HFT 4623 Midterm Exam With
Solution
Socratic Method - ANSWER "I know you don't believe me, but the highest
form of human existence is to question oneself and others"
Oral Agreements - ANSWER (enforceable but hard to prove) Exception some
contracts must be in writing (statute of frauds)
Frivolous - ANSWER No legal purpose/ ground
3 branches of government - ANSWER Legislative, Executive, Judicial
Lieback v. McDonalds - ANSWER 80% McDonalds fault, 20% victims fault.
Punitive damages (exemplary damages) - ANSWER damages exceeding
simple compensation and awarded to punish the defendant. ( Have a
purpose, punishment, evidence that someone acted out of malice)
Compensatory Damages - ANSWER A money award equivalent to the actual
value of injuries or damages sustained by the aggrieved party.
ex:
medical bills, lost wages & future loss
Tort Reform - ANSWER Laws that restrict people's right to go to court
American Tort Reform Association (ATRA) - ANSWER Formed in 1986 to
protect companies under them
Cap on Damages - ANSWER A limit on compensation that can be given or
, awarded
- Combination of both punitive and compensatory damages
- Public oversight on abuse
-Relieves wrong doer often the company from over compensating or general
compensation
Collin Gourley V. Methodist Health System - ANSWER Preventable brain
damage, nurse reliable, (won yet lost due to caps on damages)
Non-Economic Damages (in Tort) - ANSWER Disabled, injured, reproductive
system effected, needs to be compensated.
Prosecution of Oliver Diaz - ANSWER Judicial elections/ unwillingness to
agree on tort reform got turned on by U.S. Chambers of Commerce, won 1st
case then indicted and acquitted twice for tax evasions.
- case had an effect on marketing by advertisers putting out promotions on
tort reform making it seem possible.
US Chamber of Commerce - ANSWER This national organization formed in
1912 and dealt with standards and regulations for trade.
-Membership organization of businesses and companies
-Largest lobbying group for corporations
Business groups hiding behind a false vanuer
4 sources of law - ANSWER constitutional law (Congress) , statutory/
judiciary law (Common law) State decisis, administrative law (fed. agencies) ,
Legislative law (supreme court)
Solution
Socratic Method - ANSWER "I know you don't believe me, but the highest
form of human existence is to question oneself and others"
Oral Agreements - ANSWER (enforceable but hard to prove) Exception some
contracts must be in writing (statute of frauds)
Frivolous - ANSWER No legal purpose/ ground
3 branches of government - ANSWER Legislative, Executive, Judicial
Lieback v. McDonalds - ANSWER 80% McDonalds fault, 20% victims fault.
Punitive damages (exemplary damages) - ANSWER damages exceeding
simple compensation and awarded to punish the defendant. ( Have a
purpose, punishment, evidence that someone acted out of malice)
Compensatory Damages - ANSWER A money award equivalent to the actual
value of injuries or damages sustained by the aggrieved party.
ex:
medical bills, lost wages & future loss
Tort Reform - ANSWER Laws that restrict people's right to go to court
American Tort Reform Association (ATRA) - ANSWER Formed in 1986 to
protect companies under them
Cap on Damages - ANSWER A limit on compensation that can be given or
, awarded
- Combination of both punitive and compensatory damages
- Public oversight on abuse
-Relieves wrong doer often the company from over compensating or general
compensation
Collin Gourley V. Methodist Health System - ANSWER Preventable brain
damage, nurse reliable, (won yet lost due to caps on damages)
Non-Economic Damages (in Tort) - ANSWER Disabled, injured, reproductive
system effected, needs to be compensated.
Prosecution of Oliver Diaz - ANSWER Judicial elections/ unwillingness to
agree on tort reform got turned on by U.S. Chambers of Commerce, won 1st
case then indicted and acquitted twice for tax evasions.
- case had an effect on marketing by advertisers putting out promotions on
tort reform making it seem possible.
US Chamber of Commerce - ANSWER This national organization formed in
1912 and dealt with standards and regulations for trade.
-Membership organization of businesses and companies
-Largest lobbying group for corporations
Business groups hiding behind a false vanuer
4 sources of law - ANSWER constitutional law (Congress) , statutory/
judiciary law (Common law) State decisis, administrative law (fed. agencies) ,
Legislative law (supreme court)
