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HrWasp
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84475
Filename:
BUS 101-01 FINAL EXAM!
Updated:
2011-05-10 04:18:54
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FINAL EXAM
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Description:
Final Exam for Business 101-01 LLCC.EDU
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  1. Branch of law dealing with the definition & enforcement of all private or public rights.
    Civil Law
  2. Law that defines & governs actions that constitue crimes.
    Criminal Law
  3. Informal term used to refer to all laws governing electronic communications & transactions.
    Cyber Law
  4. Law that pertains to a particular nation.
    National Law
  5. Law that governs relations among nations.
    International Law
  6. Law that defines, describes, regulates, & creates legal rights & obligations.
    Substantive Law
  7. Law that establishes the methods of enforcing the rights established by substantive laws.
    Procedural Law
  8. The provision in Article 1, Section 8, of the US Constitution that gives congress the power to regulate intersates commerce.
    The Commerce Claus
  9. What does the 1st Admendment protect?
    Freedom of religion, speech, & the press, as well as the rights to peacefully assemble & to petition government.
  10. What do business ethics apply to?
    Focuses on what constitutes right or wrong behavior in the business world & on how business persons apply moral & ethical principles to situations that arise in the workplace.
  11. What are the 6 guidelines to evaluating ethics in a particular action? (LRVCPH)
    • Law
    • Rules & Regulations
    • Values
    • Conscience
    • Promise
    • Heros
  12. What are some of the defenses to an alligation of assualt, but not battery?
    • Consent
    • Self defense and others
  13. Is it possible for a case to be both civil & criminal?
    No, civil law you are attempting to get monetary damages (person to person). Criminal law the wrongdoer is looking at fines and/or imprisonment (against society). BUT...criminal can turn into civil (OJ).
  14. What is stare decisis?
    A common law doctrine which judges are obligated to follow the precedents established in prior decisions.
  15. What are the 4 sources of American Law? (USRC)
    • US Constitition
    • Statutes
    • Regulations created by administrative agencies
    • Case Law
  16. What are the most common methods of Alternate Dispute Resolution? (NMA)
    • Negotiation-parties attempt to settle their disputes informally.
    • Mediation-settling disputes outside the courts by using the service of a neutral 3rd party.
    • Arbitration-settling disputes by submitting it to a disinterested 3rd party who renders a decision that is legally binding.
  17. What is a tort and define the 2 basic catagories.
    • Tort-civil wrong doing not arrising from breach of contract.
    • Business Tort-wrongful interference with another's business rights.
    • Cyber Tort-tort committed in cyber space.
  18. Downloading software or music into a computer's RAM w/out authorization is copyright infringement.
    T/F
    True
  19. It may be a crime to take another's property, but it is not a crime to receive stolen goods.
    T/F
    False
  20. The crime of theft requires the taking of property, w/out regard to whether the perpetrator knew it belonged to another.
    T/F
    False
  21. The appropriate location for a trial can be key issue in a case involving a cyber crime.
    T/F
    True
  22. A hacker is someone who uses one computer to break into another.
    T/F
    True
  23. The only defense to criminal liability that justifies the use of force is self-defense.
    T/F
    False
  24. Larceny relies on stealth while robbery relies on fear and force.
    T/F
    True
  25. Mens rea refers to the mental state necessary for criminal liability.
    T/F
    True
  26. Hacking is not widespread.
    T/F
    False
  27. Thinking about killing someone constitutes the crime of attempted murder.
    T/F
    False
  28. Rick manages illegal gambling operation in his Sushi Bar & Grill. Rick reports the profits of the gambling operations as income from Sushi's legitimate activities on its tax returns. This is:
    Embezzlement
    Larceny
    Money Laundering
    No Crime
    Money Laundering
  29. Ia signs Jill's mane, w/out her authorization, on the back of a check made out to her. This is:
    Burglary
    Forgery
    Larceny
    No Crime
    Forgery
  30. Boris programs software to prompt a computer to continually crash & reboot. Boris' goal is to install this program on various companies' computer systems w/out their knowledge. The program can reproduce itself, but must be attached to a host file to travel from 1 computer network to another. This program is:
    A hacker
    A bot
    A virus
    A worm
    A Virus
  31. Posing as Sterling Bank, Roxanne emailed Quentin, asking him to update his personal banking information by calling a certain phone number. He makes the call & supplies the data, which Roxanne promptly sells to Porcio. This is:
    Cyber Stalking
    Employment Fraud
    Phishing
    Vishing
    Vishing
  32. Ollie transmits unsolicited ads to millions of virtual mailboxes, using misleading & deceptive information, including false return address. Under federal law, this is:
    A crime only if the recipients previously asked to be "opted out".
