Liberty
University BUSI 301 quiz 1 solutions
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Civil law systems reject and prohibit the use
of precedent, relying solely on strict interpretations of statutes.
Mega Corporation has developed a strategic
plan that calls for an emphasis on appealing to a younger demographic. If it decided
that such an appeal to a younger market would necessitate a change in the
corporate logo and trademark, such changes would require an understanding of:
Legal positivists believe that agreed-upon
laws should be uniformly and strictly enforced and may be changed only by the
government.
Jurisprudence refers to the conducting of a
trial and the rendering of a judicial decision.
The U.S. system of common law:
An Oregon corporation and a New Hampshire
corporation have entered into a contract and agreed that any legal disputes
will be conducted using New Hampshire law. This agreement is called a:
All American taxpayers are allowed to bring
any case they want to in federal court at any time.
Delaware and New Jersey are separated by the
Delaware River. New Jersey has started to build a pier extending well into the
river, and Delaware claims that the construction will infringe on Delaware's
navigational rights. If a lawsuit is filed, it must be filed in either a
Delaware or New Jersey state court.
The Supreme Court case of Pennoyer v. Neff articulated a framework for the
exercise of personal jurisdiction by lower courts that applied to:
A court may hear a case if it has
jurisdiction over either the subject matter of the dispute or the parties in
the case.
Each of the following is a pretrial motion
except:
Judges must be present during depositions to
resolve disputes and ensure fairness.
If a civil trial results in a hung jury:
While normal arbitration produces an
arbiter's decision and the parties are bound by the award, online arbitration
produces a decision but the award is not binding on the parties.
Legally mandated arbitration is nonbinding
arbitration.
In Arthur Andersen LLP v. United States, Andersen's previous conviction was
overturned by the Supreme Court because it was determined that:
As a result of the AIG bailout, the U.S.
government received a(an) ________ stake in the company.
Modern Corporation operates a steel mill. It
has never contributed anything to the local community, and it knowingly
pollutes both the air and the river that runs by its mill. The corporation's
reasoning is that the cost of installing pollution control devices would
diminish its profits, and it doesn't support the community because it provides
jobs and doesn't think it owes anything else to the citizens in its area.
Donating to the community would also diminish profits. Which theory of
corporate social responsibility is Modern Corporation exhibiting?
Enron Corporation was a multinational
conglomerate with a core business of:
What is considered an ethical practice, once
established, remains constant and acceptable unless specifically preempted by
statute.
The inherent right of the federal government
to protect its citizenry's health, safety, and welfare is referred to as the
federal government's police powers.
The Equal Protection Clause is contained in
the:
When a state action is found to be based on a
semi-suspect (or quasi-suspect) classification, the courts will employ:
Enumerated powers are those rights and powers
granted in the Constitution to the individual states.
Protections under the Bill of Rights were
extended to include restrictions and actions by state governments under the:
A unilateral contract is formed by an
exchange of promises.
If one part of the contract becomes illegal
or impossible to perform, the remaining contract components remain in effect
if:
Aimee goes online and orders a pair of jeans,
three T-shirts, and a pair of boots. This is an example of:
A contract in which each component of the
contract is dependent on every other component is called:
The terms agreement and contract have the same meaning.
exam
1
1. Criminal laws are
a protection of society, and the violation of criminal laws results in
penalties to the violator such as fines or imprisonment.
2. _____ is the first
step in learning how to make legal decisions in a business context
3. Which of the
following is true of subject matter jurisdiction on the basis of diversity of
citizenship?
4. Courts use a
two-prong test to determine whether it has personal jurisdiction over an
out-of-state defendant. Which of the following
questions is likely to be asked in the second prong that deals with meeting constitutional requirements of fairness and due process?
questions is likely to be asked in the second prong that deals with meeting constitutional requirements of fairness and due process?
5. Summary jury
trials are used primarily in federal courts but have occasionally been used by
state courts when there are complex issues to be litigated
6. Depositions and
interrogatories occur during the _____ stage of litigation
7. Ongoing attention
and dialogue regarding values in the workplace build resistance to openness,
integrity, and community
8. A very simplistic
approach to consider when deciding whether a manager or a company is acting in
an ethical manner is to apply a"broadcast news test
9. The U.S.
Constitution is composed of a preamble, seven articles, and 27 amendments
10. Congress's
broadest powers are derived from the
11. A contract is
simply an agreement that a court of law will recognize and enforce
12. In general,
contracts for real estate are governed by _____.
13. Statutory law is the
foundation for all other law in the United States and is the supreme law of the
land
14. A bill is a
federal statute passed by Congress and signed into law by the president
15. In a recent state
trial court case against the fraudulent actions of Fuller Inc., the company's
CEO was found guilty of fraud. The company filed an appeal to the state
appellate court, which then remanded the case back to the trial court. Which of
the following best explains the actions of the state appellate court?
16. Which of the
following is the primary purpose of state long-arm statutes
17. Which of the
following is a type of informal alternative dispute resolution (ADR)?
18. If arbitration is
unbinding, the arbitrator's decision is final unless both parties in the
dispute agree to have the case reopened
19. Differentiate
between codes of conduct and codes of ethics
20. Business
ethicists agree that in an ideal ethical organization, responsibility is seen
as collective rather than individual
21. Congress's
broadest powers are derived from the
22. The general
implied power of Congress to make all laws necessary for carrying out its
enumerated powers fall within the purview of the Commerce Clause
23. A void contract
is one that meets the elements required by law for an otherwise binding
agreement but is subject to a legal defense in order to be enforceable
24. Only written
contracts are considered to be enforceable
25. Although much of
the language of the law has Latin roots, the terminology is primarily a
combination of Latin, early and modern English, and Greek
26. _____ is the
first step in learning how to make legal decisions in a business context
27. Certain courts
are charged with the primary role of performing judicial review
28. Which of the
following is true of subject matter jurisdiction on the basis of diversity of
citizenship
29. Which of the
following statements is NOT true of the Federal Arbitration Act (FAA
30. Summary jury trials are used primarily in federal courts
but have occasionally been used by state courts when there are complex issues
to be litigated
31. Understanding
which primary and secondary stakeholders will be affected is part of the _____
stage of the ethical decision-making process
32. Differentiate
between codes of conduct and codes of ethics
33. The power granted
by the supremacy clause to override a state law is called
34. Congress may tax
those activities or property that it is authorized to regulate directly under
any of the enumerated regulatory powers
35. Peter offers
babysitters $50 to babysit his daughter for 2 hours. According to the written
contract that Peter draws up, each babysitter's responsibilities are completed
only when Peter is back home and has paid the babysitter. Karen, a new
babysitter, has just finished babysitting Peter's daughter.
36. A contract is
simply an agreement that a court of law will recognize and enforce
37. In rem
jurisdiction occurs when a court uses its quasi in rem jurisdiction to compel a
litigant to appear in court by attaching property that belongs to the litigant
38. Joan is on trial
for first-degree murder. It is a jury trial in which she is pleading not
guilty. Presently, the plaintiff's attorney is asking questions of the
witnesses on the plaintiff's list. This is known as
39. Which of the
following is a congressional power granted by the U.S. Constitution
40. A(n) _____ is
best defined as a contract that involves one promise, followed by one
performance, which then triggers a second performance from the offeror
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