Quiz Review 2, Business - Business Law

Under the Sarbanes-Oxley Act of 2002, accountants must dispose of working papers relating to an audit or review.

A monopoly is illegal

The police have the DNA and fingerprint evidence to connect Amy, the CEO of BIGCORP, to a particular crime of murder involving the CEO of a major competitor, but they still have not found enough evidence of a motive for Amy to kill the victim. Would the lack of a motive prevent Amy from being convicted? And, would BIGCORP be criminally liable for Amy's actions?

4

Identify and give an illustrative example of the two types of causation that must be shown in a negligence case.

Actual cause: It involves aspects like whether the defendant's breach of the duty of due care in fact causes the harm in question. Commonly, the "but for" test is applied to determine cause in fact. For example, but for the defendant's failure to stop at the red light, the plaintiff pedestrian would not have been struck down in the crosswalk.

Proximate cause: The plaintiff must establish that the defendant's actions were the proximate cause of the injury. It involves issues like whether the defendant's conduct is sufficiently connected to the plaintiff's injury as to justify imposing liability. Many injuries arise from a series of events-some of them wildly improbable. For instance, a defendant's negligence leads directly to the plaintiff's harm, or some intervening act breaks the causal link between the defendant's negligence and the harm. An example for proximate cause is a community's allegedly negligent behavior that results in a blocked road, forcing the plaintiff to detour. While on the detour route, the plaintiff's vehicle was struck by a plane that fell from the sky when attempting to land at a nearby airport.

5

The board of directors are responsible for the operations of the organization

6

Under the Uniform Transfers to Minors Act, a minor is an individual under the age of 18.

7

The Greek philosopher Aristotle disparaged work because of its very necessary, and therefore slavish, nature.

8

Condominium owners have no ownership rights in the common areas

9

Pixie files a suit against Quiver. Before going to trial, the parties meet, with their attorneys to represent them, to present their dispute to a third party who is not a judge but who imposes a resolution on the parties. This is

10

A description of the collateral does not need to be included in a security agreement.

11

An outside director is a director who is also an officer of the corporation.

12

Under the objective theory of contracts, the subjective intent of a party to enter into a contract is irrelevant

13

Depriving a person or company of private property without compensation is called nationalization

14

In a criminal case, the state must prove its case by a preponderance of the evidence

15

Opal files a complaint in a suit against Phil, and he files an answer. The case may now be

16

The EEOC suggests that the determination of a reasonable accommodation should be resolved through an interactive process involving both the employer and the employee in which the employer:

17

Under the statute of frauds, all contracts for the sale of real estate must be:

18

In Todd v. Exxon Corp, where Exxon other oil companies hired a consultant to gather information about the salaries they paid professionals at the companies, and the information was used to help set salaries, the appeals court held the practice was:

19

A right to a nonconforming use of land cannot be lost through abandonment

20

Teresa is suing her accountant for fraud. To win, Teresa must show that she justifiably relied on the accountant's fraudulent statement.

21

An agreement to pay a debt discharged in bankruptcy is called a workout.

22

In the context of labor union security arrangements, a collective-bargaining clause requiring all employees to pay union dues and fees is referred to as a(n) ________.

23

Withdrawal from a partnership for a term prematurely does not constitute a breach of the partnership agreement

24

Deontological theories assess good and evil in terms of the consequences of actions

25

Which of the following statements about the Restatement (Third) of Torts is false?

26

A partnership is liable for both the negligent and intentional acts of a partner if the acts were committed within the ordinary course of the partnership's business

27

The King II report, released by the committee formed by Mervyn King, formally recognized the need to move the stakeholder model forward and to consider a triple bottom line instead of a single bottom line of profitability.

28

Suppose Johnny (a guest) comes to visit Maria at her apartment. For weeks the tenants have been complaining about ‘wobbly' hand railings on the stairs, but the landlord has not fixed them. While climbing the stairs Johnny falls off and is seriously injured. True of False: the landlord is not liable in this case

29

A trademark is always protected, even if it loses its distinctiveness.