    A crime only if HHH & the recipients are in foreign jurisdictions.
    Not a crime.
    A crime.
    A crime
  33. Swinborn sells "Tyger" steriods over the internet. He is arrested & charged with the sale of a controlled substance. This is cyber crime, which is:
    a crime in which the letter "y" is used in the misspelling of a word.
    a crime that occurs in virtual community of the internet.
    a crime that is less real than the same crime in the physical world.
    a crime.
    A crime that occurs in the virtual community of the internet.
  34. Jean sends emails to Irwin promising a % of the amount in an African bank account for assistance in transferring the funds to the U.S. bank account. Irwin forwards his account number, but the funds are never sent. Instead, Jean quickly withdraws the funds in Irwin's account. This is:
    online greed but not fraud.
    an online "fool-me-once, shame on you" occurrence but not fraud.
    online gambling but not fraud.
    online fraud.
    Online Fraud
  35. Cyber Marks
    Trademarks in cyberspace.
  36. Trademark
    A distinctive mark, motto, device, or emblem that a manufacturer stamps, prints, or otherwise afixes to the goods it produces.
  37. Intellectual property
    Any propety that is the product of an individual's mine.
  38. Patent
    A grant from the government that gives an inventor exclusive rights to an invention.
  39. Domain Name
    Part of an internet address.
  40. Double Jeopardy
    Once a crime defendant is acquitted of a particular crime, the government may not retry him or her for the same crime.
  41. Cyberstalking
    Perpetrator uses internet, email, or some other form of electronic communication to carry out the harrassment.
  42. Meta Tags
    Web sites key word field, may be inserted into this field to increase the likelihood that a site will be included in a search engine's results.
  43. An effective offer requires reasonably certain terms. T/F
    True
  44. An expression of opinion-"your customers will like this"-is an offer. T/F
    False
  45. A covenant not to sue is the substitution of a contractual obligation for a legal action. T/F
    True
  46. The doctrine of promissory estoppel requires a clear & definite promise. T/F
    True
  47. A contract entered into under duress is voidable. T/F
    True
  48. A contract involving a sale is the only contract relating to an interest in land that must be in writing to be enforceable. T/F
    False
  49. A delegation relieves the party making it of the obligation to perform. T/F
    False
  50. If a contract condition is not satisfied, the obligation of the contracting parties are discharged. T/F
    True
  51. The measure of damages on a breach of contract is the amount that will impress on the breaching party the harm that has been done. T/F
    False
  52. Specific performance is the remedy customarily used when one party has breached a contract for personal services. T/F
    False
  53. A party seeking to recover in quasi contract must show that he or she has been unjustly enriched. T/F
    False
  54. GR8 Marketing Company & Hot Tunes, Inc sign a document that states GR8 agrees to create a marketing campaign for Hot & Hot agrees to pay GR8 for service. GR8 & Hot have:
    an executed contract
    an expressed contract
    an implied-in-fact contracl
    a quasi contract
    An Express Contract
  55. When Jeff's car breaks down, he asks Kwik Tow to tow it from its location to Loyal Repair Shop. There is no dicussion of a price, Jeff & Kwik do not sign any documents. After the tow, Kwik sends Jeff a bill. With respect to Jeff's obligation to pay the bill, this is:
    an express contract
    an implied-in-fact contract
    an implied-in-law contract
    no contract
    An Implied-in-Fact contract
  56. Cole drives into Dino's Service Station & asks Erin, the attendant, to fill the tank in Cole's hybrid car. After Erin fills the tank, but before Cole pays for the gas, any contract between Cole & Dino's is:
    executed
    executory
    quasi
    unenforceable
    Executory
  57. Magic Math Corp makes business accounting software, which is packaged with a shrink-wrap agreement. National Distro distributes the software to retailers, including an Office Stuff store, where Peg buys a package of it. The parties to the shrink-wrap agreement are:
    Magic Math & National Distro only
    Magic Math & Peg only
    Magic Math, National Distros, Office Stuff, & Peg
    Office Stuff & Peg only
    Magic Math & Peg only
  58. Baked Goods Company agrees to supply Comida Cafe with all the corn chips that is required for a year. A sudden demand for ethanol results in a shortage of corn & the price rises sharply. Baked Goods asks Comida to pay a higher price for the chips. This request is:
    invalid as an attempt at extortion or the so-called hold up game.
