Exam Edge

Your textbook suggests that property promotes prosperity in three ways. Which way occurs by allowing people to keep and benefit from what they produce, thereby motivating effort? A) incentive B) divisibility of resources C) profitability of business D) establishes the conditions necessary for capital formation → A According to your Power Point Lecture, which of the following is considered a fixture? A carpeting that is glued to the floor B) car C) clothes D) loose carpeting (like a...

the branch of government that is primarily responsible for interpreting the laws of the land → judicial branch the ____ system is an important part of the tripartite system of government in the united states → court jurisprudence → the study of law, legal systems, and legal philosophy law and "rule of law" are synonymous terms → false corporate governance → the law protecting the owners of a business organization from the managers who run it for them _________ jurispr...

Ethics → the study of right and wrong behavior; knowing whether the action is fair, right, and just. Business Ethics → directors and officers owe a complex set of duties to all of their stakeholders civil liability → initiated by harmed individuals or administrative agencies such as SEC Criminal Culpability → initiated by law enforcement and/or prosecutes professional liability → loss of license to practice certain profession The most common reason ethical problems manifest...

Joinder Rule → All persons may join in one lawsuit as plaintiffs if the causes of action arises out of the same transaction or series of transactions and involve common questions of law and fact. In addition, additional parties may be added by the Plaintiff and Defendant who are necessary to a complete determination of the lawsuit. Trial Stage → Plaintiff, Defendant, Third Party Defendant Appeal Stage → Appellant, Appellee Litigation: Standing to Sue → -Plaintiff must have b...

In order to protect the health and welfare of its residents, Maryland has a law requiring that all public swimming pools be tested daily for bacteria. Maryland passed this law pursuant to its ________________powers.  Police American government is based on the concept of ____________, which allocates the power to govern between a sovereign federal authority and the sovereign states.  Federalism Assume that State University institutes a curfew for the female students who live on ca...

Tort → A wrongful act committed by one person against another person or his or her property Negligence → Failure to do that which an ordinary, reasonable, prudent person would do, or the doing of some act that an ordinary, prudent person would not do Strict liability → The doctrine under which a party may be required to respond to tort damages, without regard to that party's fault Compensatory damages → A sum of money the court imposes on a defendant as compensation for the...

A party who misstates an important fact during contract negotiations has an affirmative duty to correct that misstatement before entering into the contract. → True A party who enters into a contract with a minor has the same right as the minor to disaffirm the contract. → False Mike, a minor, bought a car from Used Car Lot for 6,000. Two months before he turned 18, the age of majority in his state, Mike decided he didn't want the car anymore and returned it to Used Car Lot. Mi...

The publication requirement for libel is met if the falsehood is communicated to just one other person. → True Al, Bill, Chad and Dan were found jointly and severally liable for 100,000 of property damages caused when a fraternity initiation event got out of hand. Al, Bill, and Chad do not have the money to pay for their share of the damages. The only solvent defendant is Dan. The most that Dan will have to pay the plaintiff is → 100,000 Frank bought a diamond ring for his girlfr...

Trademark → Distinctive mark, motto, device, or implement that a manufacturer stamps, prints, or otherwise affixes to the goods it produces so that they can be identified on the market and their origins made known. Essentially, a trademark is a... → source indicator and must be distinctive. Trademarks have to be registered at... → the federal level Lanham Act → Protects integrity trademarks at the federal statutory level. Federal Trademark Dilution Act of 1995 → Protects ...

LLC  Limited liability company, has members not shareholders, files taxes but doesn't pay them, most popular form of company Common Law- by who, what, when, why  England 1066 by King William to combine all types of law in the country Major 3 Legal Systems  Common law, civil code, religious Judicial Review  the ability of the supreme court to determine the constitutionality of laws State Action  state must use due process to take away rights, only applies to states an...