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LWC1 - Study Cards

QuestionAnswer
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.
Created by: 1067334244