Expert answer:Business Law
Expert answer:Answer multiple choice and short questions with think and write critically.
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Question 1
Two parts: Explain the philosophical / theoretical difference between profit
maximization versus corporate social responsibility as different approaches to
running a corporation. Give three business examples of where the
philosophy would conflict with each other.
Question 2
Gena leaves her Honda CRV (the same one she bought as part of this class’s
exercise, remember!) With Intown Motors for routine maintenance. On its
return, the interior of the car is covered in motor grease and the exterior is
scratched and dented. First, is Gena’s CRV a chattel; what is a chattel?
Second, under the law of bailments, who is responsible for this damage and
why? What are the duties and responsibilities of bailors and bailees? Be
specific.
Question 3
Explain the difference, in specific detail, between a limited liability company
and a corporation? What are the benefits and drawbacks of each type of
business entity form? Be specific. This question is worth 50 points.
Question 4
His five (5) hair cutters and stylists, Keegan, Thomas, Sarah, Lisa, and Janelle,
all work at the hair styling shop. Hours of Keegan, Thomas, Sarah, Lisa, and
Janelle work is set by Brad. Keegan, Thomas, Sarah, Lisa, and Janelle all
have to buy their own tools for the job. The hair cutters and stylists can set
their own prices but Brad want payment to him of at least $ 5.00 per hair cut
but the Hair cutters and stylists can keep the rest. In order to avoid tax issues
and other “legal” problems, Brad treats the hair cutters and stylists as
independent contractors. You work for the IRS and questioned if Brad is
correct. What are the criteria by which you can determine if Brad is correct. Is
Brad correct or not. Justify your answer. This question is worth 50 points.
Question 5
Explain in clear and precise detail the differences between owning real
property (land) as a tenancy in common and joint tenancy. Assume that Amy
and Brian have a tenancy in common while Cammy and Derrick have joint
tenancy. Pretend you are an heir to Amy and Cammy; who owns the property if
Amy and Cammy suddenly and unexpectedly died? This question is worth 50
points.
Question 63points
What term is used to describe the “owner” of a corporation?
Member
Stockholder
Sole proprietor
Partner
Mark this problem
Question 73points
What term is used to describe the “owner” of a limited liability company?
Member
Shareholder
Sole proprietor
Partner
Mark this problem
Question 83points
After a complaint is filed in court to start a lawsuit, the defendant has to file a
document to respond to the complaint. The name of that document that the
defendant files is ________.
Discovery
Scheduling Order
Answer
Brief
Mark this problem
Question 93points
Your company just a lost a lawsuit it had pending pending in federal district
court sitting in Michigan. You want to appeal. Which federal circuit do you take
your appeal to?
1st
3rd
6th
9th
Mark this problem
Question 103points
Michigan just enacted a state law that makes ownership, possession or use of
uranium completely legal. During this entire period, however, federal law still
makes it illegal to own, possess, or use uranium in any fashion. What
constitutional legal principle still makes the ownership, possession or use of
uranium illegal in the united states despite a state law making it legal in
Michigan?
Full Faith and Credit Clause
Equal Protection
Free Speech
Supremacy Clause
Mark this problem
Question 113points
Your company was illegally searched by the police and a jury just awarded you
a TOTAL o f $ 10 million in damages. Of that amount, your actual losses were
$ 1 million and the remaining amount, $ 9 million, was an amount to punish the
cops for their illegal behavior. The $ 1 million is _____ damages while the $ 9
million is ______ damages.
Punitive; Compensatory
Compensatory; Nominal
Nominal; Compensatory
Compensatory; Punitive
Mark this problem
Question 123points
Your competitor publishes a website in written form about how your company’s
product is purposely unsafe to use. This assertion is false and was designed to
defame your company. What kind of illegal defamation did your competition did
by publishing the false statements on a website?
Slander
Libel
Uniform Internet Falsity
Malice
Mark this problem
Question 133points
Despite honoring the best pens and security in the business, one bull manages
to escape and runs into a parked car causing so much damage that is totaled.
What legal principle is the best option for the owner of the car to sue you under
to get compensation?
Breach of contract
Strict liability
Negligence
Trespass
Mark this problem
Question 143points
These are all examples of what type of intellectual property?
Copyright
Trademark
Patent
Service Mark
Mark this problem
Question 153points
You invent a new product that will light up road lines on the highway. You
name it Lightning Lines and it will save countless lives. To protect your idea
from copycats, what type of legal protection should you obtain?
