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Business Law > Midterm > Flashcards

Midterm Flashcards

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1
Q

Which country is the United States legal system derived from?

A

United Kingdom

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2
Q

What are the functions of law in the United States? (There’s 3)

A
  1. Establish standards
  2. Promote, provide, and maintain order
  3. Promote consistency
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3
Q

As a judge, Baxter applies common law rules. These rules develop from:
A. Decisions of the court in legal disputes
B. Regulations issued by administrative agencies
C. Uniform laws drafter by legal scholars
D. Statues enacted by Congress & the state legislatures

A

A

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4
Q

The legislature of the state of Texas enacts a new statue that sets standards for the liability of business selling defective products. This statue applies in:
A. Texas only
B. O ly Texas & its bordering states
C. All states
D. All states but only to matters not covered by other state’s laws

A

A

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5
Q

Alex has been sued by Will for failure to pay rent for their apartment, which sourse of law will govern this lawsuit?
A. Administrative law
B. The constitution
C. Civil law
D. Criminal law

A

Civil law

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6
Q

4 sources of law in the U.S legal system are?

A

Constitutional law, judicial law, legislative law, administrative law

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7
Q

Where can you find a codification of federal laws?
A. The library
B. Federal Court
C. United States code
D. U.S. Library of Congress

A

United States code

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8
Q

What is the Supreme law of the land?

A

The Constitution

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9
Q

Regulations are…

A

Rules adopted by administrative agencies.

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10
Q

Some of the rights in the Constitution’s Bill of Rights extends to corporations. True of false?

A

True

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11
Q

The ___ gives the federal government the authority to regulate interstate and international commerce.

A

The commerce clause

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12
Q

The doctrine aimed at dividing the governing powers between the federal governments and the states is:

A

Federalism

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13
Q

Separation of powers consist of?

A

Legislative, executive, and judiciary.

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14
Q

Which clause of the U.S. Constitution provides that, within its own sphere, federal law is Supreme and that state law must, in case of conflict, yield?

A

Supremacy Clause

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15
Q

What are 2 types of Due process?

A

Substantive and procedural

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16
Q

The ___ of the constitution offers the most extensive protection for businesses.

A

Due process clause

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17
Q

The 14th Amendment is a part of the Bill of Rights. True or false.

A

False

18
Q

All of the sections of the Bill of Rights apply to corporations and commercial activities. True or false?

A

True

19
Q

The elements of a contract include all but the following element:
A. Offer and acceptance
B. Consideration
C. Capacity
D. Promissory Estoppel

A

D

20
Q

What are the ways an agreement can be invalidated?

A

Fraud, misresentation, undue influence.

21
Q

Consideration may include any of the following except:
A. A promise
B. A gift
C. Property
D. Money

A

A gift

22
Q

What happens when a person lacks the legal capacity to enter into a contract?

A

It’s voidable

23
Q

A minor can avoid a contract to purchase a car if:
A. The car has been destroyed
B. The car has been damaged
C. He or she grows tired of it
D. All the above

A

All the above

24
Q

When can a mentally incompetent person void a contract?

A

Anytime (with their legal guardian)

25
Q

Typical remedies available for a breach of contract include:
A. Money damages
B. Rescission
C. Specific performance
D. All the above

A

D

26
Q

Courts of equity will not grant specific performance of contacts for …

A

For a personla service contract.

27
Q

All of the following features of sales contracts except:
A. Consensual
B. Bilateral
C. Cumulative
D. Principal

A

D

28
Q

What source of law governs sales contracts?

A

The Uniform Commercial Code (UCC)

29
Q

Examples of a defect in a branch of the implied warranty of merchantability include: (there’s 4)

A

Design defect, manufacturing defect, inadequate warnings, and inadequate instructions

30
Q

What are the possible remedies to buyers under the UCC? (3)

A

Cancel the contract, sue, and obtain cover.

31
Q

Administrative agencies are created by?

A

Congress

32
Q

The FDA stands for?

A

The food and drug administration

33
Q

Who appoints leaders to run administrative agencies?

A

The president

34
Q

The process of assigning authority to administrative agencies is called?

A

A delegation

35
Q

What’s the role of an Administrative Law Judge (ALJ)?

A

Judicial officer in administrative proceedings

36
Q

All of the following are forms of restraint of trade that company might use to reduce competition execpt:
A. Monopolies
B. Oversupply
C. Price-fixing
D. Mergers

A

B

37
Q

What is a business trust?

A

Group of businesses with a common goal. The owners maintain profits as beneficiaries but ownership is with trustees.

38
Q

Difference between naked restraint and ancillary restraint?

A

Broad uncertain duration
Targeted short duration

39
Q

What was the first antitrust law enacted?

A

The Sherman act

40
Q

Explain lassiez-faire economic policy?

A

Hands off

41
Q

Difference between minor and material breach?

A

When the party fails to perform small obligations but still performed their obligations.
The contract is over.

Business Law (10 decks)

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