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LWC1 - Study Cards
| Question | Answer |
|---|---|
| What does the Clayton Act prohibit? | Anti competitive mergers, tying arrangements, exclusive dealing agreements. |
| What are the four types of contracts? | Bilateral, unilateral, express, implied. |
| What laws do the Federal Trade Commission (FTC) enforce? | Consumer Laws |
| What are the remedies for breach of contract? | Compensatory damages - expectation interest Consequential damages - special damages Incidental damages - relatively minor |
| What is an activity of an appellate court? | Reviewing the record in a case. |
| Which type of remedy to breach of contract is compensatory damages? | Expectation remedy |
| What is the purpose of the Sherman Anti-trust Act of 1890? | To prevent concentrations of economic power of cartels and monopolies. |
| What is the tension between legal requirements and accountability. | Ethical problems |
| Name the different types of courts. | Trial Court, Appellate Court, Court of Appeals, Federal Court |
| In which way does the Sarbanes-Oxley Act of 2002 affect an entire business organizaton? | Be requiring each company to adopt financial controls. |
| What are the elements that make a contract enforceable? | Agreement, consideration, legality, capacity. |
| How often should a person hold the position of lead auditor in a firm? | They should rotate every five years. |
| A given business practice involves exaggerated advertising, blustering, and boasting upon which no reasonable personw ould rely. The practice is not actionable under the Lanham Act. What describes this business practice? | Puffery |
| What is an organization's obligation to maximize its positive impact on stakeholders and to minimize its negative impact? | Social responsibility |
| What refers to moral philosophies that focus on the rights of individuals and on the intentions associated with a particular behavior rather than on its consequences? | Deonotology |
| What kinds of breach of contracts are there? | Material Breach and Anticipatory Breach |
| If there is a breach of contract, what remedies are available? | There are two remedies. Promissory estoppel cases, the defedant made a promise that the plaintiff relied on. Quasi-contract cases, the defendant did not make any promise, but did receive a benefit from the plaintiff. |
| What are the primary sources of contemporary law? | Constitutions, statutes, common law, and administrative law. |
| What will happen in a motion for summary judgement? | It cannot be granted if any significant facts are in dispute. |
| What is required in a negligence action? | Injury, legal duty and causation. |
| What is a definition of a contract? | A promise that the law will enforce. |
| What is the definition of remedies? | Methods the courts use to compensate an injured party. |
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