Legal Environment

Complete the following quote - "The law enables individuals to go about their business with confidence and a certain degree of _______."

What is the basis for all laws in the US?

What is the primary role of the court system?

What school of legal thought believes that a higher or universal law exists?

(True of False) Most of the work of the US Supreme Court is as an appeals court.

(True of False) The Congress of the United States is the final authority on the Constitution and federal law.

(True of False) Gestures, movements, and articles of clothing are forms of speech protected by the Bill of Rights.

What are the 3 criteria used to determine if a restriction on commercial speech is valid?

(True or False) Anti-government speeches are not protected by free speech.

What is the definition of probable cause?

(True of False) The US Constitution explicitly provides for freedom of privacy.

Agency with several commissioners appointed to fixed terms.

What is the exhaustion doctrine?

3 valid reasons for an appeals court to overrule an agency's decision.

What is one thing agencies cannot do?

(True of False) For a contract to be valid it must be in writing.

(True of False) An expression of opinion is a legally binding offer.

(True of False) Placing advertisements in a local newspaper is considered serious intention for making an offer.

(True of False) If the offeree makes a counteroffer that is rejected, the offeror is still bound by the original offer.

(True of False)Ordinarily, silence cannot constitute acceptance, even if the offeror states, "By your silence and inaction, you will be deemed to have accepted this offer."

Under the "mailbox rule" the acceptance by the offeror is deemed to be received by the offeree when what occurs?

(True of False) The act of clicking on a box indicating "I accept" or "I agree" results in a binding acceptance of an offer.

(True of False) A promise to do something that one has no prior legal duty to do is NOT considered legally sufficient value for consideration. Money must be exchanged.

In some states, a contract with a minor can be valid if the minor is ______.

If there is a mistake of Value in a contract will the court decide if the contract is still enforceable?

(True of False) When a contract enriches the dominant party in a fiduciary relationship, the court will often presume that the contract was made with fraudulent representations.

What would be available for damages resulting from substantial performance of a contract?

(True of False) A contract that states the work to be performed only to the satisfaction of a reasonable person is conditional and performance must completely satisfy the party specified in the contract.

If the parties to a contract agree to accept performance that is different from the performance originally promised, this would be referred to as what?

When can impossibility of performance NOT be claimed?

Damages from a buyer breach of contract concerning the sale of goods would result in what?

What is primarily responsible for mitigation of damages?

Under what circumstance will the court rule that specific performance is the best legal remedy?

Under UCC rules, no contract is formed if what is not specified?

(True of False) The artisan's lien is possessory which means the lienholder must hold the property to be enforceable.

What is an example of a statutory lien?

(True of False) Any surplus resulting from the sale of property used to satisfy an artisan's lien must be paid to the owner.

(True of False) Garnishment of wages continues until the debt is fully paid.

(True of False) Garnishment involves a sheriff seizing and selling property in an auction for settlement of an artisan's lien.

What is the legal process by which the lender repossesses and auctions off the property that has secured a loan on real property?

One of the goals of bankruptcy law is to punish the fiscally irresponsible.

A debtor must be insolvent in order to file for voluntary bankruptcy.

To bring a voluntary petition in bankruptcy, the debtor must receive credit counseling from an approved nonprofit agency within 180 days preceding the date of the filing.

The purpose of the means test is to prevent upper-income people from filing for either Chapter 7 bankruptcy or Chapter 13 bankruptcy.

At the conclusion of Chapter 7 bankruptcy all debts are discharged including domestic support.

A court can dismiss a debtor’s voluntary petition for Chapter 7 relief for failing to provide the necessary documents within the specified time.

What is the purpose of an automatic stay?

What would receive distribution of the proceeds at the completion of bankruptcy proceedings BEFORE the others?

The repayment plan must provide for the turning over to the trustee future earnings of the debtor as is necessary for distribution to the creditors.

What is the goal of compensatory damages?

What is assault?

What is battery?

Absolute defense against defamation charge?

An employers statements in a performance evaluation are an example of what?

