What is NOT an element of defamation?
Intent to harm.
What is a false written statement harming someone's reputation called?
Libel.
What must a public figure prove to win a defamation case?
Actual malice.
What is the status of truth as a defense in defamation?
Truth is an absolute defense.
What is the tort of fear of immediate harm?
Assault.
What is the tort of taking someone's property and treating it as your own?
Conversion.
Which tort requires extreme and outrageous conduct?
Intentional Infliction of Emotional Distress (IIED).
What is a valid defense to intentional torts?
Consent.
What does the 'but for' test relate to in negligence?
Actual cause.
What does proximate cause focus on?
Foreseeability.
What is the failure to act as a reasonable person?
Breach of duty.
What does comparative negligence mean?
Fault is divided between the parties.
What is a defect caused during production called?
,Manufacturing defect.
What is the failure to include proper instructions called?
Failure to warn.
What does strict liability mean in product liability?
No fault is required to be proven.
What is a required element for a valid contract?
Consideration.
What is the legal effect of a counteroffer?
It rejects the original offer.
What is something of value exchanged in a contract?
Consideration.
What is a promise for a promise called?
Bilateral contract.
Are gifts considered valid contracts?
No, gifts are not consideration.
What are the 4 elements of negligence?
Duty, Breach, Causation, and Damages.
What are the 3 types of product defects?
Manufacturing, Design, and Failure to Warn.
What is a term employee?
A term employee is one who is employed under a specific term contract.
What happens if a term employee is terminated without cause?
The employer is liable for wrongful discharge and owes damages to the employee.
What are the exceptions to at-will employment?
Exceptions include labor union agreements, public policy exceptions, and statutory exceptions.
What is the role of the Department of Labor regarding the Fair Labor Standards Act?
The Department of Labor enforces the provisions of the Fair Labor Standards Act.
,What is a living wage?
A living wage is a minimum wage that is higher than the federal or state minimum wage, aimed
at ensuring a decent standard of living.
What is the significance of vesting in pension plans under ERISA?
Vesting gives employees a nonforfeitable right to receive pension benefits after meeting certain
conditions.
What must employers do under COBRA?
Employers must notify employees of their rights to continue health insurance coverage after
termination.
What is 'actual malice'?
Knowledge of falsity or reckless disregard for the truth.
What are the 4 invasion of privacy torts?
Appropriation, Intrusion, False Light, and Public Disclosure.
Are there formal requirements for forming a sole proprietorship?
No, there are no formal requirements.
What may still be required for a sole proprietorship?
Non-formation requirements, such as a license.
Can the IRS classify selling art at festivals as a business?
Yes, it may be classified as a sole proprietorship.
What should an artist track when selling art?
Expenditures and receipts.
What is a primary consideration for lenders when loaning to new businesses?
The creditworthiness of the primary owner(s).
What is a partnership by estoppel?
It arises when actions lead a third party to believe a partnership exists.
Are partners liable for each other's torts in a partnership?
Yes, partners can be liable for each other's torts committed in the scope of partnership business.
Is it fraud to form a corporation to avoid personal liability?
, No, it is a permissible reason to choose the corporate form.
What can be more challenging than a 1933 Act review?
A state Blue Sky merit review of a proposed sale of a new security.
What is a security?
An investment in a common enterprise with profits primarily from the efforts of another.
What must an individual have done under the 1934 Act to claim fraud?
Bought or sold stock based on the alleged fraud.
What happens if an investor only considers what they might have done?
They cannot recover based on that alone.
What was illustrated by the New York taxi cab case discussed in class?
The corporate veil can be pierced due to inadequate capitalization.
What is NOT true about AMI's IPO using the 1933 Act exception for in-state offerings?
If AMI sells stock to someone they believe is from Shreveport but who is actually a Texas legal
resident, it could nullify the whole sale.
What type of transaction occurs when Bob's Grocery and Lucia's Produce combine to
become LB Foods?
The transaction is a consolidation, where two businesses combine to form a new business.
Does personal financial need qualify one for unemployment compensation?
False
Can a 17-year-old be paid less than a 22-year-old for the same job?
True
Is the Equal Pay Act a comparable worth statute?
False
Is fault material in a worker's compensation case?
True
Can an injured employee sue the employer if there is clear evidence of employer fault?
False
Is an employer liable for hiring an undocumented employee with fake ID?