Legal Environment of Business (FINA2244) Exams 1-4

The first step in pursuing a claim under Title VII is to file a claim with the ________________________.

EEOC (equal employment opportunity commission)

If an investigation of a discrimination charge is not settled by the EEOC working with the employer and complaining employee, to carry the case further, the:

EEOC must issue a "right-to-sue" letter giving the employee the right to sue the employer

The decision to pull orange juice from a store shelves and remove it from the stream of commerce due to the possibility of harmful contaminates is made by what regulatory agency:

The Food and Drug Administration

Which of the following agencies has primary responsibility for sanitation of meat, poultry, and eggs:

U.S. Department of Agriculture

The Family and Medical Leave Act gives employees the right to take:

12 weeks of unpaid leave per year for health and family related reasons

The Age Discrimination in Employment Act of 1967 prohibits discrimination against employees who are over the age of ___________, if the employer has twenty or more employees.

40

The parole evidence rule prohibits the introduction of oral evidence into a lawsuit where the evidence presented is contrary to the terms of a written contract. Parole evidence may be introduced when:

all of the other choices ( it will explain the written instrument through previous trade usage, a written contract is incomplete, a written contract is incomplete, a written contract is unclear, it will prove fraud, mistake, or misrepresentation)

Which of the following debts are not extinguished by a Chapter 7 bankruptcy?

all of the other choices (back taxes, debts incurred by fraud against creditors, alimony and child support payments, fines owed to the government)

Some contracts must be in writing and signed to be enforceable. Contracts that are covered by the statute of frauds include:

all of the other choices (promises made in consideration of marriage, contracts that cannot be finished within one year, contracts for the sale of land, promises to pay the debts of another person)

state judges: -are elected in partisan (party) elections in some states -are appointed by the governor in some states -are elected in non-partisan (no party affiliation) in some states -are selected by the legislature in some states -all the other choices are correct

all of the other choices are correct

federal courts have the judicial power to hear cases involving:

all of the other choices are correct (a dispute between a citizen and a foreign citizen, a case involving a treaty, a federal question, a dispute between two states)

Commercial leases are often much more detailed than residential leases. A common provision of a commercial lease would be:

all of the other choices are correct (insurance provisions, how alterations to the property will be handled, dispute resolution, utilities)

The complaint filed by plaintiff contains:

all of the other choices are included (-the names of the parties -a short statement of the facts necessary to show that plaintiff may be entitled to a remedy -a statement alleging the facts necessary for the court to take jurisdiction -a statement of the remedy the plaintiff is seeking)

The Fair Debt Collection Practices Act prohibits the following by debt collectors except:

all of the other choices are prohibited (threatening violence if a debt is not paid, publication of a list of debts owed, discussing a debt with neighbors, harassing, late-night phone calls)

In Lamson v. Crater Lake Motors, in which a car sales employee who felt that the sales tactics of the company were unethical and was fired after he refused to cooperate sued the company for wrongful discharge, the appeals court found that Lamson had no case because:

all of the other specific choices

To establish the legal requirement of intent for an intentional tort:

all of the other specific choices (the wrongdoer must have known the possible consequences of his act, the wrongdoer must have known what he was doing, the wrongdoer must have known that certain results could occur)

Which is the UCC's requirements for an instrument to be negotiable:

all of the other specific choices are correct ( it must state a certain sum of money, it must be payable on demand or at a specified time, it must be written, it must be made to order of or bearer of)

the environmental protection agency is an example of:

an administrative agency

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

an adversarial system of justice

Cary allows Kail to access his land locked property by using a road that cuts across Cary's land. Kail paid Cary $1000 for the use of the road and can use it whenever he wants. This arrangement is generally known as:

an easement

the tort to trespass to land requires

an unauthorized intrusion onto the property of another

An agency may be established by:

any of the other choices (operation of law, written agreement, ratification, means of the doctrine of estoppel)

In a sale under the UCC, title to goods passes when the goods:

any of the other choices would be allowed (arrive at the buyer's facility, arrive for shipment at a port or train or trucking facility, leave the seller's facility, when the goods are halfway between buyer and seller)

a contract can be discharged by:

any of the other specific choices ( agreement of the parties, performance, legal impossibility)