(True of False) Public disclosure of private facts is NOT a tort if the statements are verifiable

False and defamatory statements about politicians, entertainers, and professional athletes are NOT defamation unless which of the following is also involved?

(True or False) Puffery is a form of fraudulent misrepresentation.

(True of False) A person who enters onto another's property to commit an illegal act is NOT guilty of trespassing unless there are "posted" trespass signs.

(True or False) Actual damage to the land is a requirement before someone can be charged with trespassing.

Retailers have a duty to exercise reasonable care to protect business invitees which includes what?

(True of False) Physicians and medical personnel have a duty to provide medical care to anyone they see is injured.

(True of False) One of the defenses to negligence is the assumption of risk by the injured party. However, the assumption must be expressed either verbally or in writing and cannot be assumed by subsequent actions.

(True of False) Under contributory negligence, no matter how insignificant the plaintiff's negligence was relative to the defendant's negligence, the plaintiff would be precluded from recovering damages.

(True or False) A partnership cannot exist legally without a written partnership agreement.

What is partnership by estoppel?

(True or False) Devoting time, skill, and energy to partnership business results in a legal liability to the partner fulfilling those roles.

(True or False) Property acquired by a partnership is owned by each partner individually based on the profit-sharing ratio.

(True or False) A corporation is a legal entity created and recognized by federal law.

(True or False) In a corporation, the responsibility for the overall management of the firm is entrusted to the shareholders of the corporation.

Walmart selling products in Texas is an example of what type of corporation?

The USPS is an example of what type of corporation?

Which would cause the court to pierce the corporate veil?

Is declaring dividends when profits allow a duty of directors and officers of a corporation?

(True or False) Shareholders are granted legal title to corporate property, including cash

(True or False) Any price-fixing agreement constitutes a per se violation of section 1 of the Sherman Act.

(True or False) To determine whether or not a business agreement violates section 1 of the Sherman Act, courts will use the rule of reason to assess whether the agreement constitutes an unreasonable restraint of trade.

(True or False) If a few automobile dealerships decided to divide up the cities in which they operate in order to avoid competing with each other, this would be a per se violation of Section 1 of the Sherman Act.

(True or False) A firm may be a monopolist even though it is NOT the sole seller in a market.

(True or False) A small "mom and pop" grocery store cannot be a monopoly under Section 2 of the Sherman Act.

(True or False) Monopoly power, in itself, does NOT constitute the offense of monopolization under Section 2 of the Sherman Act.

(True or False) Normally, ALL employees who deal with third parties are deemed to be agents.

What is the most important factor when determining if someone is an employee or independent contractor?

(True or False) Under the Copyright act, any copyrighted work created by an employee within the scope of her or his employment belongs jointly to the employee and employer.

(True or False) A minor is NOT able to be an agent for a principal.

An agents duty to the principal requires performance expected of a reasonable person under similar situations unless what?

(True or False) Receipt of tickets for the Razorback football game provided by a customer in appreciation of good service legally belongs to the employee providing the service.

(True or False) The principal's duty to the agent regarding compensation requires that the principal pay the agent the current wage for similar work performed by others.

(True or False) The principal has a duty to inspect working areas and to warn agents about any unsafe situations.

(True or False) Whenever instructions are NOT clearly stated, the agent's duty is to NOT proceed forward without obtaining clarification of the instructions.

Who is responsible for the unauthorized actions of the agent that result in damages to a third party?

If a third party knows that the agent is or may be acting for a principal at the time a contract is made then the principal is described as what?

(True or False) If an agent has no authority but nevertheless contracts with a third party, the principal is still liable on the contract if the principal was disclosed.

Who would be liable for an agent committing torts as instructed by the principal?

(True or False) The principal is always directly responsible for an agent's misrepresentation made within the scope of the agent's authority

Why do courts hold the principal liable for negligence in actions involving a third party?

(True or False) A principal will be held liable for intentional torts committed by an agent that does not occur within the scope of employment it the agent is known to have a propensity for committing torts.