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Category: Business Law
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Experience:  20 years experience in business law - sole proprietor, partnership, and corporations
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Section I. True or False. Please answer T or F. 1 6 11 2

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Section I. True or False. Please answer T or F.
1          6          11     
2          7          12     
3          8               
4          9               
5          10               

Section II. Multiple Choice. Please answer A, B, C, or D.
13.       ;         17.               21.               25.
14.       ;         18.               22.               26.
15.               19.               23.
16.               20.               24.
Section III: Short Answer.
27.






28.








29.








30.





Proctored Final Examination for Business Law I
This exam is based on the following core learning outcomes.   Please DO NOT answer them as they are not part of the exam.
Core Learning Outcomes
1.     Distinguish between the role of the law and ethics in business decision making.
2.     Discuss the role the US Constitution plays in the regulation of business.
3.     Recognize the difference between civil and criminal law, and the duties and liabilities with each.
4.     Distinguish between intentional torts, negligence, and strict liability.
5.     Examine the legal requirements for contract formation.
6.     Discuss what actions constitute a breach of a contract, and the remedies available.
7.     Explain the warranties imposed by law in the sale of goods
Section I. True or False.
Choose the best answer. Please answer with T or F on the answer sheet.
1.     T F        What is legal and what is ethical is always the same thing.
2.     T F      The U.S. Constitution has no role in the regulation of business.
3.     T F     A violation of a criminal law could be punishable by time in jail.
4.     T F     A violation of civil law could also be punishable by time in jail.
5.     T F     The third amendment protects freedom of speech.
6.     T F     The burden of proof in a civil trial is a preponderance of the evidence.
7.     T F     The parties in a civil trial are the plaintiff and the defendant.
8.     T F     Examples of civil law are tort law and contract law but not criminal law.
9.     T F     Criminal law is statutory in nature.
10.     T F     Ethical guidelines are sometimes stricter than what is required by the law.
11.     T F     According to the U.S. Constitution, the state governments are stronger than the Federal government, and state laws defeat Federal laws if there is a conflict.
12.     T F     Even if a defendant is found not guilty in a criminal trial, he could be liable to the victim in a civil trial.
Section II. Multiple Choice.
Choose the best answer. Please answer with A, B, C, or D on the answer sheet.
13.      Which of the following refers to liability that occurs even if the defendant did nothing wrong?
a.     Negligence
b.     Intentional tort
c.     Strict liability
d.     Venue

14.     Which of the following is an example of an intentional tort?
a.     Negligence
b.     False imprisonment
c.     Strict liability
d.     Jurisdiction
15.      The elements of negligence are:
a.     Duty, breach, causation, and harm
b.     Compensatory and punitive damages
c.     An intentional act and harm
d.     Liability without fault and harm
16.     Which of the following is required for a contract to be valid?
a.     Offer and acceptance
b.     Consent and capacity to contract
c.     Consideration
d.     All of the above
17.     A contract to steal this business law exam would be:
a.     Void
b.     Voidable
c.     Valid
d.     All of the above
18.     Generally, a contract with a child would be:
a.     Voidable by the child
b.     Voidable by the adult
c.     Voidable by either party
d.     Void due to lack of capacity of the child
19.     Cinderella was locked in a tower by her evil stepmother until she signed a contract exchanging her inheritance for magic beans. This is an example of _____________.
a.     Misrepresentation
b.     Unilateral mistake
c.     Punitive damages
d.     Duress
20.     A/an ____________ contract can be created by inference.
a.     Implied
b.     Express
c.     Written
d.     Oral