A seller or buyer is considered a merchant by the UCC when he:

any of the other specific choices (employs an agent or broker who holds himself out as having requisite knowledge or skill, regularly deals in goods of the kind involved in the transaction, by occupation presents himself as having knowledge or skill specialized to the transaction)

Unlike express warranties, implied warranties:

are automatically imposed on sellers unless they specifically disclaim them

if the consumer knows the risks associated with the use of the product and still chooses to use it he is:

assuming the risk and thus relieving the manufacturer of liability

when a party contract does not perform as required, there is:

a breach of contract

Shareholders, the board of directors and the managers are the three major groups that make up:

a corporation

the most common way in which to transfer ownership interests in property is through:

a deed

a quitclaim deed is:

a deed of conveyance that passes whatever interests the grantor had in the property

Double taxation on profits is:

a disadvantage to the corporate form of organization

a trust is a(n)

a form of property ownership created by the common law that separates the legal and beneficial ownership of property

For the police to use a warrant to search for evidence they think may exist that is relevant to a suspected criminal act:

a judge must issue a warrant based on probable cause

statutory law is:

a law enacted by a legislative body

Debt collection usually begins with:

a letter stating that the account is past due

Anna transfers, to her mother Mildred, the right to use Anna's second home so long as Mildred is alive. This is known as:

a life estate

A principal's ratification is:

a principal's acceptance of responsibility for an agent's actions

Warranty of title means:

a seller is the rightful owner of the goods being sold

An agent with authority to represent the principal only for a specific transaction, usually for a limited time is a(n):

a special agent

original jurisdiction means power to:

accept a lawsuit, try it, and pass judgement

The Constitution was amended almost immediately to ensure that there was:

adequate protection for individual rights

Substantive rules issued by agencies are:

administrative statutes with the same force and effect of law as statutes passed by Congress

______________________ is NOT a protected class under Title VII of the 1964 Civil Rights Act.

age

This ad was seen in a publication: "Wanted: Assistant to the President. Great job opportunity for bright, young, hard working person to work with President of a major private university." This ad is most likely to violate:

age discrimination laws since "young" is probably not over the age of 40

An employment of an agent for the purpose of representation in establishing relations between a principal and third parties is known as a(n):

agency relationship

Which of the following is an industry that is greatly affected by NAFTA:

agriculture, automobile and textiles

If Julia is accused of robbing a bank and she has witnesses testify that she was having her nails done at the time the robbery took place then she is using a(n):

alibi

tort law can be classified as:

all of the above choices (negligent, strict liability, intentional)

The 1966 Supreme Court opinion relating to the Miranda rights holds that a person must be advised of their rights:

before the commencement of a custodian interrogation

As a creditor, a business should:

determine the debtor's ability to repay and establish debt collection practices

Conducting an on-the-spot worksite safety inspection by OSHA inspectors is an example of acquiring information by:

direct observation

Employee handbooks usually do which of the following?

discusses grounds for discipline and dismissal and communicate company policies and procedures

Under Title VII of the 1964 Civil Rights Act, unintentional discrimination is referred to as ___________________________ discrimination.

disparate impact

Under Title VII of the 1964 Civil Rights Act, intentional discrimination is referred to as ________________________ discrimination.

disparate treatment

The owner of a lost dog posts notices that she will pay $200 for its return. Someone who does not know about the reward finds the dog and returns it. The owner;

does not have to pay the reward because the offer was not communicated to the person who found the dog

Roberta says, "Susan, I will sell you my car for $5,000." Susan says, "I'll give you $4,500." Roberta says "No." Later Susan calls Roberta and says, "I have $5,000 and want the car." Roberta:

does not have to sell the car due to the counteroffer, which is a rejection

Assume that the congregation of a Roman Catholic church wants to hire a new priest and requires that the successful applicant be a graduate of the Roman Catholic seminary. An applicant who is turned down for the job is a graduate of the Baptist Seminary. If the unsuccessful candidate sues arguing discrimination under Title VII, the Roman Catholic church's defense for its seminary requirement would be that it is a __________________________________.

