorships is that: 1) raising working capital is difficult. 2) creating a sole proprietorship is a complicated process. 3) making autonomous business decisions is difficult. 4) acquiring total ownership of the business's finances is not easy. 5) obtaining licenses and permits is difficult.
raising working capital is difficult.
By ________, the principal tells the parties concerned that he is willing to accept the results of an act by an agent as though the act were authorized, even if the act was not initially authorized. 1) resolution 2) ratification 3) repudiation 4) presumption
ratification
The court's order determining that the debtor's property is under the control of the bankruptcy court is known as an order of _____. 1) relief 2) exoneration 3) stay 4) reaffirmation
relief
The Latin term for the master-servant doctrine. 1) a priori 2) respondeat superior 3) caveat emptor 4) res ipsa loquitur
respondeat superior
To restore to one party what was delivered to the other. 1) consequential damages 2) restitution 3) reversionary interest 4) specific performance
restitution
The rights of a company to exploit inventions made by employees on company time and resources. 1) shop rights doctrine 2) intellectual property doctrine 3) independent contractor doctrine 4) workers' compensdation doctrine
shop rights doctrine
The rights of a company to exploit inventions made by employees on company time and resources. a) intellectual property doctrine b) shop rights doctrine c) workers' compensation doctrine d) independent contractor doctrine
shop rights doctrine
An agent hired to carry out specifically stated activities. 1) agent coupled with an interest 2) subagent 3) special agent 4) general agent
special agent
An agent hired to carry out specifically stated activities. a) general agent b) special agent c) agent coupled with an interest d) subagent
special agent
Latin, for "let the decision stand." By keeping within the rule of a prior judicial decision, a court follows "precedent" by letting the prior decision govern the result in the case at hand? a) stare decisis b) deus ex machina c) ex libris d) caveat emptor
stare decisis
The _____ establishes a time period, generally ranging from six to twelve years, after which the manufacturer is not liable for injuries caused by the product 1) statute of repose 2) implied warranty of merchantability 3) implied warranty of fitness for particular use 4) strict products liability
statute of repose
Upon filing the bankruptcy, an automatic injunction that halts actions by creditors to collect debts comes into play. This is known as a(n): 1) reaffirmation. 2) order of relief. 3) stay. 4) redemption.
stay
The situation where the creditor takes the collateral, discharges the debtor, and has no right to seek any deficiency is known as: 1) subrogation. 2) strict foreclosure 3) exoneration. 4) blockbusting.
strict foreclosure
A court acting without a direct request from a party is acting: 1) res ipsa loquitur. 2) pro hac vice. 3) bona fide. 4) sua sponte. 5) pro se.
sua sponte
For legal purposes, _____ are agents of both the principal and the principal's general agent. a) independent contractors b) subagents c) special agents d) general agents
subagents
For legal purpurses, _____ are agents of both the principal and the principal's general agent. 1) general agents 2) independent contractors 3) special agents 4) subagents
subagents
The substitution of one person for another who has a legal claim or right is known as: 1) perfection. 2) foreclosure. 3) subrogation. 4) contribution.
subrogation
A company wholly owned or controlled by another company is known as a(n): 1) corporation. 2) affiliate. 3) subsidiary. 4) closely held corporation. 5) limited liability company.
subsidiary
A person who promises to act or pay upon the default of another is known as a(n): 1) debtor. 2) surety. 3) Obligator 4) payee.
surety
The contract theory of product liability is warranty which is governed by: 1) the common law 2) the Restatement of Warranties 3) the Uniform Commercial Code 4) the U.S. Constitution
the Uniform Commercial Code
Many companies choose to incorporate in the tiny state of Delaware because: 1) disputes heard in Delaware courts are not usually transparent, providing the opportunity to make quick profits. 2) the courts operate with the most experienced and knowledgeable juries. 3) shareholders are given a right to sue a third party on behalf of the corporation. 4) the chancery courts in Delaware have developed a reputation for fairly and quickly applying a very well-developed body of corporate law. 5) disputes heard in Delaware courts are seldom predictable, making it easy to manipulate business operations.
the chancery courts in Delaware have developed a reputation for fairly and quickly applying a very well-developed body of corporate law.
A person or legal entity that commits a tort. 1) tort committer 2) tortfeasor 3) defendant 4) plaintiff
tortfeasor
