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Business Law BUNDLED Exams 2023 with 100% correct answers
Business Law Final Exam 2023 with 100% correct answers Business Law Final Exam 2023 with 100% correct answers
[Show more]Business Law Final Exam 2023 with 100% correct answers Business Law Final Exam 2023 with 100% correct answers
[Show more]constitution 
The document that sets forth the framework of a government and its relationship to the people it governs. 
 
 
 
Common law 
based upon the current standards or customs of the people. 
 
 
 
positive law 
Law that is dictated from above by a sovereign or other central authority 
 
 
 
...
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Add to cartconstitution 
The document that sets forth the framework of a government and its relationship to the people it governs. 
 
 
 
Common law 
based upon the current standards or customs of the people. 
 
 
 
positive law 
Law that is dictated from above by a sovereign or other central authority 
 
 
 
...
common law 
judge made law, body of all decisions made by judges 
 
 
 
statute 
law passed by Congress or by a state legislature 
 
 
 
equity 
court's use of power to create an equitable result 
 
 
 
precedent 
earlier court case used to influence a court decision in a current case 
 
 
 
crimin...
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Add to cartcommon law 
judge made law, body of all decisions made by judges 
 
 
 
statute 
law passed by Congress or by a state legislature 
 
 
 
equity 
court's use of power to create an equitable result 
 
 
 
precedent 
earlier court case used to influence a court decision in a current case 
 
 
 
crimin...
An agent can completely escape personal liability for a contract made with the authorization of the principal, as long as the principal: 
Is disclosed. 
 
 
 
How is a sole proprietorship taxed? 
The owner pays income tax on profits but the business isn't separately taxed 
 
 
 
Copyright infringem...
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Add to cartAn agent can completely escape personal liability for a contract made with the authorization of the principal, as long as the principal: 
Is disclosed. 
 
 
 
How is a sole proprietorship taxed? 
The owner pays income tax on profits but the business isn't separately taxed 
 
 
 
Copyright infringem...
Explain why the topics of agency and employment are important with respect to 
the study of businesslaw. 
Virtually all businesses conduct their business through agent and employees. 
 
 
 
Distinguish between independent contractors, dependant contractors, 
employees, and agents. Explain why that d...
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Add to cartExplain why the topics of agency and employment are important with respect to 
the study of businesslaw. 
Virtually all businesses conduct their business through agent and employees. 
 
 
 
Distinguish between independent contractors, dependant contractors, 
employees, and agents. Explain why that d...
Identify the three essential elements required to form a contract 
Offer 
Consideration 
Acceptance 
 
 
 
T/F The uniform commercial code applies to all contracts made by any two or more parties 
False 
 
 
 
T/F The statute of frauds is a law created yo prevent oral evidence from being considered ...
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Add to cartIdentify the three essential elements required to form a contract 
Offer 
Consideration 
Acceptance 
 
 
 
T/F The uniform commercial code applies to all contracts made by any two or more parties 
False 
 
 
 
T/F The statute of frauds is a law created yo prevent oral evidence from being considered ...
Contract law demonstrates which excuses our society accepts for breaking certain types of promises. 
t 
 
 
 
Contract law does not distinguish between promises that create only moral obligations and promises that are legally binding 
f 
 
 
 
In contract law, intent is determined by the personal or...
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Add to cartContract law demonstrates which excuses our society accepts for breaking certain types of promises. 
t 
 
 
 
Contract law does not distinguish between promises that create only moral obligations and promises that are legally binding 
f 
 
 
 
In contract law, intent is determined by the personal or...
Felony/Misdemeanor 
Felony = Serious crime, 1yr or more 
Misdemeanor = Less serious, 1yr or less 
 
 
 
Actus Reus 
Guilty Act 
The prosecution must prove that the defendant voluntarily commited a prohibited act 
 
 
 
Mens Rea 
Guilty State of Mind 
 
 
 
Insanity (Defense) 
If defendant can prove ...
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Add to cartFelony/Misdemeanor 
Felony = Serious crime, 1yr or more 
Misdemeanor = Less serious, 1yr or less 
 
 
 
Actus Reus 
Guilty Act 
The prosecution must prove that the defendant voluntarily commited a prohibited act 
 
 
 
Mens Rea 
Guilty State of Mind 
 
 
 
Insanity (Defense) 
If defendant can prove ...
Except as provided by statute, an oral contract is just as valid and enforceable as a written one 
true 
 
 
 
Contracts of a type or class governed by the Statute of Frauds are said to be "within" the statute 
true 
 
 
 
The Statute of Frauds is rendered inapplicable when the "main purpose doct...
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Add to cartExcept as provided by statute, an oral contract is just as valid and enforceable as a written one 
true 
 
 
 
Contracts of a type or class governed by the Statute of Frauds are said to be "within" the statute 
true 
 
 
 
The Statute of Frauds is rendered inapplicable when the "main purpose doct...
One type of punishment in a criminal case is that the defendant who is held liable must pay a fine to the government. 
True 
 
 
 
All schools of jurisprudence assert that the law is one thing and morality is another, and that we should obey even bad laws. 
False 
 
 
 
Business 201 is composed of t...
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Add to cartOne type of punishment in a criminal case is that the defendant who is held liable must pay a fine to the government. 
True 
 
 
 
All schools of jurisprudence assert that the law is one thing and morality is another, and that we should obey even bad laws. 
False 
 
 
 
Business 201 is composed of t...
negligence 
failure to exercise the standard of care that a reasonable person would exercise in similar circumstances (also known as the "reasonable person" standard) 
 