bona fide occupational qualification

______________________ is not a major racial group officially recognized by Title VII of the 1964 Civil Rights Act.

european

cause in fact is established by:

evidence showing that a defendent's action or inaction is the actual cause of an injury that would not have occurred but for the defendent's behavior

the us constitution created these branches of federal government

executive, legislative, and judicial

Internationally, the most visible franchises are:

fast food restaurants

The most common form of real property ownership that gives exclusive possession to a particular piece of land for an indefinate time is:

fee simple

the bill of rights is the:

first ten amendments in the us constitution

The government agency charged with monitoring food and drug safety is the:

food and drug administration

Following a trial's opening statements, the plaintiff:

goes first since he has the burden of proving that his arguments are correct

Article 2 of the UCC covers the sale of:

goods

if the us supreme court accepts a case on appeal it:

grants a writ of certioari

the law of product liability is primarily concerned with:

harms suffered by buyers and other person who use defective products

Suppose parties to a contract that is under the UCC fail to specify some term. The UCC:

has rules to fill the gap about a silent term

ethics, in the context of business practitioners:

has to do with rules or standards governing the conduct of members of a profession and how standards are put into action within an organization

a major advantage of the use of precedent in law for businesses is that they will:

have reasonable expectations about the enforcement of agreements

Business transactions that involve entities from two or more countries are defined as:

international business

An individual with an express or implied invitation to enter the premises of someone else is owed the highest duty of care. These individuals are known as:

invitees

Bankruptcy law:

is federal statutory law, primarily the Bankruptcy Code

If the principal does not pay the creditor, and the surety has to satisfy the debt, the principal:

is obligated to repay the surety

At most trials, after the parties present their closing arguments, the:

judge instructs the jury on the law; the jury applies the law to the facts it determines

Five procedural requirements for judicial review of a challenge to an agency decision are:

jurisdiction, reviewability, standing, ripeness and exhaustion

When there is an undisclosed principal, the agent is:

liable to the third party for the principal's nonperformance of the contract

An art gallery sells fake "authorized" Vincent Van Gogh prints to clients for $50,000 each, telling buyers their purchases are good investments. If the FTC sues, the gallery will:

lose because its actions meet the FTC test for deception

An at-will employee:

may be dismissed at any time without reason or cause

Which of the following is not a necessary element of defamation:

mental distress suffered by the victim of the statements

Truth in Lending refers to the requirement that creditors:

must disclose all relevant terms in credit transactions

When a plaintiff files a suit against a defendant, plaintiff:

must give notice to the defendant by service of process

Under which of the following conditions would a principal or employer be liable for the torts of an agent or employee:

both a and b are correct

Which of the following countries is not a member of the North American Fee Trade Agreement:

brazil

Taken together, the Necessary and Proper Clause and the Commerce Clause, provides justification for:

broad congressional regulation of business

_______________ refers to the country where a person is born or the country from which his or her ancestors came.

national origin

The part of the Constitution that gives Congress the authority to make laws to carry out powers granted to Congress in the Constitution is the:

necessary and proper clause

Consideration is defined as something of value or something bargained for in exchange for a promise. Normally, if consideration is absent:

neither party may enforce the promise

a secured creditor is one who:

can take a debtor's property to try to satisfy the debt

the cornerstone of federal employment discrimination law is the ____

civil rights act of 1964

In Davis v. Baugh Industrial Contractors, the traditional common law rule prevented a party who accepted a completed construction project from later suing the contractor for flaws in construction that caused injury to other. In reviewing such a case, the Washington state high court held that the rule was not sensible in modern times and would be dropped. This is an example of how:

common law can adapt to changing circumstances

In McCulloch v. Maryland, the Supreme Court held:

creation of a national bank was constitutional under the neccesary and proper clause

You leave your poodle at a new grooming shop and tell them to wash the dog--a$30 service. They do that and also paint the poodle's nails and tie ribbons in his hair--these services are an extra $10. You pay them for the wash. What about the extra $10 in services?

no contract for these services existed, no extra payment.

the doctrine of judicial immunity means judges may:

not be sued for damages that result from their judicial acts

a manufacturing defect is one which:

occurred during the manufacturing stage and for which the consumer will be compensated

The basic elements of a contract include:

offer, acceptance, consideration, and mutual assent

In a wholly owned subsidiary, the foreign business:

owns the whole operation

Under the common law, contract modifications must be supported by new consideration to be binding on the parties. Under UCC Article 2:

parties need no provide new consideration to modify an existing sales contract

The discovery stage in the trial process is intended for the:

parties to obtain information about the facts before the trial starts

Gary and Sue start a consulting firm. They are co-owners of it and have joint control over its operation and the right to share in its profits. Their organization is most likely a:

partnership

A grant from the government conveying to and securing for an inventor the exclusive right to make, use, and sell an invention is a:

patent

The UCC's remedies for breach of contract for the sale of goods are intended to:

place the non-breaching party in the same position as if the contract had been performed according to its terms

