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Business Law exam 1
| Term | Definition |
|---|---|
| Which of the following is a primary source of law? | Statutes |
| Which type of law deals with disputes between private parties? | Civil law |
| Which of the following is a legal remedy? | Damages |
| When can a plaintiff request an equitable remedy from a court? | Only when a legal remedy is inadequate |
| . Economic rights include: | The right to start a business and The right to enter into contracts |
| What is the purpose of stare decisis? | To require courts to follow precedent |
| The Uniform Law Commission and American Law Institute create model laws that: | Become binding when adopted by a state legislature |
| The power of courts to determine whether government actions are constitutional is called: | Judicial review |
| What concept refers to power being shared between the federal government and state governments? | Federalism |
| Which branch of government makes federal laws? | Legislative |
| Which branch primarily enforces federal laws? | Executive |
| Which branch interprets and applies the law? | Judicial |
| The Commerce Clause gives Congress power related to: | Interstate commerce |
| The Necessary and Proper Clause: | Works together with another enumerated power |
| The Supremacy Clause generally establishes that: | Federal law can take precedence over conflicting state law |
| The Fourteenth Amendment applies the protections of the Bill of Rights to: | State governments |
| Trial courts generally have: | Original jurisdiction |
| Trial courts are primarily: | Fact-finding courts |
| Appellate courts primarily review: | Questions of law |
| Randy brings a lawsuit in federal district court and loses. Where does he generally file his appeal? | . Federal Circuit Court of Appeals |
| A state court can generally hear federal-law claims when: | Federal law does not give exclusive jurisdiction to federal courts |
| Federal question jurisdiction exists when: | The case involves federal law |
| Diversity jurisdiction generally concerns: | Citizens of different states and the required amount in controversy |
| Personal jurisdiction concerns the court's power over: | The defendant |
| A nonresident defendant who is physically present in a state and properly served may be subject to: | Tag jurisdiction |
| Venue concerns: | . The appropriate and convenient location for the case |
| Standing generally requires that the plaintiff: | Have suffered an actual injury and have an injury that can be remedied |
| A civil lawsuit begins when the plaintiff files a: | Complaint |
| The defendant's response to the complaint is called a: | Answer |
| If a defendant ignores a properly served complaint and summons, the defendant could face: | Default judgment |
| Which is NOT a method of discovery? A. Deposition B. Interrogatory C. Request for production D. Opening statement | Opening statement |
| Questioning a witness under oath during discovery is called a | Deposition |
| Written questions that the opposing party must answer are called: | Interrogatories |
| A request for documents or electronically stored information is a | Request for production |
| A company's duty to preserve evidence arises when: | There is a reasonable anticipation of litigation |
| Appeals usually focus primarily on: | Questions of law |
| Mediation involves: | A neutral third party helping the parties reach an agreement |
| In mediation, settlement is generally: | 100% voluntary |
| Arbitration is generally: | More like a court proceeding than mediation |
| An arbitration decision may be: | Binding or nonbinding |
| Which of the following is an intentional tort listed in your outline? | Defamation |
| Fraudulent misrepresentation is classified as: | An intentional tort |
| False imprisonment involves: | Wrongfully restraining a person |
| Negligence generally involves: | Failure to exercise the required level of care |
| Products liability concerns liability associated with | Defective products |
| Which of the following is an essential element of a contract? | Agreement |
| A bilateral contract involves: | A promise exchanged for a promise |
| A unilateral contract involves: | A promise in exchange for performance |
| Most contracts are: | Performance remains to be completed |
| An executed contract is one in which: | A. Both parties have fully performed |
| A valid contract has: | All required elements present |
| A void contract: | Has no legal effect |
| A voidable contract allows: | One party to disaffirm the contract |
| Which is generally NOT an offer? | An invitation to negotiate |
| Most advertisements are considered: | Invitations to make offers |
| An advertisement may be treated as an offer when it contains language such as: | "First come, first served" |
| An acceptance must generally comply with the requirements concerning: | Manner, means, and timing |
| Consideration generally requires: | Something of legal value exchanged |
| Under the adequacy rule, courts generally care about: | Whether consideration is legally sufficient |
| Which is generally NOT valid consideration? | Past consideration |
| Under the preexisting duty rule: | A. Doing something you are already legally obligated to do generally does not constitute new consideration |
| An illusory promise is generally: | A promise that does not really commit the promisor to anything |
| Promissory estoppel can serve as: | An exception to the normal consideration requirement |
| A contract entered into by a person lacking capacity is generally: | Voidable |
| A minor generally has the ability to: | Disaffirm a contract |
| Ratification means: | Affirming a contract after the ability to disaffirm |
| A contract involving an illegal purpose is generally | Void |
| Fraud can affect the | Genuineness of assent |
| Which of the following can undermine genuine assent? A. Fraud B. Duress C. Undue influence D. All of the above | All of the above |
| The Statute of Frauds concerns | When certain contracts must satisfy specific writing requirements |
| The parol evidence rule generally concerns: | Evidence of prior or contemporaneous agreements when a written contract is involved |
| A material breach generally means | A significant failure to perform contractual obligations |
| Substantial performance means: | Performance was essentially completed despite minor deviations |
| A party who suffers damages from breach generally has a: | Duty to mitigate damages |
| Which is a remedy at law | Damages |
| Equitable remedies are generally available when | A legal remedy is inadequate |
| UCC Article 2 applies primarily to contracts involving | Sales of goods |
| Under the UCC, a "good" generally refers to | A tangible movable item |
| A merchant is generally someone who | Has special knowledge or expertise regarding the goods involved |
| When the UCC does not address an issue in a sale-of-goods contract: | A. Common law may apply |
| The UCC's Statute of Frauds provision is found in: A. § 2-102 | 2-201 |
| A merchant's firm offer is addressed under | UCC § 2-205 |
| UCC § 2-207 deals with: | Battle of the forms |
| UCC § 2-209 deals with: | Modification |
| Which two major types of warranties are listed in your outline? | Express and implied |
| An express warranty generally arises from | An affirmation, promise, description, or sample concerning the goods |
| Implied warranties are: | Warranties created by operation of law |
| A seller may sometimes attempt to disclaim: | Warranties |
Created by:
Orrin_23