LOMA 311 EXAM REVIEW
Legislative - Answer Which American branch of government is equal to
Parliament?
State Court System - Answer Trial courts, appellate courts, and the Supreme Court
Federal Court System - ANSWER District Court, Circuit Courts of Appeals, and
Supreme Court
Affirmative Defense is an assertion of facts that constitute a defense to the
plaintiff's claim.
Interrogatories - Answer Written questions that one party prepares and that the
other side must respond in writing within a certain time
the preponderance of the evidence - ANSWER Means that the conclusion on an
issue of fact must be supported by the greater weight of the evidence (in civil
cases).
Proof Beyond Reasonable Doubt - Answer Higher degree of proof, typically
reserved for criminal situations.
Conversion: ANSWER Unauthorized dominion and control over another's property
Compensatory damages are aimed to reimburse an injured party for the amount of
monetary losses caused by the defendant's behavior.
Benefit of the bargain - ANSWER Compensatory damages awarded in a breach of
contract action.
, Punitive Damages: ANSWER Damages awarded in addition to compensatory
damages when the defendant's behavior was malicious or intentional.
Nominal Damages: ANSWER Damages granted where the plaintiff is wronged but
does not incur a loss, cannot prove the amount of the loss with reasonable certainty,
or the damage is insignificant. Not eligible for compensatory damages.
A corporation limited by shares is one whose owner's liability is limited to the
investment they made when purchasing the company's shares.
Company Limited by Guarantee - ANSWER A company whose owners promise to
pay up to a specified sum if the company is liquidated.
Federal Trade Commission Act - ANSWER Antitrust law established the Federal
Trade Commission (FTC) and granted it the authority to enforce federal antitrust
statutes.
Price Fixing - Answer An antitrust violation occurs when competitors cooperate
together to influence the pricing of a product or service.
Unfair price discrimination: ANSWER An antitrust violation arises when a seller
promises to sell products to a buyer at a lower price than the price charged to other
buyers under the same conditions.
Tying Arrangements - Answer An antitrust breach was an illegal arrangement
under which a business sells one product to a purchaser only if the purchaser also
buys a separate product from the firm.
Legislative - Answer Which American branch of government is equal to
Parliament?
State Court System - Answer Trial courts, appellate courts, and the Supreme Court
Federal Court System - ANSWER District Court, Circuit Courts of Appeals, and
Supreme Court
Affirmative Defense is an assertion of facts that constitute a defense to the
plaintiff's claim.
Interrogatories - Answer Written questions that one party prepares and that the
other side must respond in writing within a certain time
the preponderance of the evidence - ANSWER Means that the conclusion on an
issue of fact must be supported by the greater weight of the evidence (in civil
cases).
Proof Beyond Reasonable Doubt - Answer Higher degree of proof, typically
reserved for criminal situations.
Conversion: ANSWER Unauthorized dominion and control over another's property
Compensatory damages are aimed to reimburse an injured party for the amount of
monetary losses caused by the defendant's behavior.
Benefit of the bargain - ANSWER Compensatory damages awarded in a breach of
contract action.
, Punitive Damages: ANSWER Damages awarded in addition to compensatory
damages when the defendant's behavior was malicious or intentional.
Nominal Damages: ANSWER Damages granted where the plaintiff is wronged but
does not incur a loss, cannot prove the amount of the loss with reasonable certainty,
or the damage is insignificant. Not eligible for compensatory damages.
A corporation limited by shares is one whose owner's liability is limited to the
investment they made when purchasing the company's shares.
Company Limited by Guarantee - ANSWER A company whose owners promise to
pay up to a specified sum if the company is liquidated.
Federal Trade Commission Act - ANSWER Antitrust law established the Federal
Trade Commission (FTC) and granted it the authority to enforce federal antitrust
statutes.
Price Fixing - Answer An antitrust violation occurs when competitors cooperate
together to influence the pricing of a product or service.
Unfair price discrimination: ANSWER An antitrust violation arises when a seller
promises to sell products to a buyer at a lower price than the price charged to other
buyers under the same conditions.
Tying Arrangements - Answer An antitrust breach was an illegal arrangement
under which a business sells one product to a purchaser only if the purchaser also
buys a separate product from the firm.