Which is the correct order of stages for a typical lawsuit:

pleadings, discovery, pretrial, trial, appeals

International businesses face risks that include:

political, financial and regulatory risks

The intent of the Nutrition Labeling and Education Act is to:

prevent misleading product claims

criminal law is:

primarily made up of statutes passed by congress and state legislatures

Before being controversially struck down by the Supreme Court in the Citizens United case, the McCain-Feingold Act:

prohibited for-profit and non-profit corporations and unions from broadcasting "electioneering communication"

The Food and Drug Administration:

prohibits the sale of drugs without FDA approval

The main objective of the Employee Retirement Income Security Act of 1974 (ERISA) is to:

promote the growth of private pension plans and guarantee the expectations of those plans

a major purpose of tort law is to:

provide compensation for injured parties by wrongdoers

enforcement of law in a society is important because it:

provides some predictability and uniformity to the boundaries of acceptable conduct

Employers are obliged to make ____________ accommodations for persons with disabilities and are expected to incur expenses in making a position or workstation available to qualified disable applicants and employees.

reasonable

To not violate Title VII's prohibition of discrimination based on religion, an employer may have to make changes in the way her business is organized to meet religious requirements of the employees. Employers are required to incur:

reasonable expenses to accommodate an employee's religious requirements

Which of the following are public-policy exceptions recognized by most states as limits to the employment-at-will doctrine?

refusing to commit an illegal act; performing a public duty and exercising a right

The reasonable person standard compares the actions of the wrongdoer/tortfeasor with those of a hypothetical person known as the reasonable person. The reasonable person:

represents a standard of how persons in the relevant community ought to behave

Nutrition labeling does not require which of the following to be listed per serving portion:

riboflavin

According to the UCC's Statute of Frauds all:

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

A financial institution that receives a promissory note has the right to:

sell the note to another party

The Equal Pay Act of 1963 prohibits employment pay discrimination on the basis of ___________________.

sex

In Title VII discrimination cases, after the plaintiff establishes a basic claim, the burden of proof then __________________________________________.

shifts to the defendant to present evidence that the claim is untrue or that there was a legal reason for its (the employer's) decision, and then the burden shifts back to the plaintiff

the use of legal precedent or the use of prior decisions as guidance in disputes that occur later, is called:

stare decis

negotiable instruments

substitute for cash

The constitutional requirement that governments must give just compensation for property taken for public use is known as:

takings clause

Which of the following is not a requirement of the Drug-Free Workplace Act imposed on all companies that do more than $25,000 worth of business with the federal government?

test new employees for possible drug use

The major export-promotion agency in the U.S. is:

the Commerce Department

Federal regulation of the relationship between consumers and creditors is based on an umbrella law that contains many credit laws. The name of that umbrella law is:

the Consumer Credit Protection Act

Credit discrimination on the basis of race, sex, color, religion, national origin, marital status, receipt of public benefits, the good-faith exercise of the applicant's rights under any part of the CCPA, or age is prohibited by:

the Equal Credit Opportunity Act

If the government can prove beyond a reasonable doubt that 1) the accused committed the illegal act, and 2) that there was necessary intent or state of mind to commit the act then:

the accused will be convicted of the crime

The Franchise Rule requires that the following information must be provided except:

the background and experiences of all existing franchisees

The most immediate control mechanism enjoyed by Congress for regulating administrative agencies in the ability to control agency activity through:

the budget process

The most immediate control mechanism that Congress has to regulate administrative agencies is the ability to control the agency through:

the budget process

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

the commerce clause

To create a corporation:

the corporation's articles of incorporation are filed with the appropriate officer of the state