21.     Jack traded his cow for five magic beans. The seller of the beans claimed that they were magic, but nothing happened when Jack planted them. Which of the following doctrines could provide Jack with a legal remedy?
a.     Misrepresentation
b.     Duress
c.     Undue influence
d.     Jurisdiction
22.     The statute of frauds requires which of the following:
a.     That certain contracts are in writing to be enforceable
b.     Fraudulent behavior to be proven by oral testimony
c.     Fraudulent behavior to be proven in writing
d.     All of the above
23.     Snow White contracted with Cinderella to wallpaper her castle ballroom by September 27. The castle burned down on August 12—before Cinderella could start the work. This contract is no longer enforceable due to which doctrine?
a.     Material breach
b.     Impossibility
c.     Accord and satisfaction
d.     Strict liability
24.     Jenny contracted to cater a party for Cinderella at her castle. Jenny completed almost all of the work on time except for providing ice for the drinks. She provided the ice 15 minutes late. At the end of the party, Cinderella refused to pay Jenny because she had missed the deadline for the ice by 15 minutes. Which legal doctrine should protect Jenny from not receiving any payment?
a.     Strict performance
b.     Impossibility
c.     Substantial performance
d.     Anticipatory repudiation
25.     Damages designed to pay the plaintiff back for losses are called:
a.     Punitive damages
b.     Accidental damages
c.     Compensatory damages
d.     Injunctions
26.     The purpose of punitive damages is to:
a.     Punish the defendant and deter others
b.     Reimburse the plaintiff for expenses
c.     Reimburse the gov’t for the cost of the trial
d.     None of the above
Short Answer.    4 questions.   
27.      Distinguish between the roles of law and ethics in business decision making.
28.     Explain the warranties imposed by law in the sale of goods.
29.     Discuss the role the US Constitution plays in the regulation of business.
30.     Discuss TWO of the following regarding the classes of contracts:
a.     What is the difference between bilateral and unilateral contracts?
b.     What is the difference between void, voidable, valid, and unenforceable contracts?
c.     What is the difference between an executed and an executory contract?
Submitted: 5 years ago.
Category: Business Law
Expert:  Law Pro replied 5 years ago.
Hi, I'm going to print this and get back to you.
Customer: replied 5 years ago.
sounds good
Expert:  Law Pro replied 5 years ago.

What class is this for? Business law - obviously - but what's your major?

Customer: replied 5 years ago.
marketing/managment.
Expert:  Law Pro replied 5 years ago.

So your still in undergraduate school - correct?

 

When is this due by?

Customer: replied 5 years ago.
yes
Expert:  Law Pro replied 5 years ago.
When is it due by?
Customer: replied 5 years ago.

It is due by 6pm mountain standard

Expert:  Law Pro replied 5 years ago.
Today?
Customer: replied 5 years ago.
yeah
Expert:  Law Pro replied 5 years ago.

OK, this is actually fun for me.

 

1-F

2-F

3-T

4-T

5-F

6-T

7-T

8-T

9-F

10-T

11-F

12-T

13-C

14-B

15-A

16-D

17-A

18-D

19-D

20-A

21-A

22-A

23-B

24-C

25-C

26-A

 

 

I will write something on the balance and get back to you shortly.

Customer: replied 5 years ago.
sounds good thanks
Expert:  Law Pro replied 5 years ago.
How long do the written answers have to be - these could be paragraphs?
Customer: replied 5 years ago.
I'm sure paragraph or so will suffice.
Expert:  Law Pro replied 5 years ago.

#27 -

Laws are usually agreed upon ethics or ethics that have been adopted by a governing body and made into law for which violation thereof civil and/or criminal penalties may be imposed . Therefore the law is set to avoid any breach which may result in civil or criminal action being taken, and the ethics are set standards in which the foundation is built.

 

While ethics are moral codes in general - set standards. Ethics are the set standards which businesses should adhere to but there violation thereof does not impose civil or criminal liability

 

#28 - A warranty is a legally enforceable promise as between a buyer and seller in the sale of goods.

 

There are two basic warranties in all sales transactions between a buyer and seller of goods - express and implied pursuant to the Uniform Commercial Code (UCC).

 

Express warranties are were the seller expressly makes an affirmation of fact or promise or a description of the goods that becomes part of the basis of the bargain. For example, if the seller describes a truck as a "96 Ford," then the truck is expressly warranted to be a "96 Ford." An express warranty can also be created by the seller's reference to any sample or model that becomes the basis of the bargain. It is important to note that use of the words "warranty" or "guarantee" are not necessary to create an express warranty. Additionally, the seller does not need to intend to create an express warranty for one to be inferred from the seller's descriptions and representations. An express warranty need not be written, but frequently are in writing.

Implied warranties are where the implies the existence of a warranty, even if no express warranty is given. The most common implied warranties are:

Implied Warranty of Merchantability - If the seller is a merchant in the goods sold, then a warranty is implied that the goods are fit for the ordinary purposes for which those goods are used;

Implied Warranty of Fitness for a Particular Purpose - This warranty arises if:
(i) At the time of contracting, the seller has reason to know the buyer has a particular purpose for which he or she wants to use the goods; and
(ii) The buyer has relied upon the seller's skill or judgment to select or furnish suitable goods.

When goods do not conform to their warranties, a buyer may sue the seller for breach of warranty. When a buyer claims the seller breached a warranty, the buyer must prove the existence of the warranty, the scope of the warranty, and the specific manner in which the seller breached the warranty. When facing a claim of breach of warranty claim, the seller may attempt to disclaim the warranties entirely or claim the buyer waived any warranties on the goods purchased.

