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Business 101: Midterm 3 Correct Answers Latest Version
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Business 101: Midterm 3 CorrectAnswers Latest Version
Class 17: Business Law Answer:
The legal and regulatory environment Answer: BUSINESS LAW
Private Enterprise: Answer: the market turns self-interest into social goods
To Work a Private Enterprise, you need: Answer: Private Property
Freedom of Choice
Right to Keep Profits
Fair Competition
Problems With Business Answer: -The power of business versus consumer
-The actions of business versus consumers
-The public reaction
-The reaction of the government
Government Intervention Answer: 1. To ensure fair competition, private property, freedom of
choice, right to keep profits
,2. To promote economic health and social responsibility
3. To correct market failures and ethical lapses
How much money did McDonald's eventually get fined for burning people with their coffee? Answer:
2.7 MILLION DOLLARS
T/F In Private Enterprise, the market turns social interests into private goods Answer: FALSE
market turns self-interest into social goods
Standards set by society to govern behavior Answer: THE LAW
3 Sources of Law Answer: Common Law
Statutory Law
Administrative Law
Common Law Answer: The law judges establish while deciding disputes (mcdonalds go to court, is
settled, another judge will look back and see what should happen in future cases )
Statutory Law Answer: Laws enacted by a federal or state legislature ( done by government law
makers)
,Administrative Law Answer: Regulations passed by state and federal administrative agencies
Judiciary Answer: Branch of government: which settles disputes through application of law
Trial Courts ( the dispute is first heard) Answer: Fed = US District
State = Circuit
Superior = Common Pleas
Specific State Courts = Probate or Small claims
Appellate Courts Answer: The dispute can be heard again if lower court errors
( have to prove there was some kind of error)
Law is Derived from 3 sources Answer: 1. Administrative Law ( regulatory agencies)
2. Statutory Law ( actually being done by government law makers)
3. Precedents ( common law) ( court cases that have been concluded, then decision impact future court
cases)
2 Types of Law Answer: 1. Criminal Law: a dispute between the government and an individual
( punished by fines and or imprisonment) - includes more proof
, 2. Civil Law: A dispute between two individuals ( fine may be imposed)
Torts Answer: A wrong inflicted on other people or their property
Includes all wrongs that are not a breach of contract
Examples of Torts Answer: Assault
Slander ( un false claims against someone)
Libel ( same as slander but in written form)
Product Liability
Fraud
A form of tort where someone hurts another by deception or manipulation ( something said it done in a
dishonest way to trick people) Answer: FRAUD
EX: Person promises that you can make a lot of money through investment, takes your money,
investment was fake
One of the Largest accounting frauds in American History Answer: BERNIE MADOFF
(The Ponzi scheme)
(Estimated fraud to be 64.8 billion, 4,800 clients)
Alternative Dispute Resolution Options ( not going to court) Answer: 1. Arbitration ( binding/non
binding)
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