Unit 1
Which amendment states that you cannot be unreasonably searched?
4th Amendment
A manufacturing company purchases land and constructs a factory building on that land. In legal terms, the land and building together are classified as…
Real Property
What is a SWOT analysis and when do I use it?
Helps managers evaluate internal strengths and weaknesses and external opportunities and threats.
In Carlill v. Carbolic Smoke Ball Co., the court held that an advertisement could be legally binding under certain circumstances. Which principle was most important in reaching this decision?
a. All advertisements are invitations to negotiate
b. An advertisement may constitute an offer if it is specific and shows intent to be bound
c. Contracts must be notarized
d. Consideration is unnecessary in unilateral contracts
b. An advertisement may constitute an offer if it is specific and shows intent to be bound
In a civil lawsuit involving a breach of contract, the party who initiates the lawsuit and seeks damages is known as the…
Plaintiff
What is a Bailment?
When a company temporarily transfers possession of equipment to a repair service with the expectation that it will be returned.
Double taxation occurs in a traditional C-Corporation because…
a. Taxes are paid twice to the same agency in one day
b. The corporation pays taxes on profits and shareholders pay taxes on dividends
c. Only shareholders pay taxes
d. Only the corporation pays taxes
b. The corporation pays taxes on profits and shareholders pay taxes on dividends
Hadley v. Baxendale is most often cited for establishing a rule concerning…
a. The formation of partnerships
b. The validity of oral contracts
c. The enforceability of arbitration clauses
d. The foreseeability of damages in breach of contract cases
d. The foreseeability of damages in breach of contract cases
Which of the following is NOT an ADR method?
a. Arbitration
b. Mediation
c. Conciliation
d. Litigation
d. Litigation
The Statute of Frauds is significant in real estate transactions because it generally requires that…
a. Agreements for the sale of real property be in writing
b. Property taxes be prepaid
c. All deeds be oral
d. Only corporations may own property
a. Agreements for the sale of real property be in writing
Why do intellectual property laws exist?
To protect creations, inventions, and proprietary information
In Lucy v. Zehmer, the court enforced a written agreement even though one party later claimed he was joking. This case is most closely associated with which legal principle?
a. Objective theory of contracts, focusing on outward actions
b. Capacity to contract
c. Statute of Frauds
d. Parol evidence rule
a. Objective theory of contracts, focusing on outward actions
What is Statutory Law?
When Congress or a state legislature passes a bill and it is signed into law, the resulting law isa Statutory Law
A quitclaim deed differs from a warranty deed primarily because it
Makes no guarantees about ownership or title
How does Mr. Krabs protect the Krabby Patty Secret Formula?
It is a trade secret so Spongebob and Squidward have to sign and NDA.
Crimes such as embezzlement, insider trading, and large-scale fraud are often categorized differently from violent crimes because they typically involve financial deception rather than physical harm. These offenses are generally referred to as…
White-Collar Crimes
Define Amortization vs depreciation of an asset
Amortization is the decline in value of intellectual property. Depreciation is tangible personal property losing value.
A strategic plan differs from a business plan primarily because it focuses on…
a. Daily bookkeeping
b. Long-term goals, timelines, and competitive strategy
c. Filing taxes
d. Legal compliance only
b. Long-term goals, timelines, and competitive strategy