BUL Final Exam Questions and Answers
antitrust laws - Answer-federal and state laws that protect commerce from unfair trade practices
articles of incorporation - Answer-official document required for incorporation
Bylaws - Answer-day-to-day memos of authority telling agents what they can/cannot do
caveat emptor - Answer-Latin for "let the buyer beware"- under this doctrine, a buyer cannot recover
from the seller for defects on the property- only exception was if the seller blatantly concealed latent
defects. Since this doctrine, statutory law protects the buyer more effieciently, but still not completely.
Bankruptcy: Ch.7 - Answer-Fresh start where no debt is owed- court may take assets- available to
people & businesses
Bankruptcy: Ch.9 - Answer-A form of reorganization, not liquidation; available only to municipalities
Bankruptcy: Ch.11 - Answer-Allows for payment of debt over a period of time; debtor keeps assets as
long as payments are made; available only to businesses
Bankruptcy: Ch.13 - Answer-Same as Ch.11 but only applies to persons
, Civil Rights Act of 1964 (Title 7) - Answer-Anti-discrimination law making it illegal for employer of 15 or
more workers to refuse employment based on pay, terms, race, sex, color, religion, or national origin
Civil Rights Act of 1991 - Answer-Placed limitations on rights of employees who sued their employers for
discrimination, such as right to trial by jury and introduction (and limitations) for emotional distress
damages
collective bargaining - Answer-Union & employer arrive at and enforce agreements regarding
employment of workers represented by a union
common law crimes (8) - Answer-(MRS M LAMB) Murder, Rape, Sodomy, Manslaughter, Larceny, Arson,
Mayhem, Burglary
contract elements (6) - Answer-(ICLACO) Intent, Consideration, Legality (of subject matter), Acceptance,
Capacity, Offer
Bilateral contract - Answer-formed by the mutual exchange of promises by both parties
Unilateral contract - Answer-only binding when services promised by the offeree have been completed,
sinifying acceptance and completion of the contract
Executed contract - Answer-a contract that has been fully satisfied by both parties
Executory contract - Answer-a contract that has yet to be completed
Expressed contract - Answer-formed via written or oral agreement
Implied contract - Answer-formed on the basis of the conduct of each party
antitrust laws - Answer-federal and state laws that protect commerce from unfair trade practices
articles of incorporation - Answer-official document required for incorporation
Bylaws - Answer-day-to-day memos of authority telling agents what they can/cannot do
caveat emptor - Answer-Latin for "let the buyer beware"- under this doctrine, a buyer cannot recover
from the seller for defects on the property- only exception was if the seller blatantly concealed latent
defects. Since this doctrine, statutory law protects the buyer more effieciently, but still not completely.
Bankruptcy: Ch.7 - Answer-Fresh start where no debt is owed- court may take assets- available to
people & businesses
Bankruptcy: Ch.9 - Answer-A form of reorganization, not liquidation; available only to municipalities
Bankruptcy: Ch.11 - Answer-Allows for payment of debt over a period of time; debtor keeps assets as
long as payments are made; available only to businesses
Bankruptcy: Ch.13 - Answer-Same as Ch.11 but only applies to persons
, Civil Rights Act of 1964 (Title 7) - Answer-Anti-discrimination law making it illegal for employer of 15 or
more workers to refuse employment based on pay, terms, race, sex, color, religion, or national origin
Civil Rights Act of 1991 - Answer-Placed limitations on rights of employees who sued their employers for
discrimination, such as right to trial by jury and introduction (and limitations) for emotional distress
damages
collective bargaining - Answer-Union & employer arrive at and enforce agreements regarding
employment of workers represented by a union
common law crimes (8) - Answer-(MRS M LAMB) Murder, Rape, Sodomy, Manslaughter, Larceny, Arson,
Mayhem, Burglary
contract elements (6) - Answer-(ICLACO) Intent, Consideration, Legality (of subject matter), Acceptance,
Capacity, Offer
Bilateral contract - Answer-formed by the mutual exchange of promises by both parties
Unilateral contract - Answer-only binding when services promised by the offeree have been completed,
sinifying acceptance and completion of the contract
Executed contract - Answer-a contract that has been fully satisfied by both parties
Executory contract - Answer-a contract that has yet to be completed
Expressed contract - Answer-formed via written or oral agreement
Implied contract - Answer-formed on the basis of the conduct of each party