A Copyright
A Trademark
A Patent
A Service Mark
Mark this problem
Question 163points
What is a copyright?
the exclusive legal right, given to an originator or an assignee to print,
publish, perform, film, or record literary, artistic, or musical material, and
to authorize others to do the same
a legally registered name or designation used in the manner of a trademark to
distinguish an organization’s services from those of its competitors.
a recognizable sign, design, or unique expression related to products or
services of a particular source from those of others
None of the above
Mark this problem
Question 173points
At 13 years old, he enters into a contract to work for the ABC Corp for
$ 100,000 a year to develop new web apps for the company. Being 13 years
old, he changes his mind. ABC Corp sues for breach of contract. What is the
most likely result under contract law?
The contract is upheld and Ron must go to work
The contract is invalid because Ron is a minor
The contract is invalid for lack of consideration
None of the above
Mark this problem
Question 183points
Joyce and Bill are negotiating for the sale of Joyce’s classic car. She offers to
sell it to Bill for $ 10,000.00. Bill thinks to himself that this is a great deal.
Before Bill has a chance to say he’ll accept, Joyce immediately tells Bill , “wait,
never mind, I retract my offer. I will instead sell it for $ 20,000.00.” What is the
legal status of the $ 10,000 selling price?
Bill can accept it because Joyce has to give him a chance to decide whether
to accept the price at $ 10,000.00
The $ 10,000 is a nullity because the offer was revoked by Joyce before accepted.
The deal is complete at a price of $ 10,000
None of the above
Mark this problem
Question 193points
Daddy Warbucks decides to tell his nephew, Billy Treehugger, age 17, that he
is going to give Billy a million dollars a year for the next 5 years. Before the first
payment is made, Daddy Warbucks is mad about how Billy is against the
Keystone Pipeline and decides to not provide him the gift. Billy believes he is
entitled to it because it was promised to him. In the ensuing lawsuit, the Court
agrees that Daddy Warbucks should win. What is the best reason for that
decision?
Lack of consideration as it is a gift
Billy’s advocacy is interfering with Daddy’s oil / gas business
Billy is a minor
None of the above
Mark this problem
Question 203points
When a debtor agrees to pay a lesser amount than originally owed and the
creditor accepts a lesser amount than originally owed, the parties have
executed what?
Novation
An accord and satisfaction.
Contract cancellation
None of the above
Mark this problem
Question 213points
However, she does not want to continue to run the business and does not want
to reorganize it to get her creditors under control. Under what chapter of
bankruptcy should Fran file for bankruptcy?
7
11
12
13
Mark this problem
Question 223points
Who are the share holders of Saginaw Valley State University.
Students
Faculty
None, SVSU is not a corporation with shareholders
Administration
Mark this problem
Question 233points
Prince and Ponce execute a written agreement to sell a set amount of cocaine
at a set price. When Prince breaches the contract, Ponce sues. What is likely
to happen in court?
The court will order Prince to deliver the cocaine at the price agreed
The court will not enforce the contract for lack of consideration.
The court will not enforce the contract because it is in written form.
Nothing, because an illegal contract is not enforceable
Mark this problem
Question 243points
Bob owns forty acres of land and orally agrees to sell it Tom for $ 100,000.00.
Later, Bob changes his mind. When Tom sues on the oral argument, the court
still agrees with Bob. Which of the following the best reason why?
Lack of consideration
Bob has immunity from suit
The contract is not in writing (statute of frauds)
None of the above
Mark this problem
Question 253points
Niles, an accountant, is contracted to provide several audit reports on Optimal,
Inc., one of Niles’ client, knowing that the company intends to use the reports
to borrow money. The reports that Niles produces are knowingly false. Outside
of refund which Niles has already provided, what other kind (s) of losses could
Optimal likely seek in a later filed lawsuit. (Read the question carefully.)
Liquidated
Dependancy
Consequential
Compensatory
Mark this problem
Question 263points
In an assignment, the party assigning the right to a third party is the ________
while the party receiving the right is the ___________.
Assignee; Assignor
Grantor; Grantee
Assignment; Assignor
Assignor; Assignee
Mark this problem
Question 273points
Rita and Rachel enter an agreement in which Rita will provided tutoring
services to Frank in preparation for his LSATs. Rita fails to do so. What is
Frank’s legal status in this relationship between Rita, Rachel, and Frank?
