Business Law: FINAL EXAM Study Guide and Correct Answers
1. Business and contract law
2. intrastate commerce - ansname 2 areas of law that are of concern for states
1. Contracts for the sale of goods for over $500
2. Contract to sell an interest in real property
3. Contract that requires more than one year to complete
4. Contract to take over the debts of another or the debts of an estate.
5. Contract for which the consideration is marriage. - ansName 5 contracts that fall under statute of frauds
1. duty
2. breach of duty
3. injury
4. causation - ansElements of a tort (4 things)
1. Interstate commerce
2. import/export law
3. military and national defense - ansname 3 areas of law that are of concern for the federal government
1. Promisor should be able to foresee that the promisee would reasonably rely on the promise
2. Promisee does act in reliance on the promise
3. Promise would suffer substantial economic loss if the promise was not fulfilled
4. Injustice can be avoided only by enforcement of the promise - ansname 4 conditions that must be met for
promissory estoppel
, 5th amendment - ansthe right to life, liberty and property
Allocation of markets - anscompetitors agree to divide up the market and not to compete in each other's
territory
Appellate court - anscourt of appeals.
Bid rigging - anscompetitors agree to take turns submitting the lowest bids on projects.
Bilateral contract - anstwo parties involved in contract
bilateral mistake - ansa mistake that both parties to the contract makes
Bill of Rights - ansThe first 10 amendments to the constitution
blue-sky law - ansProhibits the selling of worthless stocks and bonds
business ethics - ansEthical principles used in making business decisions
capacity to contract - ansOne has the ability, according to law, to understand their actions and the effect of
those actions
case law - ansThe type of law made when an appellate court endorses a rule to be used in deciding court cases
Caveat emptor - anslet the buyer beware
1. Business and contract law
2. intrastate commerce - ansname 2 areas of law that are of concern for states
1. Contracts for the sale of goods for over $500
2. Contract to sell an interest in real property
3. Contract that requires more than one year to complete
4. Contract to take over the debts of another or the debts of an estate.
5. Contract for which the consideration is marriage. - ansName 5 contracts that fall under statute of frauds
1. duty
2. breach of duty
3. injury
4. causation - ansElements of a tort (4 things)
1. Interstate commerce
2. import/export law
3. military and national defense - ansname 3 areas of law that are of concern for the federal government
1. Promisor should be able to foresee that the promisee would reasonably rely on the promise
2. Promisee does act in reliance on the promise
3. Promise would suffer substantial economic loss if the promise was not fulfilled
4. Injustice can be avoided only by enforcement of the promise - ansname 4 conditions that must be met for
promissory estoppel
, 5th amendment - ansthe right to life, liberty and property
Allocation of markets - anscompetitors agree to divide up the market and not to compete in each other's
territory
Appellate court - anscourt of appeals.
Bid rigging - anscompetitors agree to take turns submitting the lowest bids on projects.
Bilateral contract - anstwo parties involved in contract
bilateral mistake - ansa mistake that both parties to the contract makes
Bill of Rights - ansThe first 10 amendments to the constitution
blue-sky law - ansProhibits the selling of worthless stocks and bonds
business ethics - ansEthical principles used in making business decisions
capacity to contract - ansOne has the ability, according to law, to understand their actions and the effect of
those actions
case law - ansThe type of law made when an appellate court endorses a rule to be used in deciding court cases
Caveat emptor - anslet the buyer beware
