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2025/ 2026 LEB 320F Exam 3 Study Guide Practice Questions Business Law and Ethics College Course Review Assessment Preparation Learning Resource

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Prepare effectively for LEB 320F Exam 3 with this 2025/ 2026 study resource featuring comprehensive practice questions, guided explanations, and exam-focused review covering business law, ethics, and legal principles. Designed to improve understanding, enhance critical thinking, and boost test performance, it provides step-by-step answers with solution to help students confidently master course material and excel in assessments.

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LEB 320F - Exam 3 Save




Terms in this set (175)


ethics- about morality, but not necessarily legality (the moral code
that a subset of society follows)
utilitarianism
-greatest good
-ends justify means
-John Stuart Mill
-Jeremy Rotham
deontology
9/10/13 ethics -rules matter

, scenario: if someone's a salesman of a company and uses their own
car, the company reimburses them for mileage. If the company
says they'll pay them back once a quarter for a car wash if they
bring in a receipt for the car wash.
9/26/13 ethics
-what id you already get free car washes?
-is it ethical to take a benefit of being reimbursed if you don't have
to pay for it to begin with? (basically, make money off of doing
something when you should be breaking even)




Texas ethics commission (TEC) -> enforce Texas ethics code on
11/5/91
-TX voters created TEC via TX constitutions amendment
-3 statutory duties- 1. political contributions, expenditures and
advertising 2. lobbyist negotiation, reports and activities 3.
10/10/13 ethics
personal financial disclosure of public officials and conduct of
state officers and employees
-if you violate part of the TX ethics code and they find you, you'll
be fined a civil penalty ($)
--how do they find these violators?- people rat you out

Oct. 2013: TEC is holding confidential (meaning no guests, no
10/29/13 ethics recording - completely in secret) hearings to investigate a
complaint

, 1. tangible - personal and real property, not intellectual
According to the UCC, what are AND
goods? 2. mobeable - meant to be employed reasonably, not literally -
personal, not real property

According to the UCC, what is a passage of title from seller to buyer for a price (but price doesn't
sale? have to be currency

Agreement = ____ offer and acceptance

common law - governed by the mirror image rule
UCC - doesn't require detailed offer and acceptance that match
-battle of the forms
--rejects mirror image rule
--only requires that
---1. did the 2 parties mean to have a contract? and if so,
Agreement - common law vs. ---2. is there enough here that we can work out a
UCC solution/remedy?
-it's all about filling gaps - we don't have to take the time to figure
out the details, the UCC will figure it out for us later
--the UCC is there if the companies involved can't figure it out
through negotiations on their own
--the only thing an order has to have - quantity (the courts will not
fill quantity)

, general rule - advertisements are not offers (even if it says "offer"
on the billboard) - advertisements are nothing more than calls for
you to come and make us an offer
what makes advertisements legit offers?
1. when quantity is limited (if ad says "only 10 units remain")
2. when the wording of the ad says that only a certain type of
Are advertisements considered
person can get this thing (ex- if chick-fil-a says that people who
intent to create a contract?
come in on Wednesday dressed up like a cow get a free sandwich)
- technically, if you don't know these specifications exist, you're not
entitled to it
3. rewards (ex- city is offering a reward for a suspect, owner offers
a reward for a lost puppy, etc.) - technically, if you don't know that
the reqard exists, you're not entitled to it

general rule - advertisements are not offers (even if it says "offer"
on the billboard) - advertisements are nothing more than calls for
you to come and make us an offer
what makes advertisements legit offers?
1. when quantity is limited (if ad says "only 10 units remain")
Are advertisements usually 2. when the wording of the ad says that only a certain type of
considered intent to create a person can get this thing (ex- if chick-fil-a says that people who
contract? come in on Wednesday dressed up like a cow get a free sandwich)
- technically, if you don't know these specifications exist, you're not
entitled to it
3. rewards (ex- city is offering a reward for a suspect, owner offers
a reward for a lost puppy, etc.) - technically, if you don't know that

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