Personal jurisdiction over the person of the defendant is achieved when:

the defendant is served with a copy of the complaint

contract law governs the enforceability of

the legal relationship that consist of the rights and duties of the agreeing parties growing out of promises

federal judges are nominated by:

the president

proper venue refers to:

the proper place where a lawsuit is heard

The individual designated by a business organization to receive service of process for the business is known as:

the registered agent

A guarantor is generally the same as :

the surety

the constitution intends for the judiciary to have significant independence from the other parts of the government as part of:

the system of checks and balances

Depositions, written interrogatories, orders for production of documents and request for admissions are all examples of:

the tools of discovery

the united states constitution divides governmental power to prevent:

the tyranny the founders experienced under king george III

most cases involving questions of federal law originate in:

the us district courts

which is not a necessary element of negligence?

the wrongdoer's actions were motivated by malice

If someone is very drunk and then, only because of their drunkenness, cause a fatal accident:

there can be a crime because there was criminal negligence

in the american court system:

there is a federal system and a similar system of trial and appeals courts in each state

The statute of limitations on felony crimes in North Carolina is:

there is no statute of limitations on felonies in north carolina

Administrative agencies are often created by Congress because:

they can consider technical details more effectively than Congress and have the ability to monitor a regulated industry on a continuous basis

if a debtor cannot meet credit obligations it is said:

to default

Restrictions on a country's imports are generally imposed for which of the following reasons:

to protect a countries domestic industries from foreign competition

the purpose of allowing federal jurisdiction when a dispute arises between citizens of different states is:

to provide a neutral forum for handling such disputes

The UCC's purpose is:

to simplify, clarify and modernize the law governing commercial transactions

A commercial symbol that a manufacturer prints on its goods so they can be readily identified in the marketplace is a(n):

trademark

The seller's basic obligation under the UCC is too:

transfer and deliver goods that conform to the contract to the buyer

To help stimulate jobs in its wine industry, New York does not tax New York wines but taxes other wines $1 per bottle. This tax is:

unconstitutional because it violates the commerce clause

An employer is expected to comply with the Americans with Disabilities Act by making reasonable accommodations for persons with disabilities ________________________.

unless the employer can prove an undue hardship on business operations

A potential drawback of sole proprietorship and partnerships is that the parties involved have:

unlimited liability

which of the following is not needed to establish the tort of intentional misrepresentation or fraud

use of force by the defendant

once established, assumption of risk:

usually bars the plaintiff from recovery, even if the defendant was negligent

The process by which judges or attorneys ask jurors questions to determine whether a prospective juror is likely to be so biased that he or she could not reach a fair decision based on the evidence presented is called:

voir dire

In Kelo v. City of New London, Conn., where the city forced people to sell their houses so there could be a new large project build, the Supreme Court held that hte forced sale:

was legitimate as long as the city used the property for government purposes

You post a notice at school that you will sell your laptop computer for $600. A buyer comes by your room to look at it while you are gone and your roommate sells it for $500, thinking you would be happy with that price, which you did not authorized.

you can accept the deal by express or implied ratification

the united states constitution:

created the three branches of government

Which of the following is an objective of worker's compensation law?

all of the other specific choices are correct ( prevent public and private charities from incurring the financial strains that would accompany uncompensated accidents, provide sure, prompt, and reasonable income and medical benefits to work-accident victims or income benefits to their dependents, regardless of fault, reduce payments of fees to lawyers and expert witnesses, provide a certain remedy and reduce court costs and time delays associated with tort litigation)

Which of the following is part of the FTC's three part test for deciding whether a particular act or practice is deceptive:

all of the other specific choices are correct ( there is a misrepresentation or omission of information in a communication to consumers, the deception is material, the deception is likely to mislead a reasonable consumer)

Which of the following is a main source of international commercial law:

all of the other specific choices are correct (laws defined by trade agreements, laws of individual nations, rule enacted by worldwide or regional organizations)

According to the FTC, which of the following things would indicate an unfair act or practice:

all of the other specific choices are correct (the act or practice causes substantial harm to consumers, the injury from the act or practice is harmful in its net effect, consumers cannot reasonably avoid injury)

All of the following are factors in determining one's credit score:

all of the other specific choices are correct (the number of inquires made into a persons credit rating, the length of time one has had credit, one's credit history, the type of credit one carries)

Which of the following would be a reason that the U.S. government would restrict the export of a good:

all of the other specific choices are correct (the sale of the export could jeopardize national security and/or conflict with national policy, the sale of the export could jeopardize national security, the export is a raw material in short supply, the sale of the export conflicts with national policy)

an effective acceptance must be:

all of the other specific choices are correct (unconditional, properly communicated, unequivocal)

