1. Congress may regulate any activity that substantially affects interstate commerce.
  2. For purposes of diversity of citizenship, a corporation is a citizen only of the state in which it does business.
  3. A dilution cause of action requires proof that consumers are likely to be confused by a connection between a trademark and its unauthorized use.
  4. Libel involves the written communication of defamatory language.
  5. Duty based ethics may be based on religious precepts or philosophical reasoning.
  6. A motion for summary judgment may be supported with sworn statements and other materials.
  7. The minimal acceptable standard for ethical behavior in society is that each individual follow his or her conscience.
  8. Procedural due process requires that any taking of a person’s life, liberty, or property by government must be made fairly.
  9. If no harm or injury results from an allegedly negligent act, there is no tort.
  10. Generally, a person can reproduce copyrighted material for purposes such as teaching, including multiple copies for classroom use, without paying royalties
  11. Antonin is a state court judge. In his court, as in most state courts, he may grant
    equitable and legal remedies.
  12. Johnny, a lawyer on the staff of Consolidated Associates, applies the utilitarian theory of ethics in business contexts. Utilitarianism focuses on
    consequences of an action.
  13. Dreamland Barbecue Café uses a distinctive décor, layout, menu, and style of service. This restaurant’s image and overall appearance is
    trade dress
  14. Mario leaves his care with Peek Car Shop to have it repaired. After the car is fixed, Petty keeps it. Petty is not liable for trespass to personal property if
    Mario refuses to pay for the repair
  15. A Kentucky state statute imposes a certain restriction on commercial speech. A court would likely hold this statute valid if it
    attempts to implement a substantial government interest, directly advances a substantial government interest, and goes no further than necessary to accomplish its objective.
  16. The Juice, Inc. sells products that are poorly made. Simpson, who has never bought a Juice, Inc. product, files a suit against the firm, alleging that its products are defective. The firm could ask for dismissal of the suit on the basis that Simpson does not have .
  17. Blasting Corp is a demolition firm. During a Blasting operation, Jimmy, a passerby, is injured. Under the theory of strict liability, Blasting is liable
    whether or not its crew was at fault.
  18. Clarence is an appellate court judge. In this capacity, Clarence establishes a rule of law. Under the doctrine of stare decisis, the principle must be adhered to by
    that court and courts of lower rank.
  19. California enacts a transportation statute that impinges on interstate commerce. This statute will be
    balanced in terms of California’s interest in regulating a certain matter against the burden place on interstate commerce.
  20. In studying business law, Professor Cochran’s students also study ethics in a business context. This is the study of what constitutes
    religious behavior.
  21. Bill, the manager of Slick’s Discount Store, detains Monica, whom Bill suspects of shoplifting. Monica sues Bill, alleging that the detention was false imprisonment. Bill is liable if Monica was
    detained for an unreasonably long time.
  22. Elvis invents new web site design software and applies for a patent. If Elvis is granted a patent, his invention will be protected for
    twenty years.
  23. Hillary, a citizen of New York, wants to file a suit against Sarah, a citizen of Alaska. Their diversity of citizenship may be a basis for a
    U.S. Court of Appeals to exercise appellate jurisdiction.
  24. Any decision by the management of Standard Business Corporation may significantly affect its
    operators, owners, suppliers, the community, or society as a whole.
  25. Al, an engineer, supervises the construction of a new bridge. When the bridge collapses due to faulty construction, Al is sued by those injured in the collapse. As a professional, Al is held to the same standard of care of
    other engineers.
  26. Ringo files a suit against Apple Corp. Apple responds that it appears from the pleadings the parties do not dispute the facts and the only question is how the law applies to those facts. Apple supports this response with witnesses’ sworn statements. This is
    a motion for summary judgment.
  27. Frank is a resident of New Jersey. In Ohio, Frank enters into a contract with Dean, a resident of Ohio. When Frank breaches the contract, Dean files a suit against Frank in Ohio. Regarding Frank, Ohio can
    exercise in personam jurisdiction.
  28. In 1979, Alfred writes South by Southeast, a screenplay about a man wanted for a crime he didn’t commit. Alfred does not register the work with the appropriate government office. Under federal copyright law, Alfred’s work is protected for
    the life of the author plus seventy years.
  29. John, the chief financial officer for USA Products Corp., attempts to apply Christian precepts in among ethical decisions and in doing business. In applying duty-based ethical standards, John would consider the motive behind an act to be
  30. Cajun, Inc.., sells its product under the name “Fido”. Creole Corp. begins to market an identical product under the name “Phideaux”. This is
    trademark infringement.
  31. Three elements-agreement, consideration, and contractual capacity are sufficient to form a binding contract.
  32. A unilateral mistake always affords the mistaken party a right to relief from the contract
    . False
  33. A contract in which one party retains the exclusive right to cancel at any time is unenforceable.
  34. To recover damages for fraud, a plaintiff must prove an injury.
  35. Consequential damages are foreseeable damages that arise from a party’s breach of a contract.
  36. A condition subsequent must be met before a party’s performance can be required.
  37. An offeror has the power to revoke an option contract at any time.
  38. An assignment is effective only after notice has been given to the obligor.
  39. On an employer’s breach of an employment contract, the measure of an employee’s damages is his or her salary with no adjustments.
