POSSIBLEA QUALITY UPDATED EXAMS

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, Private, Common jurisprudence -Correct Answer philosophies that explain the origin of law and its justification ownership -Correct Answer the right to turn to public authorities like the police or th...

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 activities of the creator of an intangible asset, its would-be user, and the community in which the creator operates importance -Correct Answer creates incentives by providing exclusivity competition -...

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 generally and equally applicable to everyone; more of an ideal; wealthier nations generally all follow a rule of law Chief Justice Roberts view regarding the rule of law... -Correct Answer if the C...

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 -Correct Answer willfully or knowingly pleas in criminal cases -Correct Answer guilty, not guilty, nolo contendere (no contest) trends in white collar crime -Correct Answer -increase in protection...

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 contract that is directly stated with words that set out terms implied-in-fact -Correct Answer type of contract that conduct the parties evidencing their intent to enter the contract (by actions you h...

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 Answer the right to possess resources and shield from others common law -Correct Answer judge-made law stare decises -Correct Answer precedent; let the prior decision stand civil law -Correct...

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 manage the money for profit. Who oversees security at the federal level? -Correct Answer Securities and Exchange Commissions (SEC): - Responsible for administering the federal securities laws Posses...

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 securities laws; consists of five commissioners; possess quasi-legislative and quasi-judicial powers blue sky laws -Correct Answer state level laws that regulate the offer and sale of securities s...

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 designed in a way that we can use to our adv (ex: intellectual property, tax incentives) compliance in law -Correct Answer use compliance as a selling point (HIPAA compliant texting app) strong...

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 laws that enable citizens to acquire, possess, use, and transfer resources; free market States generally have a mix -Correct Answer not purely one or the other Real Property -Correct Answer land,...