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Business law and Ethics Final Review Questions With Complete Solutions
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Business law and Ethics Final Review Questions With Complete Solutions
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Business law and Ethics Final Review Questions WithComplete Solutions
Correct Answers • What if it's a good faith petition?
- A merchant is somebody that sells items of a certain kind on a
regular basis
- Randomly selling a one of car doe not count Correct Answers
Chapter 11 - Sales and Lease Contracts; Products Liability
• Under the UCC, what is a merchant?
- An overdraft is where you spend more money than you have 'If
you have $500 in your checking account and ask for more, you
overdraw your account
- Banks will either bounce the check or deny the transaction, or
if you have overdraft protection they give you a small loan or
use your second account.
- Average overdraft fees are $25 to $35 Correct Answers •
What's an overdraft?
- Anybody can file for Chapter 7
Nuclear option for liquidation
- Whether you stay depends
- Means test looks mathematically at income vs aset vs debt, and
where you live (mostly because cost of living)
- Calculation is different in NYC vs upstate NY Correct
Answers • Who can file for Chapter 7? What is the means test?
- Automatic right to inspection when receiving goods
,- If you don't do it in a timely fashion, you waive the right
(waiting 2 month for example)
- Only exception is if it is complicated and needs a third party to
inspect it Correct Answers • Right to inspection, waiver of that
right
- By default at least 30 days, up to 3 months
- Most are time-limited to whatever the merchant wants it to be
Correct Answers • Firm offers and how long are they open?
- Cashier's checks are a guaranteed source of money created by
you going to the bank, taking money out of your account, and
giving it back to the bank for funds.
- Have to be super specific, no different than handing over cash
Correct Answers • Cashier's checks, what are they and who is
responsible for paying the check once it's negotiated?
- Certain duties apply including this one, meaning you are
working for the principle alone
- Cannot cut sides deals
- Pulls someone aside and offers them more things Correct
Answers • Duty of Loyalty and why it's important
- Courts say that corporations have people status; certain rights
such as first Amendment, freedom of speech and religion, etc
Correct Answers Chapters 18 & 19 - Business Organizations
• Corporations in court; they're people too!
- Difference being assignment hands off all rights of contract to
be done by someone else
,- Other party may not be cool with it
- Delegation has somebody doing the work, but the party doing
the work may not know about it Correct Answers Chapter 10 -
Contract Performance and Breach
• Assignment vs Delegation - what can and cannot be done
- Doing something outside the scope of their employment, and
the liability attaches to the employee
- Employer throws you under the bus if you use company care to
bring a family member to airport Correct Answers • Liability
of employees "on a frolic" while at work.
- Family Medical Leave Act
People who work with 5o people or more
- 12 weeks of unpaid leave for medical, child, spouse, etc.
- Allowed to keep job. Health insurance, but not getting paid
while out Correct Answers • What benefits do you get under
FMLA? What do you not get?
- Federal antitrust law treats a market allocation amongst
competitors as a per se violation of the antitrust laws.
- Other types of potentially anticompetitive behavior are only
illegal if their anti-competitive effects outweigh their pro-
competitive efficiencies. Correct Answers Chapter 21 -
Antitrust Law
• Market Division - per se violation (geographic and market
based)
- For profit corporations
, - Purpose is to
1.) Serve their shareholders and
2.) Have a bigger benefit to society Correct Answers • Benefit
corporation - material positive impact on society
- Game over
The business ends
- Cannot put business in will, can disburse assets though
Correct Answers • Sole proprietors own the entire business.
That's why they're sole. What happens when they die?
- Game over effectively
- Unless there is some sort of set deal beyond the principle
Correct Answers • What happens if the principal dies?
- If I ship nonconforming goods , meaning I sent blue when
someone asked for brown, it depends on how long you have on
the contract.
- If you shipped Wednesday, you can wait till Thursday if
contract
- If contract is done, it is up to the buyer if you can cure it
Correct Answers Chapter 12 - Performance and Breach in Sales
Contracts
• Nonconformity, do you have the right to cure?
- Independent has far more control over how and when you do
the work, as opposed to an employee
- Use their own tools and set their own hours, compared to an
employee
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