    invalid under the preexisting duty rule.
    valid as a risk ordinarily assumed in business.
    valid due to the unforeseen difficulty of the sudden price increase.
    Valid due to the unforseen difficulty of the sudden price increase.
  59. Hillside Homes & Ideal Builders enter into a construction contract that includes 6 pages of detailed calculations. Later Hillside, whose project manager complied the figures, discovers that some numbers were multiplied incorrectly, but Ideal refuses to make changes. A court would most likely:
    allow the parties to rescind the contract.
    award damages to Hillside for the mistakes.
    award damages to Ideal for the mistakes.
    enforce the contract w/out requiring changes.
    Allow the parties to rescind the contract.
  60. Through fraudulent means, Fred induces Gail to sign a contract to build resort cabins on land that Fred does not own. Gail perform, but Fred does not pay. When Gail learns the truth, she may:
    do nothing with respect to the contract.
    recover the performance or its value.
    recover for performance only.
    recover the value of the perforance only.
    Recover for perforance or its value.
  61. Grover contracts to sell 2 tracts of land to Hank. Both parties believe that the 2 tracts are adjacent, but in fact they are not. Grover is still willing to sell the land, but under these circumstances the deal would adversely affect Hank.
    The parties belief about the adjacency of the property is:
    a bilaterl mistake
    a fraudulent misrepresentation
    a unitlateral mistake
    unconscionable
    A bilateral mistake.
  62. Ollie buys a cup of coffee for $2, a magazine for $5, & a boombox for $600. The requirement of a writing for the enforceability of a contract for a sale of goods at, or for more than, a certain price is governed by:
    the common law.
    the parol evidence rule.
    the parties agreement.
    the Uniform Commercial Code.
    The Uniform Commercial Code
  63. Nina & Owen enter into an oral contract for Nina's sale to Owen of a laser printer for $400. Before Owen takes possession of the printer, the contract is enforceable by:
    either party.
    Nina only.
    neither pary.
    Owen only.
    Either party
  64. Consumer Goods & Delta Distro sign a written contract for sale of goods. To be enforceable, this written contract must include:
    a correct title, such as "Purchase Order" or "Sales Invoice"
    a declaration of the subject matter.
    a quantity term.
    the parties' names.
    A quantity term
  65. Equity Company & Faye enter into contract for Faye to cater a meeting of Equity's shareholders. When Faye's schedule conflicts, she asks Gudren to serve Faye's coffee & pastries at the meeting. This transfer of duties is:
    a delegation.
    an assignment.
    a novation.
    prohibited by law.
    A delegation.
  66. Building Restoration enters into a contract to refurbish an old train depot for Casual Dining, to open as Eat Up Restaurant. If Building Restoration completes most of the work promised in the contract, its performance will be:
    absolute.
    complete.
    material.
    substantial.
    Substantial
  67. Drew contracts to sell a residential duplex to Evan. The contract provides that if Drew does not close the deal by September 15, he must pay Evan 1/2 of the contract price. This provision is not enforceable because it is:
    a liquidated damages claus.
    a mitigation claus.
    a nominal damages claus.
    a penalty claus.
    A penalty claus.
