FIL 185 Varner (ISU) Final UPDATED Actual Exam Questions and CORRECT Answers
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FIL 185 Varner
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FIL 185 Varner
FIL 185 Varner (ISU) Final UPDATED
Actual Exam Questions and CORRECT
Answers
Sole Proprietorship - CORRECT ANSWER- An unincorporated business owned by one
single person; Most common type of business; Complete/Unlimited legal liability
Partnership - CORRECT ANSWER- An association of two or m...
FIL 185 Varner (ISU) Final UPDATED
Actual Exam Questions and CORRECT
Answers
Sole Proprietorship - CORRECT ANSWER✔✔- An unincorporated business owned by one
single person; Most common type of business; Complete/Unlimited legal liability
Partnership - CORRECT ANSWER✔✔- An association of two or more persons to carry on,
as co-owners, a business for profit; each partner gets an equal voice in management; Joint
liability; not taxable entities
Corporation - CORRECT ANSWER✔✔- a company or group of people authorized to act as a
single entity (legally a person) and recognized as such in law; limited liability
Conciliation - CORRECT ANSWER✔✔- bring third party to settle dispute, but just
suggestions no authority (Discrimination) the actions of MEDIATING between two disputing
people or groups (EEOC must attempt this first before filing a lawsuit against employers)
Mediation - CORRECT ANSWER✔✔- hire a mediator to solve an issue, where a neutral
third party comes in and offers suggestions to break the deadlock; no power (Labor union
striker) (less extreme measure)
Arbitration - CORRECT ANSWER✔✔- neutral third party who comes in and resolves a
dispute - has authority, binding arbitration, makes decisions (Labor dispute)
Battery - CORRECT ANSWER✔✔- Unlawful physical contact; the use of force against
another, resulting in harmful, offensive or sexual contact.
Assault - CORRECT ANSWER✔✔- Type of intentional tort; involves intent + reasonable
apprehension of imminent battery (NO CONTACT INVOLVED) ex: swing and a miss
(reasonable apprehension of contact)
Contract - CORRECT ANSWER✔✔- A written or spoken agreement especially one
concerning employment, sales, or tenancy, this is intended to be enforceable by law.
, Elements of a valid contract:
Mutual Agreement
Consideration
Legality of object
Capacity of the parties
Consideration - CORRECT ANSWER✔✔- element of a valid contract that makes sure both
parties are EQUALLY taken care of; includes:
1. Was there bargained for exchange?
2. Do both parties have a benefit and detriment?
3. Was the consideration adequate?
Statute of Frauds - CORRECT ANSWER✔✔- certain kinds of contracts have to be
memorialized in a writing, signed by the part to be charged with sufficient content to
evidence the contract. This happens when:
Sale of goods over $500
Contracts over 1 year
Sale of land
Contracts to answer for the debt of another
Prenuptial agreement
Why use this?
1. Protect against fraud or perjury
2. protect against faulty memories
3. allows us to correct errors
4. emphasize the significance
Negligence - CORRECT ANSWER✔✔- Failure to take proper care in doing something,
resulting in damage or injury to another.
Good Faith (possible FITB) - CORRECT ANSWER✔✔- an obligation to participate actively
in the deliberations so as to indicate a present intention to find a basis for agreement. - be
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