Business Law Final
The universal rules of Kantian ethics are based on which of the following two important principles?
consistency and reversibility
The UN Security Council is composed of _____ member nations
15
The _____ Amendment to the U.S. Constitution protects persons and corporations from overzealous investigative activities by the government.
4th
The _____ Amendment to the U.S. Constitution protects criminal defendants from cruel and unusual punishment.
8th
The actual performance of the criminal act is called the _____.
Actus Reus
Which of the following is an INCORRECT statement regarding an LLLP
An LLLP requires at least two general partners and at least two limited partners.
Marty Levine sees a house for sale and thinks his friend Linda Maxwell would want to buy it. Marty enters into a contract to purchase the house from the seller and signs the contract "Marty Levine, agent for Linda Maxwell." Which of the following is NOT true?
Because Marty is now Linda Maxwell's agent, she is bound to the contract
Which of the following is an INCORRECT statement regarding the UN Security Council?
Canada is a permanent member of the UN Security Council.
Siri, who is driving her automobile, is injured when another driver negligently causes an automobile accident. Siri hires a lawyer to represent her on a 35 percent contingency-fee basis. If the lawyer wins the case for Siri or settles the case with Siri's approval, he will earn 35 percent of whatever is collected from the defendant. If the lawyer does not win or settle the lawsuit, he gets paid nothing. The agent can recover this amount from the principal because of the duty to ____
Compensate
Antitrust defendants often opt to settle government-brought antitrust actions through a _____ in a government civil action
Consent decree
The _____ Clause of the _____ Amendment to the U.S. Constitution provides that a state cannot "deny to any person within its jurisdiction the equal protection of the laws."
Equal protection, 14th
General partners do not pay federal income taxes. Instead, the income and losses of partnership have to be reported on the individual partners' personal income tax returns. This is called ____
Flow through taxation
The United Nations is governed by the ___
General assembly, the security council, and the secretariat
The __________________ makes it a federal crime for anyone to access and acquire information intentionally from a protected computer without authorization.
Information Infrastructure Act
According to _____, people owe moral duties that are based on universal rules
Kantian ethics
Which of the following are categories of courts that established English common law?
Law, equity and merchants
Organization of the Petroleum Exporting Countries (OPEC) consists of oil-producing and exporting countries. The member nations include all of the following EXCEPT _____
Mexico
Which of the following is an INCORRECT statement regarding the doctrine of sovereign immunity?
Most Western nations have adopted the doctrine of absolute immunity
Nathan opens a clothing store called "The Clothing Store" and operates it as a sole proprietorship. Nathan files the proper statement and publishes the necessary notice of the use of the trade name. Nathan contributes $25,000 of his personal funds to the business and borrows $100,000 from a bank in the name of the business. After several months, Nathan closes the business because it is unsuccessful. At the time it is closed, the business has no assets, owes the bank $100,000, and owes other debts of $25,000. Which of the following is a correct statement regarding Nathan's personal risk exposure for his unsuccessful business?
Nathan loses his $25,000 capital contribution, and he is responsible for the $100,000 debt owed to the bank and the $25,000 debt owed to others.
A party may enter a plea of _____, whereby the accused agrees to the imposition of a penalty but does not admit guilt.
Nolo Contender
A(n) _____ is an agreement that substitutes a new party for one of the original contracting parties and relieves the exiting party of liability on the contract
Novation
Which of the following is an INCORRECT statement regarding the North American Free Trade Agreement?
On August 12, 1972, the North American Free Trade Agreement (NAFTA) was signed by the leaders of the United States, Canada, and Mexico.
The defendant's attorney can call additional witnesses and introduce other evidence to counter the plaintiff's rebuttal. What is this called?
Rejoinder
In a civil case, the judge may reduce the amount of monetary damages awarded by the jury if he or she finds the jury to have been biased, emotional, or inflamed. This is called _____
Remittitur
___ is a tort in which the presumption of negligence arises because the defendant was in exclusive control of the situation, and the plaintiff would not have suffered injury but for someone's negligence
Res ipsa loquitur
_ is an action to undo a contract
Rescission
__ performance occurs when there has been a minor breach of contract
Substantial
Which of the following is a CORRECT statement regarding vertical restraints of trade?
The United States Supreme Court has applied both the per se rule and the rule of reason in determining the legality of vertical restraints of trade under Section 1 of the Sherman Act
Which of the following is an INCORRECT statement regarding gender discrimination
Title VII's prohibition against sex discrimination applies only to women.
Which of the following is an INCORRECT statement regarding the taxation of LLCs
Under the Internal Revenue Code, for federal income tax purposes, an LLC is taxed as a corporation unless it elects to be taxed as a partnership
_____ is the process whereby the judge and attorneys ask prospective jurors questions to determine whether they would be biased in their decisions.
