Complete Package Deal For LEGL2700 Final Exam Study Questions and Answers with Complete Solutions

Members -Correct Answer The individuals or business entities that belong to a limited liability company Benefit Corporation -Correct Answer a corporate form that requires directors to ensure that the corporation meets explicit social goals in addition to producing shareholder profits Managers ...

contract -Correct Answer a legally enforceable promise or an exchange of promises Uniform Commercial Code (UCC) -Correct Answer -covers the sale of goods -goods are tangible, movable items of personal property -applies to individuals & firms -uniform state law -Article 2: applies to contracts...

Role of Scarcity (property) -Correct Answer need for resources overtakes supply of those resources State controlled/communism -Correct Answer govt controls resources and directs how they're divided between citizens; control means of production Property-based/capitals -Correct Answer enact l...

law -Correct Answer rules issued by the state rule of law -Correct Answer helps reduce "transaction costs"; there's certainty & predictability; laws are generally and equally applied; no one's above the law, law isn't perfect advantages of law -Correct Answer law is specifically...

security -Correct Answer owning a piece of a business that others are managing; any note, stock, treasury stock, bond, debenture, evidence of indebtedness, etc securities and exchange commission (SEC) -Correct Answer agency at the federal level that is responsible for administering the federal se...

What classifies broadly as a "security" for the purposes of federal regulation? -Correct Answer Any interest or instrument that offers the right to subscribe to purchase stock, bond, or any certificate of interest. Supreme Court says when one person invests money and looks to others to man...

IRAC -Correct Answer what is the test to determine what a law is issue, rule, analysis, conclusion -Correct Answer what does IRAC stand for rule of law -Correct Answer laws are generally and equally applied and requires solid, stable institutions (no one is above the law) property -Correct ...

contracts -Correct Answer legally enforceable promise or exchange of promises bilateral -Correct Answer type of contract where both parties have obligations in the contract unilateral -Correct Answer type of contract where only one party has an obligation express -Correct Answer type of con...

white collar crime -Correct Answer any illegal offense that occurs in a business or professional setting felony -Correct Answer -indictment / grand jury -fine or imprisonment greater than 1 year misdemeanor -Correct Answer -information / gov charge -fine or jail less than 1 year intent -C...

business people in the United States must... -Correct Answer be aware of the legal and regulatory landscape and take steps to ensure full compliance with the law to avoid civil and criminal liability law must be... -Correct Answer enforced and adequate rule of law -Correct Answer all laws are ...

intellectual property -Correct Answer a product of the intellect, such as an expressed idea or concept, that has commercial value what article protects intellectual property? -Correct Answer article 1 section 8 justification -Correct Answer justifications are variously focused upon the activit...

3 concepts for functioning market -Correct Answer Law- most significant and formal rules established by the gov Rule of Law - laws generally and equally applicable to all Property -enables party that owns property to keep other from interfering 3 Types of Property -Correct Answer Public, Priva...

Law -Correct Answer A formal social force established by the government that must be enforced to actually matter Rule of Law -Correct Answer Laws that are made are generally and equally applicable Property -Correct Answer The right of ownership given to a citizen; a "legal fence" Publ...

jurisprudence -Correct Answer the science or philosophy of law (judges precedent or interpretation) property law -Correct Answer the legal right to exclude others from various resources. also called "ownership" constitutional law -Correct Answer establishes the framework of the state who...