An obligee
A contractor
A third party beneficiary
A promisee
Mark this problem
Question 283points
Mountain Glacier and Nestle Waters have a contract with each other where
Nestle Waters is supplied water by Mountain Glacier. Mountain Glacier files for
bankruptcy. In bankruptcy, the debtor is __________ and the creditor is
______________.
Mountain Glacier; Nestle Waters
Nestle Waters; Mountain Glacier
Mountain Glacier; Mountain Glacier
Nestle Waters; Nestle Waters
Mark this problem
Question 293points
Which of the following duties are owed by an agent to the principal in a
principal-agent relationship?
Faithful Performance
Loyalty
Faithful Performance and Loyalty
Loyalty but not Faithful Performance
Mark this problem
Question 303points
What duties does the principal owe an agent in a principal-agent relationship?
Compensation
Cooperation
Indemnification (unless agreed otherwise)
All of the above
Mark this problem
Question 313points
Which of the following should not be of any legal concern for employer in
today’s business environment?
Child labor laws
Minimum Wage
Overtime Pay
None of the above
Mark this problem
Question 323points
Which of the following is not covered by the Family and Medical Leave Act
Birth of a family pet
Care following birth of a new child
Care following adoption of new child
Care for serious health condition of a spouse
Mark this problem
Question 333points
When one party breaches a contract, the other party can only sue for damages
(ie for money).
True
False
Mark this problem
Question 343points
Ralph wants to work for a satellite dish installation company. The ladders only
hold 300lbs, yet Ralph weighs 325lbs. Weight is a protected class in Michigan.
True or false, in order to not being sued for discrimination under Michigan’s
civil rights laws, the satellite dish installation company can legally refuse to hire
Ralph by showing that weight is a bona fide occupational qualification.
True
False
Mark this problem
Question 353points
Which of the following are essential elements of a legal partnership?
Sharing of profits or losses
Joint ownership of business
Equal right to management
All of the above
Mark this problem
Question 363points
Compensatory damages generally are awarded in lawsuits for breach of
contract (when successfully proven)?
True
False
Mark this problem
Question 373points
One of the reasons for creating a corporation is to raise capital in the form of
sale of stocks to investors who become owners of the corporation?
True
False
Mark this problem
Question 383points
Which of the following is not a federal administrative agency?
US Dept of Justice
Federal Trade Commission
Federal Communications Commission
Consumer Financial Protection Bureau
Mark this problem
Question 393points
Which of the following is a federal administrative agency?
Federal Reserve
National Labor Relations Board
Nuclear Regulatory Commission
All of the above
Mark this problem
Question 403points
The President of the United States is considering appointing you to the
Securities and Exchange Commission. Like other federal administrative
agencies, the SEC was created by
the US Constitution
State legislatures
the President by decree
Congress via enabling legislation
Mark this problem
Question 413points
As a judge in a federal court, Judge Thomas L. Ludington (our local federal
judge) can decide, among other things, whether the laws or actions of the
executive and legislative branches are constitutional. The process for making
this determination is known as __________ .
judicial review
jurisdicition
venue
All of the above
Mark this problem
Question 422points
A fixture is normally included in a sale of land unless the sales contract.
True
False
Question 1
Two parts: Explain the philosophical / theoretical difference between profit
maximization versus corporate social responsibility as different approaches to
running a corporation. Give three business examples of where the
philosophy would conflict with each other.
Question 2
Gena leaves her Honda CRV (the same one she bought as part of this class’s
exercise, remember!) With Intown Motors for routine maintenance. On its
return, the interior of the car is covered in motor grease and the exterior is
scratched and dented. First, is Gena’s CRV a chattel; what is a chattel?
Second, under the law of bailments, who is responsible for this damage and
why? What are the duties and responsibilities of bailors and bailees? Be
specific.
Question 3
Explain the difference, in specific detail, between a limited liability company
and a corporation? What are the benefits and drawbacks of each type of
business entity form? Be specific. This question is worth 50 points.