 
 
proximate cause 
legal determination that the connection between an act or omission and a resulting injury (causation in fac...
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Add to cartnegligence 
failure to exercise the standard of care that a reasonable person would exercise in similar circumstances (also known as the "reasonable person" standard) 
 
 
 
proximate cause 
legal determination that the connection between an act or omission and a resulting injury (causation in fac...
Agreement by both parties to a contract. Must be proven objectively, and is often established by showing an offer and acceptance 
Mutual Assent 
 
 
 
What is the term of art used to describe mutual assent? 
Meeting of the Minds 
 
 
 
What are the two kinds of mistakes? 
Unilateral Mutual 
 
 
 
Mu...
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Add to cartAgreement by both parties to a contract. Must be proven objectively, and is often established by showing an offer and acceptance 
Mutual Assent 
 
 
 
What is the term of art used to describe mutual assent? 
Meeting of the Minds 
 
 
 
What are the two kinds of mistakes? 
Unilateral Mutual 
 
 
 
Mu...
Contract 
a promise or set of promies for the breach of which the law gives a remedy 
 
 
 
Implied Warranty of Merchantibility 
an unwritten and unspoken guarantee to the buyer that goods purchased conform to ordinary standards of care and that they are of the same average grade, quality, and value...
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Add to cartContract 
a promise or set of promies for the breach of which the law gives a remedy 
 
 
 
Implied Warranty of Merchantibility 
an unwritten and unspoken guarantee to the buyer that goods purchased conform to ordinary standards of care and that they are of the same average grade, quality, and value...
The concept of stare decisis focuses most on 
predictability 
 
 
 
Karen is a strong swimmer. One afternoon she is having a picnic at a lake and sees a man she does not know drowning. Generally, Karen 
has no legal duty to rescue the man. 
 
 
 
If in 1900 the Minnesota Supreme Court ruled that a m...
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Add to cartThe concept of stare decisis focuses most on 
predictability 
 
 
 
Karen is a strong swimmer. One afternoon she is having a picnic at a lake and sees a man she does not know drowning. Generally, Karen 
has no legal duty to rescue the man. 
 
 
 
If in 1900 the Minnesota Supreme Court ruled that a m...
The most important reason courts enforce contracts is/are: 
A. "a person's word is their bond." (It's the moral thing to do.) 
B. the law says one will keep one's promises, so you must obey the law 
C. contracts are a foundation of our economy 
D. keeping one's promises shows you can be truste...
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Add to cartThe most important reason courts enforce contracts is/are: 
A. "a person's word is their bond." (It's the moral thing to do.) 
B. the law says one will keep one's promises, so you must obey the law 
C. contracts are a foundation of our economy 
D. keeping one's promises shows you can be truste...
ongress enacts a statute, the Federal Deposit Insurance Corporation (an administrative agency) issues rules, the Southeast Financial Institutions Association (a private organizations) issues instructions, South Valley Bank posts a memo with orders for its employees, and Tina tells her co-worker abou...
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Add to cartongress enacts a statute, the Federal Deposit Insurance Corporation (an administrative agency) issues rules, the Southeast Financial Institutions Association (a private organizations) issues instructions, South Valley Bank posts a memo with orders for its employees, and Tina tells her co-worker abou...
T/F The elements of a contract are: offer, acceptance, and capcity 
True 
 
 
 
T/F In a criminal case, only the defendant can file an appeal 
True 
 
 
 
Which theory states that the rules of law created in previous decisions should be followed in later cases order to promote predictability and con...
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Add to cartT/F The elements of a contract are: offer, acceptance, and capcity 
True 
 
 
 
T/F In a criminal case, only the defendant can file an appeal 
True 
 
 
 
Which theory states that the rules of law created in previous decisions should be followed in later cases order to promote predictability and con...
What is the source for copyright and patent law? 
The constitution, and federal law. Copyright is 99.9% federal 
 
 
 
What is the source of trademark law? 
A combo of federal and state law 
 
 
 
What is the source of trade secret law? 
Primarily state law 
 
 
 
What is one of the enumerated power...
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Add to cartWhat is the source for copyright and patent law? 
The constitution, and federal law. Copyright is 99.9% federal 
 
 
 
What is the source of trademark law? 
A combo of federal and state law 
 
 
 
What is the source of trade secret law? 
Primarily state law 
 
 
 
What is one of the enumerated power...
Specific Performance 
Equitable Remedy: Orders the party that breached the contract to perform the acts promised in it. Usually awarded in cases in which the subject matter is unique, such as contracts involving land, heirlooms, and paintings. 
 
 
 
Mitigation of Damages 
The law places a duty on t...
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Add to cartSpecific Performance 
Equitable Remedy: Orders the party that breached the contract to perform the acts promised in it. Usually awarded in cases in which the subject matter is unique, such as contracts involving land, heirlooms, and paintings. 
 
 
 
Mitigation of Damages 
The law places a duty on t...
In Ohio the state trial court that hears civil and criminal cases is called 
Common Pleas 
 
 
 
The Writ that must be issued by the US Supreme Court in order for a case to be heard by the high court is called which of the following. 
Certiorari 
 
 
 
"Triers of Fact" refers to which of the follo...
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Add to cartIn Ohio the state trial court that hears civil and criminal cases is called 
Common Pleas 
 
 
 
The Writ that must be issued by the US Supreme Court in order for a case to be heard by the high court is called which of the following. 
Certiorari 
 
 
 
"Triers of Fact" refers to which of the follo...
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