Discussing the exam questions with other business law students who have not taken the exam would be considered cheating. True False Arbitration is binding, mediation is not. Tr... ue False Which one is a function of the law? Peacekeeping Promoting social justice Protecting the environment All of the above are functions of the law. Caveat emptor means Let the vendor beware Beware of freedom to contract Beware of lawyers Let the buyer beware Statutory law is also known as case law or judgemade law. True False Stakeholders are limited to shareholders. True False Kant's categorical imperative is an example of which theory of ethics? Justice theory Rights theory Utilitarianism Profit maximization According to the guidelines to ethical decision making, in most ethical situations, only two alternatives exist. True False In determining the ethics of an alternative, the theory would encourage a decision maker to consider the benefit and cost to society as a whole. Justice theory Rights theory Utilitarianism Profit maximization Ethical standards can come from the following sources: Personal ethics Professional standards for ethics Corporate codes of ethics All of the above The protects freedom of speech. Takings clause Commerce clause First Amendment 10th Amendment According to the principle of federal supremacy and the U.S. Constitution, federal law never defeats conflicting state law. True False Using , courts can declare the actions of other government bodies unconstitutional. Eminent domain Judicial review Separation of powers Federalism A misdemeanor is a type of tort. True False The pleadings are The complaint, the answer, and the reply Venue and jurisdiction Arbitration, mediation, and minitrials The executive, judicial, and legislative branches What is the State's burden of proof in a criminal case? A preponderance of the evidence Beyond all doubt Despite some evidence to the contrary Beyond a reasonable doubt A counterclaim is filed by the . Plaintiff Defendant Appellant Appellee Which is not a type of misuse of legal proceedings? Malicious prosecution Private nuisance Wrongful use of civil proceedings Abuse of process Without fault refers to: Negligence Jurisprudence Strict liability Intentional tort Which of the following is an intentional tort? Trespass to land A misdemeanor Strict liability Negligence Which of the following is a defense to negligence? Contributory negligence Assumption of the risk Comparative negligence All of the above Under the mailbox rule, an authorized acceptance is effective even if it is not received. True False An illegal contract to kill someone tomorrow would be Void Voidable Valid Executed Honesty in fact refers to Quasitruth Good faith Quasicontract Valid contract Which of the following is adequate consideration? Past consideration A promise to give $20 to a church A promise to do something you already have to do. None are adequate consideration. What section of some contracts could relieve a party from tort liability? An exculpatory clause A noncompetition clause The commerce clause The takings clause The ability to incur legal obligations and acquire legal rights is . Disaffirmance Emancipation Capacity Ratification Generally, silence is not considered acceptance. True False A minor can rescind most contracts. This right to rescind is referred to as . Emancipation Disaffirmance Ratification Capacity According to the Statute of Frauds, all contracts must be in writing to be valid. True False According to Casey, Julie owes her $50. Julie disagrees with the amount and sends Casey a check for $35 marked "payment in full." If Casey cashes the check, she cannot recover the remaining $15 from Julie according to . Quasicontract Good faith Promissory estoppel Accord and satisfaction Contracts for the sale of goods for $500 or more must be in writing according to the Statute of Frauds. True False Compensatory damages are awarded to give the plaintiff the benefit of the bargain as if the contract had been performed. True False Substantial performance does not apply if the breach of contract was willful. True False In a breach, the nonbreaching party can cancel the contract. Nonmaterial Impossible Material Substantial Damages awarded to punish the defendant and to deter others in the future are called Liquidated damages Compensatory damages Consequential damages Punitive damages The key concept of quasicontract is Foreseeable reliance Unjust enrichment Good faith Profit maximization This contractual theory of product liability applies when goods are not fit for their ordinary purpose. Negligence Express warranty Implied warranty of merchantability Implied warranty of fitness Nancy was shopping for a mountain bike for her niece's birthday present, but Nancy didn't know anything about bikes. She asked the salesperson for help and said, "I'm relying on you to pick the right bike for my niece who is planning on riding this new bike on a trip to the top of Pike's Peak in Colorado Springs. She is five feet, eleven inches tall." Nancy relied on the salesperson's advice and bought the $10,000 bike he suggested. Which of the following warranties may have been created? Implied warranty of merchantability Express warranty Strict liability Implied warranty of fitness Which is not a tortbased form of product liability? Negligence Implied warranty of fitness Strict liability None of the above A computer manufacturer states on their website that all of their computers have 24 GB of GDDR5 memory. This could create which of the following? Implied warranty of merchantability Implied warranty of fitness Strict liability Express warranty Employers could be liable for torts committed by employees if the employees were acting within the scope of their employment. True False Agents are usually not liable for contracts made on behalf of a principal. True False An agent's duty of loyalty can be described as: An agent cannot act on behalf of a party opposing the principal. An agent cannot disclose confidential information he learned as an agent. An agent must not compete with the business of the principal. All of the above. Even if an agent is fired, the agent could still have to act on behalf of the principal. Implied authority Express authority Apparent authority d.The agent has no authority after employment is terminated. Express authority is a type of Actual authority Implied authority Apparent authority None of the above Duties of a principal to an agent include: Duty of loyalty Duty to account Duty to compensate Duty to act with care and skill To cancel apparent authority with suppliers an agent has dealt with in the past, a principal should Call the suppliers or personally deliver a letter to the suppliers. Put an announcement in the newspaper. Call the agent or personally deliver a letter to the agent. None of the above [Show More]
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