Final Exam

Question 1

What are the four elements of a contract?

Answer 1

• legality
• agreement
• consideration
• contractual capacity

Question 2

5 types of contracts (statute of frauds):

Answer 2

• Land or real estate
• Sale of goods over 500 dollars
• cannot be performed in a year
• collateral
• prenuptials

Question 3

Classification of tortes:

Answer 3

• intentional
• unintentional (negligence)
• strict or product liability

Question 4

Elements of negligence:

Answer 4

• duty of care
• breach of duty
• causation
• damages or injury

Question 5

Burden of proof - criminal:

Answer 5

beyond a reasonable doubt

Question 6

Burden of proof - civil case:

Answer 6

preponderance of the evidence

Question 7

There is going to be a breach because the breaching party told you:

Answer 7

anticipatory repudiation

Question 8

When contract is discharged:

Answer 8

• completed
• material breach
• recission

Question 9

Difference between legal equity remedies:

Answer 9

• Plaintiffs (injured party initiating the lawsuit)
• Defendants (allegedly caused injury)

Question 10

What qualifies as freedom of speech?

Answer 10

• symbolic speech, including gestures, movements, articles of clothing

Question 11

Jurisdictions:

Answer 11

• Jurisdiction over person or property
• Jurisdiction over subject matter
• Original or appellate jurisdiction
• Jurisdiction of the federal courts
• Exclusive verses concurrent jurisdiction

Question 12

Types of dispute resolutions:

Answer 12

• arbitration
• mediation
• negotiation

Question 13

Difference between libel and slander:

Answer 13

• Libel –> statement that is written defamation
• Slander –> statement that is oral defamation

Question 14

What type of intellectual property does a design fall under?

Answer 14

Pictorial, graphic and sculptural works

Question 15

What constitutes trademark infringement?

Answer 15

unauthorized use of a trademark or service mark on or in connection with goods or services

Question 16

What is the constitution of robbery?

Answer 16

taking anothers property

Question 17

What is hacking?

Answer 17

gaining unauthorized data from a computer or another system

Question 18

What is the definition of duty based ethics?

Answer 18

ethical philosophy rooted in idea that every person has certain duties to others including humans and planets

Question 19

What is the moral minimum?

Answer 19

minimum level of ethical behavior expected by society, which is usually defined as compliance with law

Question 20

What is utilitariansim?

Answer 20

determination of which individuals will be affected by action in question

Question 21

What is a defense to the terms of a contract?

Answer 21

• voluntary consent
• form

Question 22

What constitutes the consideration?

Answer 22

• a promise to do something that one has no prior legal duty to do
• the performance of an action that one is otherwise not obligated to undertake
• the refraining from an action that one has a legal right to undertake

Question 23

What is an unconsionable contract?

Answer 23

if a contract is unfair to one party in a way that. suggests abuse during its formation

Question 24

What is required in a written contract?

Answer 24

• interest in land
• cannot be preformed within a year from the day after the date of the formation
• collateral or secondary contracts
• consideration of marriage
• sale of goods priced at $500 or more

Question 25

What is the difference between a penalty and liquidated damages?

Answer 25

• penalty –> force a party to perform a contract
• liquidated –> reasonable prior estimation of damage which is likely to occur to the injured party

Question 26

What is the difference between an assignment and delegation?

Answer 26

• assignment –> can’t increase another party’s obligations
• delegation –> using a contract to to transfer one party’s obligations to another

Question 27

What is the difference between a shipment and a destination contract?

Answer 27

• shipment –> does not require seller to deliver goods at particular destination
• destination –> a sellers obligation to deliver at a particular destination

Question 28

Characteristics of sole proprietorship, partnership and corporation:

Answer 28

• sole proprietorship –> complete control over business, no partners
• partnership –> sharing of profits and losses, joint ownership of the business, equal right to be involved in management of business
• corporation –> separate legal existence, limited liablility, taxation, government regulations,

Question 29

What law governs and LLC:

Answer 29

• LLC –> limited liability company
  FRLLCA

Question 30

What is the purpose of star banes oxly act?

Answer 30

improve auditing and public disclosure in response to several accounting scandals in early 2000’s