BUS-115 BUSINESS LAW FINAL REVIEW
CORRECT QUESTIONS & ANSWERS
A unified set of statutes designed to govern almost all commercial transactions. -
ANSWER UCC
Explain the difference between binding precedent versus persuasive precedent. -
ANSWER A binding precedent is an outcome of a previous case that requires to future,
similar decisions to be made in the same way. A persuasive precedent is an outcome of
a previous case that can either be followed or ignored in future, similar cases.
People with _____ may have to stand up for their convictions against the majority of the
people regardless of personal consequences. - ANSWER Compassion
The law cannot stop us from doing wrong, be it can punish us if we choose to do wrong.
- ANSWER True
The process of relying on previous recorded legal decisions is called ______. -
ANSWER stare decisis
______ states there are no objective or absolute standards of right or wrong, only
standards change from circumstance to circumstance and from person to person. -
ANSWER utility thinking
A crime is an offense against the public at large. - ANSWER True
A felony is a classification of a type of ________. - ANSWER crime
A misdemeanor is a crime punishable by a prison sentence of no more than one year. -
ANSWER true
A person who makes false statements to a bank for the purpose of obtaining a loan can
be prosecuted for the offense of: - ANSWER false pretenses
An offense can be a tort or a crime, but it can also be both. - ANSWER true
A person who acts in a way that denies another the right to enjoy his or her property
without unreasonable interference is liable under: - ANSWER private nuisance
Certain individuals have special privileges that allow them to make any statements
without being accused of defamation. - ANSWER true
Defamation requires that a false statement be communicated to ________. - ANSWER
a third party
,Defamation, nuisance, conversion, and negligence are various kinds of: - ANSWER
common torts
Fraud is the spreading of damaging words or ideas about a person, directly or indirectly,
in all other forms not considered libel. - ANSWER false
In conducting business, a firm and its owners have the right not to be subjected to: -
ANSWER false and malicious statements
Most cases of slander involve thoughtless statements that affect another person's -
ANSWER reputation
The failure to exercise the necessary care not to expose others to unreasonable risk of
harm is the tort of - ANSWER negligence
The law gives each person the right to own and use personal property without
interference from others. When this right is denied or abridged by another, the
wrongdoer is said to have committed the tort of - ANSWER conversion
If a merchant refuses to appear before an administrative agency hearing - ANSWER his
or her license can be revoked
Administrative agencies can have the functions of the three traditional branches of
government. Administrative Agencies can pass regulations that become law, enforce
laws through policing and have quasi-judicial hearings to determine applicability of the
laws in a particular area. - ANSWER true
After administrators of an agency are appointed and approved, it is generally rather
easy to remove them - ANSWER false
Crimes are classified into three groups according to the seriousness of the offense.
They are ________. - ANSWER treason, felony and misdemeanor
Each constitutional amendment must be proposed by a: - ANSWER two-thirds vote of
Congress
Freedom of speech is covered under which Amendment? - ANSWER First Amendment
In the United States, power for the federal and state governments come from the U.S.
Constitution and state constitutions. - ANSWER true
Only the giver of a bribe can be charged with the offense of bribery. - ANSWER false
The Fourth Amendment requires police officers to have ________ to conduct a search
on a person. - ANSWER probable cause
, The Internal Revenue Service (IRS) is a federal agency established by Congress and
tasked with administering and collecting federal income tax under the Sixteenth
Amendment. - ANSWER true
The process and effect of rules and regulations established by the Consumer Protection
Agency resemble the lawmaking process of Congress. - ANSWER true
The prohibition against trying a defendant more than once for the same offense is called
________. - ANSWER double jeopardy
The two houses of Congress are the: - ANSWER House of Representatives and
Senate.
To call someone a thief to the person's face may amount to: - ANSWER insult
An executed contract is one in which all terms of the agreement have been fully
performed by all parties to the contract. - ANSWER true
An executory contract is a contract which requires that an act be performed in the
________. - ANSWER future
An offer made in anger or jest is legally made with the necessary intent of entering into
a valid enforceable agreement - ANSWER false
Certain types of contracts, such as those involving the sale of personal property for
$500 or more: - ANSWER must be written to be enforceable
Dissolution of a partnership is governed by a partnership agreement (contract). -
ANSWER true
How many legally essential elements must be satisfied to make a valid contract? -
ANSWER 6
If an advertisement offers a reward for information that might lead to the arrest of a
criminal or to the return of a lost article, it is regarded as a: - ANSWER public offer
If the offeror acknowledges the rejection but restates the offer, the offeree: - ANSWER
still has the opportunity to accept, reject, or make a counteroffer.