  68. Karson orally agrees to pay Jaime to plant & harvast a quarter of Karson's farm acreage for four corn-planting seasons. After Jamie prepares the land & plants the first crop, Karson says that the deal is off. Jamie can most likely recover:
    in quasi contract.
    in reformation.
    in restitution.
    on the parties' exisiting contract.
    In quasi contract.
  69. A consumer who believes that he/she has been or may be victimized by idenity theft may place an alert on his/her credit.
    T/F
    True
  70. Debts based on fraud may be discharged under Chapter 13.
    T/F
    False
  71. The procedure & content of Chapter 12 plan are similar to the procedure & contect of Chapter 13.
    T/F
    True
  72. Employees who deal with 3rd parties are agents of their employers.
    T/F
    True
  73. A licensd professional can employ an unlicensed agent to perform professional actions.
    T/F
    False
  74. A principle is not liable for an agent's fraud unless the agent has the apparent athority to commit torts.
    T/F
    False
  75. A principle is liable for harm caused to a 3rd party by an agent who commits a tort while acting in the scope of his/her job.
    T/F
    True
  76. Most employees can continue the group health benefits provided by their employers for a limited period of time after the lose of employment.
    T/F
    True
  77. The Age Discrimination in Employment Act of 1967, prohibits employment discrimination on the basis of age against person over eighteen.
    T/F
    False
  78. Under the American with Disabilities Act of 1990, a person with a mental impairment that "substantially limits" everyday activities is not disabled.
    T/F
    False
  79. Cold Stuff makes snowboards, which it sells to deep Freeze Sports (DFS). DFS sells Cold Stuff boards to consumers, including Ed. Ed is injured while using the board. In a product liability suit based on strict liability, Ed may recover from:
    Cold Stuff only.
    Cold Stuff & DFS.
    DFS only.
    no one.
    Cold Stuff & DFS
  80. In the ordinary course of business, Xtra Charge Company sells goods to Yvon & other consumers on credit under installment sales contractss that typically required at least 1 year of monthly payments. Xtra does not disclose all the credit terms to its customers. This practice is most likely to result in:
    a cease-and-desist order.
    a fine.
    no sactions.
    rescission of the contracts.
    Rescission of the contracts.
  81. In the ordinary course of business, EZ Funds offers credit to Fay & other customers & reports on the loans to credit agencies. To save time & money, EZ generally does not correct or update its reported information. This is most likely to result in:
    a levy of a nominal fine.
    an assessment of damages.
    an order of rescission of the loan contracts.
    no sanctions.
    A assessment of damages.
  82. Loni delivers her Mazda to be repaired to Nile's Body Shop. Loni agrees to pay cash. Nile performs, but Loni does not pay. Nile tells Loni that he will keep the car until she pays. This is:
    a judicial lean.
    a mechanic's lean.
    an artisan's lean.
    a violation of most state laws.
    An artisan's lean.
  83. Bob, a salesperson at a Carpets Galore store, tells Dita, "buy your carpet here & I'll install it for half of what the store would charge". Dita buys the carpet, which Bob installs for half the store's price. Bob keeps the money. Bob has breached:
    no duty.
    the duty of loyalty.
    the duty of notification.
    the dute of obedience.
    The duty of loyalty.
  84. Cory employs Daily Delivery Agency as an agent under a written agreement that describes the rights & duties of both parties. This is:
    apparent authority.
    equal authority.
    express authority.
    implied authority.
    Express authority.
  85. David's family came to the U.S from Ukraine in 1895. Eva's family came to this country from Vietnam in 1995. Fiona's family came from Mexico in 2005. Current immigration laws are based on:
    a national origin quota system proportioal to the 1890 census.
    a ratial quota system proportional to numbers updated periodically.
    a system of sanctions against employers who hire illegal immigrants.
    excluding convicts & prostitutes.
    A system of sanctions against employers who hire illegal immigrants.
  86. Piku files an employement discrimination suit against Quotient Accounting under Title VII, based on its discharge of Piku. In these circumstances, possible relief under Title VII includes:
    damages only.
    damages or job reinstatement.
    job reinstatement only.
    neither damages or job reinstatement.
    Damages or job reinstatement.
