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54 terms

Business Law Final Exam Review

Review for Business Law Final Exam
STUDY
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Statutory Law is common law that has been codified
True
Someone who sues you for money is seeking an equitable remedy.
False
The doctrine of stare decisis means "to stand on decided cases."
True
Common law governs all areas not covered by statutory law or administrative law.
True
The courts of equity and law have now merged into one court.
True
Monetary damages is a remedy at law.
True
Unintentionally causing a party to break a contract may constitute wrongful interference with a contractual relationship.
False
The Commerce Clause of the U.S. Constitution expressly delegates the power of the federal government to regulate interstate commerce.
True
According to the rules derived from the Commerce Clause, the federal government can never regulate intrastate commerce
False
The Bill of Rights consists of the first 10 articles of the U.S. Constitution.
False
In Personam Jurisdiction means that a Court has jurisdiction over a person only when they are "in person" before the Court.
False
Subject Matter Jurisdiction limits what court you can sue in based on the type of case you are bringing.
True
In Rem Jurisdiction gives a court jurisdiction over a piece of property (over "the thing").
True
A tort is a legal injury to a person or property caused by a breach of a legal duty.
True
False imprisonment is a tort only if the confinement or restraint is justified.
False
To commit the tort of trespass to property, a person must cause harm to the property.
False
Business owners have no duty to exercise reasonable care to protect invitees.
False
Only the government prosecutes criminal defendants.
True
A person assumes all risk involved in any activity in which he or she voluntarily participates.
False
The concept of stare decisis means that judges can never make new law that contradicts previous cases.
False
The assignee of a contract only gets the rights that the assignor originally had.
True
An implied-in-fact contract can also be called a quasi contract, when imposed by a Court.
True
A voidable contact is a valid contract that can be avoided at the option of at least one of the parties to it.
True
The doctrine of quasi contract applies only if there is an actual contract.
False
A minor can enter into any contract that an adult can.
True
To recover consequential damages, the breaching party must know, or have reason to know, that special circumstances will cause the nonbreaching party to suffer an additional loss.
True
Under the common law of contracts, an express contract is a written contract and an implied contract is an oral contract.
False
A contract that cannot be completed within one year falls under the Statute of Frauds and, therefore, must be in writing and signed by the party to be charged to be enforceable.
True
After a contract is made, an unforeseen event may make performance impossible and discharge the contract.
True
A unilateral mistake of fact has no effect on the enforceability of a contract.
False
When both parties to a contract make a mistake regarding value, the contract can be avoided by either party.
False
Punitive damages are commonly ordered in contract cases
False
The duty owed under the mitigation of damages doctrine depends on the situation.
True
Parents can be held liable for a minor's tort if they fail to exercise proper parental control when they knew or should have known that this lack of control posed an unreasonable risk of harm to others.
True
A transfer of contract rights to a third party is a delegation.
False
Reformation of a Contract is when the parties re-write the contract to make it reflect their true intentions.
False
If a party to a contract already has a duty to perform an act, the same performance cannot be valid consideration and is called a preexisting duty.
True
Ratification is when a minor, when still a minor, indicates an intention to be bound by a contract.
False
If an agent acts within the scope of authority, a disclosed principal is liable to a third party for contracts made by the agent.
True
If an agent acts within the scope of authority, a partially disclosed principal is liable to a third party for contracts made by the agent.
True
A life estate gives lasts for the life of some specified individual.
True
The agent's acts will bind the principal if there was apparent authority.
True
The doctrine of Respondeat Superior is used to determine contract liability of employers for the acts of their employees.
False
A frolic is a minor deviation from employment whereas a detour is a major deviation from employment.
False
Under common law, an option contract requires consideration and under the UCC, a Merchant's Firm Offer does not require consideration.
True
If not in the original contract, the UCC will impose price terms as a reasonable price at the time of the contract.
True
The right to possess, sell, give, lease, and/or destroy property is known as having the "bundle of rights."
True
The UCC Article 2 only governs contracts involving the sale of goods among merchants.
False
When two merchants are parties to a contract, additional terms added to a contract will always be incorporated into the contract.
False
The Family Medical Leave Act provides for situations where an employee is entitled to 12 weeks of paid leave from their employment.
False
A gift is a voluntary transfer of property ownership from Doner to Donee with adequate consideration.
False
In a shipment contract, using a carrier, the Risk of Loss passes to the buyer when the seller tenders the goods to a carrier.
True
In a Sale or Return Contract, the Risk of Loss passes to the Buyer upon Possession of the goods.
True
An employer can be held liable for harassment by a supervisor toward an employee even when the employer didn't know of the harassing behavior.
True