Which of the following are things that must be shown by a worker in order for her to have a claim under workers' compensation?

all of the other specific choices are necessary for a claim (the accident or occupational disease must have arisen out of and in the course of employment, the worker must have a personal injury, the injury must be the result of an accident or occupational disease)

Which of the following items are banned from being imported into the U.S.:

all of the specific choices are banned (narcotics, items that do not meet U.S. pollution regulations, products from endangered species)

A defendant must file a responsive pleading to a complaint filed by a plaintiff. The defendant may file which of the following:

all of the specific choices are possible (a motion to dismiss, a counterclaim, an answer)

Under the old common law concept of ad chelom, it was presumed that an owner of land acquired:

all rights to an estate including everything from the center of the earth to the heights of the heavens

In an orderly society, law and the legal system help to:

all the answers are part of the role of law (resolve disputes, maintain the important values of society, provide a way for important social changes to take effect, influence the behavior or members of society)

the elements of the tort of intentional interference with contractual relations include:

all the other specific choices are correct (the existence of a contractual relationship between the injured business and another party, intentional interference with the contractual relationship, the wrongdoer's knowledge of the contractual relationship between the injured business and another party)

Chapter 11 Bankruptcies, which are filed by businesses:

allow a business to keep operating under reorganization of its activities and its debts

In Wassell v. Adams the plaintiff was 97% responsible for the attack she suffered in a hotel room. As a result, the jury awarded her 3% $850,000 verdict, or $25,500. This action reflects which of the following legal doctrines?

comparative negligence

Ginger attacks Richard and cuts him with a knife. He sues Ginger. The jury awards Richard $50,000 for medical expenses and lost time at work and adds $100,000 to the award because Ginger was so vicious. The $50,000 is called:

compensatory damages

rights of literary property as recognized by law are:

copyrights

which of the following is true about the federal appeals courts

courts of appeals usually assign three-judge panels to review decisions of district courts

In Hinson v. N&W Construction, where Hinson submitted the low bid to N&W for plumbing work to be part of a larger construction project by N&W, but then refused to do the work when construction was started by N&W, the court held that Hinson's bid:

created extra liability on promissory estoppel, so he was liable for the extra costs incurred by N&W

Karen has a history of drunk driving and has been convicted several times. The Pizza Parlor hires her as a delivery person, despite knowing her history. If Karen causes an accident while on the job because she has been drinking you would expect the Courts to:

hold The Pizza Parlor liable for negligence in hiring

When a court "pierces the corporate veil" it:

hold shareholders personally liable for corporate debts

making marijuana illegal in the US and alcohol illegal in saudi arabia are both examples of:

how governments can use law to enforce different social norms

If property that is located in a state becomes the subject matter of a lawsuit, the power of a court in that state to resolve disputes concerning the property is called:

in rem jurisdiction

In a criminal case, if evidence is not gathered properly, such as by a search that violates Fourth Amendment rights, then at trial that evidence is:

inadmissible at trial under the exclusionary rule

regulatory takings cases indicate that:

the destruction of property value must be almost complete for compensation to be due

the principal distinction between assault and battery is:

the difference between the requirements of apprehension of an offensive physical contact and of actual physical contact

An independent contractor is distinguished by:

the extent of control the employer retains over work performance

Which is true of gratuitous agents:

the gratuitous agent may bind the principal regardless of whether their authority is actual or apparent

Andrea has been working very hard for her employer, Bill. Two weeks before Andrea is due for a bonus payment, Bill fires her for no reason. Andrea could possibly make a case that:

the implied covenant of good faith and fair dealing has been violated

In Palsgraf v. Long Island Railroad, where Palsgraf was hit by machinery that fell when an explosion occurred at a train station, and she sued the railroad for negligence, the New York high court held that the railroad:

was not liabile because of a lack of proximate cause

negligence torts are based on the idea that

we have a duty to conduct ourselves in all situations so as not to create an unreasonable risk of harm or injury to others

An agency through operation of law is established:

when an emergency exists and the "agents" actions are in the public interest

Which is not an element for an offer to be effective:

willingness to accept consideration

the commerce clause to the constitution gives congress the power to regulate trade:

with foreign nations among the states

Under a Chapter 13 proceeding, debts must be repaid usually:

within 5 years