Voir dire
Which of the following is NOT an illegal form of discrimination under Title VII of the Civil Rights Act of 1964?
age
A party who agrees to act on behalf of another is called a(n) __
agent
If a drug manufacturer requires patients to purchase its blood-monitoring services along with its drug to treat schizophrenia, where the drug manufacturer was one of many providing blood-monitoring services, but the only manufacturer of the drug, this would be __
an illegal tying arrangement
National origin discrimination includes discrimination against employees or job applicants for all EXCEPT which of the following reasons
a person's undocumented immigrant status
________ courts were allowed to give equitable remedies under the English common law
chancery
English _____ law was developed by judges, who issued their opinions when deciding cases. The principles in these cases became precedent for later judges deciding similar cases.
common
_____ are treaties that are sponsored by international organizations such as the United Nations.
conservations
If a person's minority status is only one factor of many factors considered in an employment decision, that employment decision made in the favor of this minority candidate will usually be ______
considered lawful
The _____ School of jurisprudence proposes that legal rules are unnecessary and are used as an obstacle by the powerful to maintain the status quo.
critical legal studies
_____ discrimination occurs when an employer discriminates against an entire protected class.
disparate-impact
___ discrimination occurs when an employer treats a specific individual less favorably than others because of that person's race, color, national origin, sex, or religion
disparate-treatment
Title VII of the Civil Rights Act of 1964 applies to all EXCEPT which of the following?
employers with fewer than 15 employees
Which of the following is NOT a primary function of law in the United States?
establishing uniform principles of individual morality
According to the Statute of Frauds, an _____ contract that cannot be performed by its own terms within _____ of its formation must be in writing
executory; one year
Laws that are enacted only after considerable study, debate, and public input are an example of which function of the law?
facilitating orderly change
The Securities and Exchange Commission is an example of a _____.
federal administrative agency
Many international contracts contain a choice of _____________ clause that designates which nation's court has jurisdiction to hear a case arising out of a contract. In addition, many contracts also include a ______________clause that designates which nation's laws will be applied in deciding such a case
forum-selection; choice of law
Which of the following is NOT an example of a defense to price discrimination?
if the price differential is due to lack of buyer bargaining power
Laws that make certain activities crimes are an example of which function of the law?
keeping the peace
____ is a body of rules of action or conduct prescribed by controlling authority and having binding legal force.
law
The United States has addressed the environment that resulted from the information age in all of the following ways EXCEPT __________
limiting the use of digital technologies by the government
An) _____ fact is a fact that is important to the subject matter of a contract
material
___ of damages is a _____ party's legal duty to avoid or reduce damages caused by a breach of contract.
mitigation; non-breaching
The _____ School of jurisprudence asserts that the law should be based on morality and ethics
natural law
Antitrust defendants often opt to settle government-brought antitrust actions by entering a plea of _____ in a criminal action.
nolo contender
A(n) _____ is a law enacted by local government bodies, such as cities and municipalities, counties, school districts, and water districts.
ordinance
_____ is an equitable doctrine that allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is necessary to avoid injustice
part influence
Market sharing is a _____ violation of Section 1 of the Sherman Act
per se
The _____ rule is applicable to restraints of trade considered inherently anti-competitive
per se
Laws that allow for the settlement of cases prior to trial are an example of which function of the law?
providing a basis for compromise
An agency can be legally terminated in all EXCEPT which of the following ways?
ratification of the contract by the principal
Proving that a defendant is in violation of Section 2 means proving that the defendant in the _____ market possesses _____ power and engaged in a _____ act of monopolization to acquire or maintain that power
relevant; monopoly;willful
The _____ standard holds that only unreasonable restraints of trade violate Section 1 of the Sherman Act.
rule of reason
_____ means "to stand by the decision."
stare decisis
The Texas Natural Resources Code is an example of a(n) ____
state statute
A(n) _____ is a written law enacted by the legislative branch of the federal and state governments that establishes certain courses of conduct to which covered parties must adhere.
statute
Which of the following is NOT a duty a principal owes to an agent?
subrogation
is a category of due process that requires government statutes, ordinances, regulations, or other laws be clear on their face and not overly broad in scope.
substantive due process
The manufacturer or seller is not liable if a product is materially altered or modified after it leaves the seller's possession and the alteration or modification causes an injury. Such alteration or modification is called a _____ event.
supervening
Which of the following is NOT a criterion to qualify as a general partnership under the UPA?
the issuance of publicly-traded stock
What was the main reason for the creation of law courts by William the Conqueror during the early development of the English common law?
to administer the law in a uniform manner
What was the main reason for the establishment of chancery courts during the development of English common law?
to eliminate unfair results and limited remedies of law courts
Gift promises are _____ because they lack _____.
unenforceable; consideration
A company is trying to determine whether it should close an unprofitable plant located in a small community. _____ would require that the benefits to shareholders from closing the plant be compared with the benefits to employees, their families, and others in the community from keeping it open.
utilitarianism
A(n) _____ restraint of trade occurs when two or more parties on different levels of distribution enter into a contract, combination, or conspiracy to restrain trade
vertical
The board of directors has authority over all of the following EXCEPT ____
voting rights
Section _____ of the _____ Act gave the _____ the power to prevent anticompetitive mergers.
7; Clayton; federal government