  87. Lita replaces Manny in his job at Nighborly Business Corp (NBC). To succeed with an age-discrimination claim against NBC, Manny will have to show that:
    Lita is not qualified for Manny's job.
    Manny is quailified for his job.
    NBC's qualfications for Manny's job are too high.
    no one could do Manny's job as well as he could.
    Manny is qualilfed for his job.
  88. Silky Coordinates, a women's clothing store, employs females attendants to assist customers in the dressing room. Radley, a 41 yr old male, applies for an attendant's job, but is no hired. In Radley's suit agaist Silky for employment discrimination under Title VII, the store has:
    an after-acquired evidence defense.
    a bona fide occupational qualification defense.
    a business necessity defense.
    a seniority system defense.
    A bona fide occupational qualification defense.
  89. Under Artile 9 of the UCC, the property subject to a security interest, including accounts & chattle paper that have been sold.
    Collateral
  90. A legal process used by a creditor to collect a deby by seizing property of the debtor that is being held by a 3rd party.
    Garnishment
  91. A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting w/in the course & scope of their agency or employement.
    Respondent Superior
  92. The act of accepting & giving legal force to an obligation that previoulsy was not enforceable.
    Ratification
  93. An encumbrance on a property to satisfy a debt or protect a claim for payment of a debt.
    Lien
  94. A common law doctrine under which either party may terminate an employment relationship at any time for any reason, unless a contract specifies otherwise.
    Employment at will
  95. A termination of employment brought about by making the employee's working conditions so intollerable that the employee reasonably feels compelled to leave.
    Constructive Discharge
  96. Advertising a lower priced product when the intention is not to sell the advertised product but to lure consumers into the store & convince them to buy a higher priced product.
    Bait-and-switch advertising
  97. In State X, persons must be at least 18 yrs old before they can purchase alcoholic beverages. The state also has passed a law requiring that person who prepare and serve liquor in the form of drinks in commercial establishments be licensed. The only requirement for obtaining a yearly license is that the person be at least 18 years old. Moffitt, aged thirty-five, is hired as a bartender for Lone Star Restaurant. Bekins, an alumnus of State X University, brings twenty of his friends to the restaurant to celebrate State X U's football victory. Bekins orders four rounds of drinks, and the bar bill exceeds $200. When Bekins learns that Moffitt has failed to renew his bartender's license, Bekins refuses to pay, claiming he contract is unenforceable. Is Bekins correct? Explain in DETAIL!
    Contracts made with unlicensed persons may or may not be enforceable. There are basically two types of licensing statutes: those considered regulatory (designed to protect the public welfare from unauthorized and unqualified practitioners) and those who's underlying purpose is to raise revenues or whose control of practice is not tied to specific, required skills. Under the statutes declared regulatory, contracts made with an unlicensed person are illegal and unenforceable. For statutes declared other than regulatory, contracts are enforceable. In some cases, the statute itself expressly bars enforcement of contracts made with an unlicensed person. These statutes are obviously regulatory. For all other statues, the courts will look to the underlying purpose of the requirement of the license. In this case, it appears that the license requirement is not tied to any skill necessary for the protection of the welfare of society. The only requirement is that the person is at least 18 years old, but this is also the requirement for any person to be able to purchase liquors dispensed. Therefore, most courts would enforce the contract for the bar bill that Bekins owes but would rule Moffitt guilty of misdemeanor and impose a fine.
  98. What is a tort? There are 2 basic categories in tort law: compensatory damanges & punitive damages. Briefly define what a tort is & discuss the 2 categories.
    • Tort-civil wrong not arising from a breach of contract.
    • Compensatory damages-a monetary award equivalent to the actual value of injuries or damage sustained by the aggrieved party. (i.e lost wages, medical expenses, loss of irreplaceable items)
    • Punitive damages-monetary damages to that may be awarded to a plaintiff to punish the defendant & deter similar conduct in the future.
  99. What did the Sarbanes-Oxley Act of 2002 require for publicily traded corporation?
    To set up confidential systems so that employees & others can "raise red flags" about suspected illegal or unethical auditing & accounting practices.