Question 4
His five (5) hair cutters and stylists, Keegan, Thomas, Sarah, Lisa, and Janelle,
all work at the hair styling shop. Hours of Keegan, Thomas, Sarah, Lisa, and
Janelle work is set by Brad. Keegan, Thomas, Sarah, Lisa, and Janelle all
have to buy their own tools for the job. The hair cutters and stylists can set
their own prices but Brad want payment to him of at least $ 5.00 per hair cut
but the Hair cutters and stylists can keep the rest. In order to avoid tax issues
and other “legal” problems, Brad treats the hair cutters and stylists as
independent contractors. You work for the IRS and questioned if Brad is
correct. What are the criteria by which you can determine if Brad is correct. Is
Brad correct or not. Justify your answer. This question is worth 50 points.
Question 5
Explain in clear and precise detail the differences between owning real
property (land) as a tenancy in common and joint tenancy. Assume that Amy
and Brian have a tenancy in common while Cammy and Derrick have joint
tenancy. Pretend you are an heir to Amy and Cammy; who owns the property if
Amy and Cammy suddenly and unexpectedly died? This question is worth 50
points.
Question 63points
What term is used to describe the “owner” of a corporation?
Member
Stockholder
Sole proprietor
Partner
Mark this problem
Question 73points
What term is used to describe the “owner” of a limited liability company?
Member
Shareholder
Sole proprietor
Partner
Mark this problem
Question 83points
After a complaint is filed in court to start a lawsuit, the defendant has to file a
document to respond to the complaint. The name of that document that the
defendant files is ________.
Discovery
Scheduling Order
Answer
Brief
Mark this problem
Question 93points
Your company just a lost a lawsuit it had pending pending in federal district
court sitting in Michigan. You want to appeal. Which federal circuit do you take
your appeal to?
1st
3rd
6th
9th
Mark this problem
Question 103points
Michigan just enacted a state law that makes ownership, possession or use of
uranium completely legal. During this entire period, however, federal law still
makes it illegal to own, possess, or use uranium in any fashion. What
constitutional legal principle still makes the ownership, possession or use of
uranium illegal in the united states despite a state law making it legal in
Michigan?
Full Faith and Credit Clause
Equal Protection
Free Speech
Supremacy Clause
Mark this problem
Question 113points
Your company was illegally searched by the police and a jury just awarded you
a TOTAL o f $ 10 million in damages. Of that amount, your actual losses were
$ 1 million and the remaining amount, $ 9 million, was an amount to punish the
cops for their illegal behavior. The $ 1 million is _____ damages while the $ 9
million is ______ damages.
Punitive; Compensatory
Compensatory; Nominal
Nominal; Compensatory
Compensatory; Punitive
Mark this problem
Question 123points
Your competitor publishes a website in written form about how your company’s
product is purposely unsafe to use. This assertion is false and was designed to
defame your company. What kind of illegal defamation did your competition did
by publishing the false statements on a website?
Slander
Libel
Uniform Internet Falsity
Malice
Mark this problem
Question 133points
Despite honoring the best pens and security in the business, one bull manages
to escape and runs into a parked car causing so much damage that is totaled.
What legal principle is the best option for the owner of the car to sue you under
to get compensation?
Breach of contract
Strict liability
Negligence
Trespass
Mark this problem
Question 143points
These are all examples of what type of intellectual property?
Copyright
Trademark
Patent
Service Mark
Mark this problem
Question 153points
You invent a new product that will light up road lines on the highway. You
name it Lightning Lines and it will save countless lives. To protect your idea
from copycats, what type of legal protection should you obtain?
A Copyright
A Trademark
A Patent
A Service Mark
Mark this problem
Question 163points
What is a copyright?
the exclusive legal right, given to an originator or an assignee to print,
publish, perform, film, or record literary, artistic, or musical material, and
to authorize others to do the same
a legally registered name or designation used in the manner of a trademark to
distinguish an organization’s services from those of its competitors.
a recognizable sign, design, or unique expression related to products or
services of a particular source from those of others
None of the above
Mark this problem
Question 173points
At 13 years old, he enters into a contract to work for the ABC Corp for
$ 100,000 a year to develop new web apps for the company. Being 13 years
old, he changes his mind. ABC Corp sues for breach of contract. What is the
most likely result under contract law?
The contract is upheld and Ron must go to work
The contract is invalid because Ron is a minor
The contract is invalid for lack of consideration
None of the above
Mark this problem
Question 183points
Joyce and Bill are negotiating for the sale of Joyce’s classic car. She offers to
sell it to Bill for $ 10,000.00. Bill thinks to himself that this is a great deal.
Before Bill has a chance to say he’ll accept, Joyce immediately tell …
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