Definitions
What is a fraudulent investing scam promising high returns with little risk?
a) Ponzi scheme
b) Insider trading
c) Money laundering
d) Embezzlement
a) Ponzi scheme
What type of crime is most frequently seen in business law?
a) Violent crime
b) White collar crime
c) Property crime
d) Organized crime
b) White collar crime
What refers to carelessness leading to harm?
a) Strict Liability
b) Negligence
c) Punitive damages
d) Assumption of risk
b) Negligence
Hedge fund manager that ran the biggest Ponzi scheme in history.
Bernie Madoff
What is liability without fault, often for hazardous activities or defective products?
a) Comparative Negligence
b) Intentional Torts
c) Strict Liability
d) Contributory Negligence
c) Strict Liability
What term refers to the money awarded to a plaintiff to compensate for loss or injury caused by the defendant?
a) Restitution
b) Passive damages
c) Damages
d) Liquidated damages
c) Damages
What are the most serious offenses, punishable by more than a year in prison?
a) Misdemeanor
b) Felony
c) Infraction
d) Tort
b) Felony
What refers to deliberate actions that cause harm?
a) Negligence
b) Contributory Negligence
c) Strict Liability
d) Intentional Torts
d) Intentional Torts
What did Miranda v. Arizona establish?
Miranda Rights
What term refers to when the plaintiff’s own negligence contributed to their harm?
a) Contributory Negligence
b) Assumption of Risk
c) Comparative Negligence
d) Strict Liability
a) Contributory Negligence
What refers to using confidential information to buy or sell stock for profit?
a) Ponzi scheme
b) Insider trading
c) Money laundering
d) Fraud
b) Insider trading
What refers to less severe crimes, punishable by up to a year in jail?
a) Misdemeanor
b) Felony
c) Infraction
d) Breach of duty
a) Misdemeanor
What type of damages is awarded to a plaintiff not to compensate for losses but to punish the defendant for reckless behavior?
a) Liquidated damages
b) Compensatory damages
c) Punitive damages
d) Restitution
c) Punitive damages
Why were compensatory damages reduced from $200,000 to $160,000 in Liebeck v McDonalds?
Comparative Negligence
In which situation do both parties share fault, and the plaintiff’s damages are reduced by their share of blame?
a) Contributory Negligence
b) Comparative Negligence
c) Assumption of Risk
d) Negligence per se
b) Comparative Negligence
What refers to concealing the origins of illegally obtained money to make it look legitimate?
a) Insider trading
b) Ponzi scheme
c) Money laundering
d) Embezzlement
c) Money laundering
Who brings the case in a criminal trial?
a) Government
b) Plaintiff
c) Defendant
d) Judge
a) Government
What is money awarded to a plaintiff to compensate for actual losses, meant to restore what was lost?
a) Punitive damages
b) Compensatory damages
c) Nominal damages
d) Liquidated damages
b) Compensatory damages
Grimshaw v Ford Motor Company established _______ damages for strict liability cases.
Punitive
What term refers to when the plaintiff knew the risk and took it willingly?
a) Contributory Negligence
b) Strict Liability
c) Comparative Negligence
d) Assumption of Risk
d) Assumption of Risk
What is a civil wrong that causes harm or loss, leading to legal liability?
a) Crime
b) Tort
c) Contract
d) Breach of duty
b) Tort
What is the burden of proof in a criminal law case?
a) Preponderance of the evidence
b) Clear and convincing evidence
c) Beyond a reasonable doubt
d) Probable cause
c) Beyond a reasonable doubt
What are the four elements of a tort?
a) Duty of care, Causation, Compensatory damages, Damages
b) Duty of care, Breach of duty, Causation, Damages
c) Breach of duty, Assumption of risk, Damages, Punitive damages
d) Duty of care, Breach of duty, Intentional tort, Damages
b) Duty of care, Breach of duty, Causation, Damages
What did Brady v Maryland establish?
Brady rule, no withholding of evidence
Why did palsgraf lose her case in palsgraf v long island railroad?
The event was not reasonably foreseeable