  100. Can Hawk Corp stop Hawk.com's use of "hawk"? If so, what must they show?
    Yes, trademark owners can bring a suit in federal court for trademark dilution. Trademark dilution laws protect "distinctive" or "famous" trademarks from certain unauthorized uses even when the use is on noncompeting goods or is unlikely to confuse.
  101. In the U.S v Skilling (Enron) Skilling's convition was upheld, the court rejected exception to the "honest-services fraud" for keeping the stock prices high. Discuss at least 2 things that Skilling did that was illegal. What happened to Enron as a result of this illegal activity? Why is this case so important?
    Skilling shifted 2 Billion dollars in losses from Enron's struggling divisions to Wholesale. He had overstated Enron's profits in calls to investors and in press releases. To hide more losses, he had arranged deals between Enron's executives & 3rd parties, which he falsely portrayed to Enron's accountants and to the Securities and Exchange Commission as producing income. Enron had to file bankruptcy. Skilling remains a symbol of corporate greed and decit. By upholding his fraud convitions, the federal appellate court sent a clear message to the corporate world that unethical business practices have serious consequences.
  102. Case 5.3 KSR International Co v. Teleflex, Inc
    • Issue: Was Teleflex's patent invalid because several existing patents already covered the important aspects of the adjustable automobile pedal with electronic throttle control, making its invention obvous?
    • Decision: Yes, the United States Supreme Court reversed the judgement of the court of appeals & remanded the case.
    • Reason: Court pointed out that in many previous decision it had held "that a patent for a combination which only unites old elements with no change in their respective functions ***obviously withdraws what is already known into the field of its monopoly and diminishes the resources available to skilled person.***if a technician has been used to improve one device, and a person of ordinary skill in the art would recognized that if would improve similar devices in the same way, using the technique is obvious unless its actual application is beyond his/her skill"
    • Important: Dramatically changed the standard of obviousness that is applied in patent law. This case has been widely acknowledged as the most significant patent decision in years. The holdings has important ramifications for both existing patents and patent applications.
  103. Miranda v. Arizona
    • Has been cited the more court decisions than any other case in the history of American law.
    • Miranda was arrested in his home for kidnapping & rape of an 18 yr old woman. He was taken to a police station and questioned by 2 officers. The officers emerged w/a written confession by Miranda.
    • Miranda appeals his conviction, claiming that he had not been informed of his constitutional rights. He did not assert he was innocent of the crime or that his confession was false or made under duress. States he would have remained silent.
    • Decision: Miranda case was subsequently consolidated with 3 other cases involving similar issues and reviewed by the United States Supreme Court. In its decision, the court stated that whenever an individual is taken into custody, "you have the right to remain silent, anything you say or do can and will be held against you in a court of law. You have the right to speak w/an attorney, if you cannot afford an attorney one will be appointed for you. Do you understand these rights as I have read them to you?"
  104. Case 23.2 United States v Inn Food
    • Issue: Does an importer's use of double-invoicing system constitue proof of an intent to defraud the government of import duties?
    • Decision: Yes The US Court of appeals of the federal circuit affirmed the lower courts judgement.
    • Reason: The evidence showed that the Inn Foods knowningly entered goods by means of a material false statement. Each grower sent Inn Foods a copy of an undervalued invoice. The company knew that these invoices were "grossly undervalued and false"-the growers set out the details of the specific undervaluation in correspondence to Inn Foods.
    • Why: Inn Foods learned of the invesigation, the company included a disclaimer on some shipments stating that the declared value "is strictly for customs clearance" while the company determines the "true transaction value".
  105. Case 11.1 Jannusch v Naffziger
    • Issue: Were the goods the predominant factor in the sale of his business?
    • Decision: Yes, appeals court reversed the decision of the trail court, finding that a contract had been formed under the UCC & that the Naffzigers had breached it.
    • Reason: The oral agreement for the sale of the business was predominantly one for the sale of goods and therefore was within Article 2 of the UCC. The oral agreement was sufficiently definite to form a sales contract, even though it did not specify the price of each item being sold or distinguish between the value of the equipment and the value of the goodwill of the business.
    • Why: Case illustrates how important it is to anticipate the factors that courts consider in determining whether Article 2 of UCC applies.