30

The defense of entrapment arises when:

31

Generally, the secretary of state may commence an administrative proceeding to dissolve a corporation when the corporation:

32

Anna files a discrimination charge against her employer, NTTB Network Inc., for creating a hostile work environment. Anna's co-worker, Edward, gives testimony in the discrimination case. As a result, Edward is transferred to another branch where he is required to work in night shifts. Edward's salary remains the same, as does his job title. In this case, Edward is most likely to have a claim for ________.

33

Fun-E Products, Inc, makes and sells toys. The government agency that has the authority to remove a potentially hazardous toy from the market is A) the Consumer Product Safety Commission

34

In Crest Ridge Construction v. Newcourt, where an order for construction materials that Crest Ridge needed was rejected for failure to meet credit terms, and Crest Ridge had to find a higher-cost replacement and sued Newcourt for damages, the appeals court held that:

35

The text describes the three major contributors to air pollution. Which of the following is not one of the major contributors?

36

If a creditor obtains a judgment against a debtor and the debtor cannot or will not pay the judgment, the dispute is at an end.

37

Deb lives in a jurisdiction where all residential swimming pools are required by law to be enclosed by a fence that is at least six feet tall in order to prevent accidental drowning. Deb built a pool in her backyard a couple of months ago, but she hasn't had the extra money with which to build the fence. Unfortunately, one of the neighborhood children goes swimming in the pool and drowns. The parents of the child sue Deb. Discuss how the parents would likely go about proving their case and the elements that would be required.

38

When the transfer of an instrument breaches a ________ associated with the instrument, warranty liability results.

39

Briefly define patent, copyright, and trademark, and explain how long they last

Patent - Patent is a federal right of exclusive use which may be granted to inventors. Patents may be of three types: utility, design, and plant. Utility patents may protect processes, machines, or compositions of matter. Patentable creations must be novel, nonobvious, and useful. A patent gives the owner the exclusive right to make, use, license, sell, or assign the patent for a period of 20 years from the date of filing the application for the patent (14 years from the date of issuance for a design patent).

Copyright - Copyright is a federal right which protects artistic or literary works including literature, music, plays, photographs, motion pictures, recordings, and to some extent computer programs. Copyright protects the particular tangible expression of an idea, but not the underlying idea or method of operation. The federal act allows copyright without registration but will limit recourse if the work was not registered. The duration of copyright is the life of the author plus 70 years. For a corporate owner, copyright lasts 95 years from publication or 120 years from creation.

Trademark - A trademark is a "mark," or a combination of words and symbols, used in conjunction with a trade or business which distinguishes that trade or business and the goods or services thereof from those of others. The trademark is valid for ten years, but can be renewed for an unlimited number of terms as long as the mark is still being used. If the mark or name becomes a generic term, trademark protection of the mark or name is lost.

40

Eric bought a new snowmobile from the North Pole Manufacturing Company. After buying the machine, Eric then modified it in order to soup it up. In February, just after a snowfall, Eric was driving the snowmobile, when it tipped over, trapping him beneath it. His leg was severely burned. Eric now wants to sue North Pole for strict liability. Eric:

41

What is the amount of tax payable if a property's assessed value is $185,000 and the tax rate is 40 mills in a community in which an equalization factor of 110% is used?

42

Title VII of the Civil Rights Act does not apply to which of the following:

43

Tacking allows cumulation of time of uses by adverse possessors

44

Under the UCC, the parties to a contract can shorten the statute of limitations on a breach of contract but cannot extend it longer than four years.

45

Intent to deceive is an element of fraud

46

REQUIREMENT AND OUTPUT CONTRACTS

47

Executive functions of an administrative agency might include the power to investigate and to seek fines for violations of administrative regulations

48

___________are created when personal property is temporarily delivered into the care of another without transferring title

49

Foreign competition law is similar in substance are modeled after American antitrust law and similar in the sanctions for violating the law

50

An opening statement provides:

51

Janet, a lawyer, has been assigned to work on a money laundering case. She has collected the facts and understood the issue. According to the eight steps to legal reasoning, which of the following will be her next step?

52

A business visitor who is invited to enter the property for a purpose connected with the possessor's business is classified as a(n):

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Quiz Review 2, Business - Business Law

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