Organizations that are referred to as not-for-profits may include universities, political
parties, and labor unions. - ANSWER true
Most cities and states have regulations in place that require the government to accept
the ________ bidder on a project. - ANSWER lowest
CORRECT QUESTIONS & ANSWERS
A unified set of statutes designed to govern almost all commercial transactions. -
ANSWER UCC
Explain the difference between binding precedent versus persuasive precedent. -
ANSWER A binding precedent is an outcome of a previous case that requires to future,
similar decisions to be made in the same way. A persuasive precedent is an outcome of
a previous case that can either be followed or ignored in future, similar cases.
People with _____ may have to stand up for their convictions against the majority of the
people regardless of personal consequences. - ANSWER Compassion
The law cannot stop us from doing wrong, be it can punish us if we choose to do wrong.
- ANSWER True
The process of relying on previous recorded legal decisions is called ______. -
ANSWER stare decisis
______ states there are no objective or absolute standards of right or wrong, only
standards change from circumstance to circumstance and from person to person. -
ANSWER utility thinking
A crime is an offense against the public at large. - ANSWER True
A felony is a classification of a type of ________. - ANSWER crime
A misdemeanor is a crime punishable by a prison sentence of no more than one year. -
ANSWER true
A person who makes false statements to a bank for the purpose of obtaining a loan can
be prosecuted for the offense of: - ANSWER false pretenses
An offense can be a tort or a crime, but it can also be both. - ANSWER true
A person who acts in a way that denies another the right to enjoy his or her property
without unreasonable interference is liable under: - ANSWER private nuisance
Certain individuals have special privileges that allow them to make any statements
without being accused of defamation. - ANSWER true
Defamation requires that a false statement be communicated to ________. - ANSWER
a third party
,Defamation, nuisance, conversion, and negligence are various kinds of: - ANSWER
common torts
Fraud is the spreading of damaging words or ideas about a person, directly or indirectly,
in all other forms not considered libel. - ANSWER false
In conducting business, a firm and its owners have the right not to be subjected to: -
ANSWER false and malicious statements
Most cases of slander involve thoughtless statements that affect another person's -
ANSWER reputation
The failure to exercise the necessary care not to expose others to unreasonable risk of
harm is the tort of - ANSWER negligence
The law gives each person the right to own and use personal property without
interference from others. When this right is denied or abridged by another, the
wrongdoer is said to have committed the tort of - ANSWER conversion
If a merchant refuses to appear before an administrative agency hearing - ANSWER his
or her license can be revoked
Administrative agencies can have the functions of the three traditional branches of
government. Administrative Agencies can pass regulations that become law, enforce
laws through policing and have quasi-judicial hearings to determine applicability of the
laws in a particular area. - ANSWER true
After administrators of an agency are appointed and approved, it is generally rather
easy to remove them - ANSWER false
Crimes are classified into three groups according to the seriousness of the offense.
They are ________. - ANSWER treason, felony and misdemeanor
Each constitutional amendment must be proposed by a: - ANSWER two-thirds vote of
Congress
Freedom of speech is covered under which Amendment? - ANSWER First Amendment
In the United States, power for the federal and state governments come from the U.S.
Constitution and state constitutions. - ANSWER true
Only the giver of a bribe can be charged with the offense of bribery. - ANSWER false
The Fourth Amendment requires police officers to have ________ to conduct a search
on a person. - ANSWER probable cause
, The Internal Revenue Service (IRS) is a federal agency established by Congress and
tasked with administering and collecting federal income tax under the Sixteenth
Amendment. - ANSWER true
The process and effect of rules and regulations established by the Consumer Protection
Agency resemble the lawmaking process of Congress. - ANSWER true
The prohibition against trying a defendant more than once for the same offense is called
________. - ANSWER double jeopardy
The two houses of Congress are the: - ANSWER House of Representatives and
Senate.
To call someone a thief to the person's face may amount to: - ANSWER insult
An executed contract is one in which all terms of the agreement have been fully
performed by all parties to the contract. - ANSWER true
An executory contract is a contract which requires that an act be performed in the
________. - ANSWER future
An offer made in anger or jest is legally made with the necessary intent of entering into
a valid enforceable agreement - ANSWER false
Certain types of contracts, such as those involving the sale of personal property for
$500 or more: - ANSWER must be written to be enforceable
Dissolution of a partnership is governed by a partnership agreement (contract). -
ANSWER true
How many legally essential elements must be satisfied to make a valid contract? -
ANSWER 6
If an advertisement offers a reward for information that might lead to the arrest of a
criminal or to the return of a lost article, it is regarded as a: - ANSWER public offer
If the offeror acknowledges the rejection but restates the offer, the offeree: - ANSWER
still has the opportunity to accept, reject, or make a counteroffer.
Organizations that are referred to as not-for-profits may include universities, political
parties, and labor unions. - ANSWER true
Most cities and states have regulations in place that require the government to accept
the ________ bidder on a project. - ANSWER lowest