Disclaimers of Express Warranties: A seller may not exclude or modify any express warranties that were made part of the basis of the contract.

Disclaimers of Implied Warranties: A seller may disclaim implied warranties as follows:

(i) by stating that the item is being sold "as is" or "with all faults;"
(ii) if in writing, the disclaimer of an implied warranty must be easily noticed in the contract;
(iii) to disclaim an implied warranty of fitness for a particular purpose, the disclaimer must be in writing and be conspicuous;
(iv) to disclaim any implied warranty of merchantability, the disclaiming language must specifically mention "merchantability." If the disclaimer of the implied warranty of merchantability is in writing, it must be conspicuous.

Note, however, that a seller who supplies a written warranty may not disclaim any implied warranties while the written warranty is in effect. Under the Magnuson-Moss Warranty Act, implied warranties may be limited to the duration of a written warranty of reasonable duration, if such limitation is conscionable, is set forth in clear and unmistakable language, and is prominently displayed on the face of the warranty.

A buyer waives the implied warranties with regard to obvious defects when the buyer has examined the goods (or the sample or model) as fully as he desired before entering into the contract or when the buyer has refused to examine the goods before entering the contract.

If the seller breaches a warranty, the consumer may recover in damages the difference between the actual value of the nonconforming goods and the value of the goods as they should have been according to the warranty (without defects).

 

#29 -

The United States Constitution is a written document that provides the framework for the federal government and is ultimately the supreme law for Americans to abide by.

 

The Constitution of the United States sets forth the nations fundamental laws for business regulation. The Commerce Clause within the Constitution in particular grants the federal government the authority to regulate commerce between states, Indian tribes, and other nations. "Because this clause authorizes the federal government to regulate commerce, it has a greater impact on business than any other provision in the Constitution.

 

The original purpose of this clause was primarily due to the need for a more responsive and effective business regulation. Today, this clause protects businesses and consumers alike. The state and federal government have concurrent power to regulate domestic commerce. The federal and state governments dually regulate the parameters of interstate and intrastate commerce. Interstate commerce consists of business involving two or more states while intrastate commerce occurs solely within the boundaries of a single state.

The US Supreme Court has given wide interpretation to the Commerce Clause and it's application thereby giving the federal government regulatory power over almost any and all business which have direct and indirect interstate commerce.

 

#30

 

An executory contract is a contract in which a party has material unperformed obligations. Although material, an obligation to pay money does not usually make a contract executory. An obligation is material if a breach of contract would result from the failure to satisfy the obligation. A contract that has been fully performed by one party but not by the other party is classified as an executory contract.

 

An executed contract is simply where the written contract has been signed by all parties. That although a contract may have been executed or signed - that does not mean that that there has been any performance of the parties contractual duties thereunder.

 

A unilateral contract is one in which only one party makes an express promise, or undertakes a performance without first securing a reciprocal agreement from the other party.

 

In a unilateral, or one-sided, contract, one party, known as the offeror, makes a promise in exchange for an act (or abstention from acting) by another party, known as the offeree. If the offeree acts on the offeror's promise, the offeror is legally obligated to fulfill the contract, but an offeree cannot be forced to act (or not act), because no return promise has been made to the offeror. After an offeree has performed, only one enforceable promise exists, that of the offeror.

 

A bilateral contract is distinguishable from a unilateral contract, a promise made by one party in exchange for the performance of some act by the other party. The party to a unilateral contract whose performance is sought is not obligated to act, but if he or she does, the party that made the promise is bound to comply with the terms of the agreement. In a bilateral contract both parties are bound by their exchange of promises.

Both parties to a bilateral contract make promises. With respect to the promise in issue, the party making the promise is the promisor and the other party is the promisee. The legal detriment incurred by the promisee consists of a different promise by him or her to do something or refrain from doing something that he or she was not previously legally obligated to do or to refrain from doing. This legal detriment constitutes consideration, the cause, motive, or benefit that induces one to enter into a contract. Consideration is an essential component of a contract.

Expert:  Law Pro replied 5 years ago.
I was just wondering if everything was OK.
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 23751
Experience: 20 years experience in business law - sole proprietor, partnership, and corporations
Law Pro and 7 other Business Law Specialists are ready to help you
Customer: replied 4 years ago.
I have another quiz i was wondering if you would be able to help me with it. It has 20 questions.
Expert:  Law Pro replied 4 years ago.
That would fine it it also pertains to legal questions.

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