California Business Law, Unit 1 Exam Chapters 1-10 Already Passed

California Business Law, Unit 1 Exam Chapters 1-10 Already Passed What is the primary source of law in America? Constitutional Law What is the California Uniform Commercial Code commonly called? Commercial Code The structure of the federal government consists of what parts? Legislative Branch, Executive Branch, and Judicial Branch "Stare Decisis" most commonly means what? To stand by things decided The 29 California Codes can be found on the internet as well as? County law libraries, Law school libraries, and Community college libraries It is up to the executive branch to enforce the laws enacted by what? Legislative Branch Civil law is concerned with what? How individuals interact with each other A contingency fee agreement: Must be in writing and state the percentage agreed to If you believe an attorney has acted improperly, you should report the attorney to the: State Bar Association When a court has the power and authority to decide a case it is said to have what? Jurisdiction If a trial doesn't involve a jury and the judge performs his or her normal functions as well as that of a jury, it is called what? Bench Trial Courts with no restrictions placed on the types of disputes they make resolve have what? General Jurisdiction A "federal question" occurs whenever the dispute involves what? The U.S. Constitution, a federal statute, and a federal treaty What are considered methods of discovery? Interrogatories, Depositions, and Inspection of documents, tangible things, and places The complaint is filed by who? Plaintiff In California, which court has jurisdiction for the recovery by a natural person where the demand does not exceed &7,500? Small Claims Court A type of Alternative Dispute Resolution (ADR) is what? Negotiation, Mediation, and Arbitration Alternative Dispute Resolution has the advantage of: Speed, being less expensive, and being less formal The type of negotiation where the results benefit both sides is called what? Win/win In a neutral third party helps the parties to voluntarily reach a mutually acceptable agreement, it is called what? Mediation In arbitration, a decision: Is made in one-sides favor "Self executing arbitration" provides: The method for selecting an arbitrator, the procedure for conducting an arbitration, and for the continuation of arbitration if one party refuses to proceed A "strike list" is used to: Select an arbitrator A binding arbitration decision is: Final The primary goal of American business is to: Make a profit Typically, the value system we apply to making moral decisions is based on what? Ethics What is an influence that helps shape a person's value system? Educational system, proximity group, and media The greatest influence that helps shape a person's value system is what? Family An egoist is best defined as a person who: Believes that people should act only in their own self interest The Stakeholder Theory takes into consideration what when making decisions? Consumers, Employees, and Comunity A published ethical policy is also called what? Code of Ethics A "trade association" is a nonprofit organization that: Forms professionals into a group, unifies for promotion, and brings together those with a common interest A tort differs from a crime, in that: With a tort, the wrong is against an individual A misrepresentation of a material fact, made with both the knowledge of the falsity and the intent to deceive, and where the damages are suffered, is called what? Fraud A negligent misrepresentation is when the person making the representation: Makes an unintentional false material statement, without grounds for believing it to be true The best defense to a claim of defamation is what? That the statement was true What is it called when a person's reputation is harmed? Defamation Both assault and battery are: Crimes and torts In California, the right of privacy is what? A constitutional right The basic defenses to assault and battery are: Consent and privilege The basic element that must be proved to assert a successful claim of negligence is that the defendant: Owed a legal duty to the plaintiff to use due care, breached a duty hat was owed to plaintiff, and caused the plaintiff to suffer injury due to a breach Where the injury occurs to a business product of the businessperson and NOT his or her reputation, then the cause of action is for what? Disparagement An oral written false and unprivileged statement about the title to real or personal property that causes actual monetary damages to the plaintiff is what? Slander of title A slander of title tort is designed to protect the: Marketability of the property The defense of disparagement is what? Truth, absolute privilege, or qualified privilege Disparagement is concerned with: Monetary damages An intentional disparagement on the quality of another's property is called what? Trade libel With a claim of disparagement, the plaintiff must prove what? The claim is actually false California has long recognized a common law right of what? Privacy What theories make up the tort of interference with economic relations? Inducing a breach of contract, interference with a contractual relationship, and interference with a prospective economic advantage of another A contract is: An agreement to do or not to do a certain thing, and enforceable by the courts Damages may require: The payment of money, and the specific performance of the act promised in the contract Rejections are effective to terminate offers when they are: Received by the offeror If a court decision or statute makes the subject matter of an offer illegal, the offer is what? Immediately terminated The "master of the offer" is the: Offeror Acceptance under the "mirror image rule" must be: Unequivocal, unqualified, and in absolute agreement with each and every term of the offer If the offer and acceptance contain different or conflicting terms, a contract is what? Formed, but the conflicting terms do not become part of the contract A receipt from the post office that an acceptance was mailed will prove that a contract exists according to the: Mailbox rule Silence is rarely an effective acceptance of an offer because an acceptance must be what? Communicated If the offeror of a unilateral contract proposes acceptance by performance: Then only performance can operate as an acceptance When words are used to uniform the other party of the disaffirmance, it is a what? Express disaffirmance The "bargained for" element of a contract refers to what? Consideration A gift is: A transfer of personal property, made voluntarily, and made without consideration An "illusory" promise is what? Unenforceable The parties are free to modify a contract, and that modification is enforceable: Provided consideration exists The performance of a pre-existing contractual duty is what? Sufficient consideration Acceptance by the creditor of the consideration of an accord: Extinguishes the obligation, and is called satisfaction An unliquidated claim means there is a dispute: Over the amount owed, and over whether any amount is owed Honestly in fact and the observation of reasonable commercial standards of fair dealing is the definition of what? Good faith When a debt has been barred by the running of the statute of limitations, the debt: Becomes unenforceable in court Prize, chance, and consideration are the elements of what? A lottery Confidential information about formulas, patterns, programs, devices, and methods are considered what? Trade secrets A regulatory licence: May require an examination, experience, and/or education, and is required for contractors, real estate brokers, and architects Exculpatory agreements are enforceable in nonpublic interest situations if the language is what? Clear, understandable, and conspicuous A defendant uses the statute of frauds as an "affirmative defense" to: Get a lawsuit dismissed "By its terms" means that the contract expressly shows that performance: Cannot be fully completed within one year The employment of a real estate broker must be in a signed writing to get paid for what? Purchasing real estate, selling real estate, and leasing real estate for a period longer than one year Loans made by a lender in the credit business for greater than $100,000 come under the writing requirement for the statute of frauds if they are NOT primarily for: Personal, family, and household purposes Promissory estoppel: may prevent the assertion of the statute of frauds as a defense A contract for the sale of goods is not enforceable without a signed writing if it is for: $500 or more The victim of fraud or deceit can choose: The contract remedy for fraud, and the tort remedy for deceit Reliance occurs when a representation: Alters a party's contract The wrongful use of threats to obtain a person's consent to a contract is known as what? Duress A person has committed a menace if he or she threatens to what? Cause the unlawful confinement of another person, inflict unlawful and violent injury to another person's property, and injure another person's character A party who takes grossly oppressive and unfair advantage because of a person's needs or distress is guilty of what? Undue influence Adhesion contracts are normally: Standard preprinted forms, drafted by the stronger party, and drafted at the expense of the weaker party An obligation that is no longer binding based on the happening of a future event is a what? Condition subsequent Conditions concurrent are: Mutually dependent, and to be performed at the same time A satisfaction clause that involves the taste or judgement of a party requires what? Good faith A reasonable time to perform an act is allowed: If no time is specified in the contract