  40. A minor may disaffirm a contract for necessaries but remains liable for the reasonable value of the goods.
  41. To be valid, a contract must be enforceable by all of the parties to it.
  42. Ordinarily, the court does not look at the fairness or equity of a contract.
  43. Jerry claims that Dean breached their contract. Dean responds that he never intended to enter into a contract with Jerry. The intent to enter into a contract is determined with reference to
    the objective theory of contracts.
  44. Country Grocers orders by phone twenty cartons of canned corn form Omaha Corn Co. After ten cartons are delivered and accepted, County repudiates the contract. Omaha
    can enforce the contract to the extent of the ten accepted cartons.
  45. Tony agrees to sell his sports equipment store to Mark and, as part of the sale, promises not to open a similar store in the United States from 20 years. Tony’s promise is
    unreasonable in terms of geographic area and time.
  46. Quality Vehicles, Inc. offers to sell a truck to Regional Delivery Co. Before accepting the offer, Regional learns that the truck has been sold to State Trucking, Inc. Quality is
    not liable, because the sale revoked the offer to Regional.
  47. Moe and Curly want Larry to replace Curly as a party to their contract. They can best accomplish this
    by a novation.
  48. Nancy orally agrees to buy a unique collection of political memorabilia for $100,000 from Jane and sends her $25,000 as a down payment. When Nancy sends her the rest of the price, Jane refuses to ship Nancy the collection. Nancy should seek
    specific performance.
  49. Opie, a minor, buys a car from Gomer’s Cars, Inc., in a state in which a duty of restitution is imposed. After wrecking the car, Opie wants to return it Opie
    can return the car but must pay for the damages.
  50. Paul, who is George’s guardian, convinces him to by a certain parcel of land from Paul’s brother at a greatly inflated price. Paul may be liable for
    undue influence.
  51. Nick represents himself as a contractor in Ohio, but he is not licensed in that state. A contract between Pat and Nick by which Nick agrees to build a warehouse for Pat in Ohio
    is not enforceable.
  52. Joe breaches his lease with Beach Properties and vacates the premises six months before the end of the term. In some states, the landlord would have
    to relet the premises to recover any damages from Joe.
  53. Mario tries to start his new car with no success. He yells that he will sell the car to anyone for $50. Richard, a passerby, who owns Petty’s Pre-Owned Autos, hands Mario $50. This is
    not valid acceptance because Mario does not seriously intend to sell.
  54. Barack is a stockbroker. Due to Barack’s statements, teddy believes that the price of Liberal Goods, Inc. (LGI), a widely traded stock, is going to increase substantially. Teddy busy 500 shares of LGI at $10 per share, but the price soon drops to $1 per share. Teddy
    can successfully recover nothing.
  55. Hugo Oil C. and Desperate Corp., sign a contract in which Hugo agrees to deliver heating oil in exchange for Desperate’s promise to pay for it. Hugo delivers the oil. The contract is
    executory on the part of Desperate.
  56. Chris agrees to buy Barney's Bicycle Store on the condition that Freddie Mac Bank approves the financing. This approval is a
    condition precednet.
  57. Mick and Keith disagree as to the exact amount one owes the other. They form a new contract that, o fulfillment, will discharge the prior obligation. This is
    an accord and satisfaction.
  58. Powell Products, Inc. breaches its contract with Republic Stores Co. Republic files a suit to recover compensatory damages, which are normally
    assessed to compensate a non-breaching party for the loss of the bargain.
  59. Joe offers to pay Jerry $500 if he jogs across the Golden Gate Bridge. Jerry can accept only by jogging across the bridge. If Jerry jogs across the bridge, he and Joe will have formed
    a unilateral contract.
  60. Fred and Geiger enter into a contract by which Freed promises to deliver music boxes to Ginger. Fred subsequently delegates this duty to Gene. Fred is
    the delegator and the obligor.
  61. In a limited liability compay members do not have to participate in management
  62. Generally stock offerings that involve a small amount of money are exempt from securities registation requirements
  63. A tenancy for years is created by a lease that does not specify how long it is to last but does spect
  64. To a corporation, stock represents debt
  65. Co-ownership fractional interest
  66. Blue sky laws
  67. A general partnership
  68. Every corporation must
  69. One who finds lost
  70. Preemptive rights
  71. The holder of a life estate
  72. Cumulative voting
  73. Ringo/Beatles
    only liable for the debt up tp the amount of his capital contribution
  74. Boesky Securities
    reguire disclosure
  75. Investment Properties Corp
    a warranty deed
  76. Inadvertently, Joan leaves
    mislaid property
  77. Regional construction
    an easement
  78. Rudy is a director
    the duty of loyalty
  79. Coastal Finacial
    all purchases and sale of securities
  80. Jane leases
    a periodic tenancy
  81. Alice, Bob and Carol
    a certificate of Limited partnership is filed
  82. John and Paul Apple Inc
  83. Rolling Stone
    may be required to obtain a certificate of authority to do business in states where it is not charted
  84. Hillary buy 500 shares
    control, earnings and net assets
  85. Keith and Mick
    Joint tenants
  86. As a corporation, Big Bucks Capital Corp cannot
    gross profits
  87. George owns a house
    includes the fixtures, because of sales contract
  88. Martha is a shareholder
    If matha's personal ... etc
  89. Ronnie own 1000 shares
    preemptive rights
Card Set