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Bus Law T1
Q1-2
| Question | Answer |
|---|---|
| What use may a court of one state make of an earlier state court decision made in another state? | The court of the state deciding a case can look to earlier court decisions in other states for guidance in deciding the case at hand, but is not required to follow them. |
| Stare decisis is the doctrine of: | following precedent so that legal principles in earlier cases are followed in later cases |
| Which of the following powers do administrative agencies typically have? | dispute adjudication only rulemaking only statute interpretation only All of these are correct |
| When statutes are organized by topic, the resulting compilation of law is known as: | a code |
| The Uniform Commercial Code is an example of what type of law? | statutory law |
| Which branch of government has the authority to determine the validity of a law? | judicial |
| A legal system that relies on extensive codes in which judicial decisions do not become law is known as what kind of legal system? | civil law |
| Which of the following is true about the creation of courts in England? | The equity courts were created to allow remedies that could not be granted by the law courts. |
| What is an equity court's function? | To investigate the merits of a case and base its decisions on fairness. |
| What was the only remedy (relief) available in the law courts of England? | monetary awards for damages |
| Which doctrine was overturned in the case of Brown v. Board of Education? | the permissibility of separate but equal facilities |
| Codes consist of statutes that have been organized by topic. | True |
| In most states today the law courts and equity courts remain separate so that both legal and equitable remedies can honor the tradition of the English common law court. | False |
| Promoting social justice is not a function of the law. | False |
| Big Green Company is considering introducing a new product to replace an existing product. The new product would result in increased revenues, but slightly lower overall profits because the product will cause injury to a few users and Big Green wil | the moral minimum theory, but not under the profit maximization theory |
| In using a utilitarianism approach to decide whether to undertake this, Pat would: | determine if the total good to the world would be increased if Pat were to undertake the photocopying and selling of the copied book sections |
| Mary decides to continue paying her suppliers on time in accordance with their payment terms because Mary would like her customers to pay her on time. Mary has reached her decision in accordance with: | Kantian ethics |
| A procedure which can be used to assess the moral health of a corporation is the: | social audit |
| Constituency statutes most directly relate to which theory of the social responsibility of business? | stakeholder interest |
| The moral theory of ethical relativism can best be characterized by: | the belief that a person must decide what course of action is proper based on that person's own set of beliefs or feelings |
| Does a sole proprietor have unlimited liability for any of the liabilities of the business? | Yes, for all debts of the business. |
| She eventually has six similar stores in her city. She has a manager fho is paid a fixed annual salary, her employees are paid on an hourly basisThis business is most likely: | a sole proprietorship |
| An entrepreneur can form a business with only one owner under which of the following forms? | corporation |
| The dissolution of a partnership discharges the liability of the outgoing partners for the existing partnership's debts and obligations. | False |
| A new partner who is admitted to a partnership is not liable for the existing debts and obligations of the partnership. | False |
| Each partner's vote is based on his or her capital contribution or share in the partnership profits. | False |
| In general, all partners have equal rights in the management and conduct of the partnership business. | True |
| A general partnership is a voluntary association of two or more persons for carrying on a business as co-owners for profit. | True |
| stock that carries a stated dividend rate per yr; dividend isn't paid during a particular yr, it won't be paid b4 common stock R paid; can exchange 4 common stock @ a specified price; & if they want to, they may buy back This stock is best described as: | noncumulative, convertible, redeemable preferred |
| Mallard Corporation is incorporated in Iowa and does business in Ohio. This corporation is: | a domestic corporation as to Iowa and a foreign corporation as to Ohio |
| What is the significance of the term "preferred" in reference to preferred stock? | Preferred stockholders receive preference over creditors of the corporation in the event of liquidation. |
| Which of the following best describes how a corporation, which has not made any special tax elections, and its shareholders, are taxed? | The corporation is taxed, and the shareholders are taxed on their dividends. |
| When a promoter enters into a contract on behalf of a corporation that is not yet formed, the corporation will become liable on the contract: | only if the corporation, once formed, agrees to be liable on the contract |
| Termination only occurs after the winding up of the corporation's affairs. | True |
| A debenture is a long-term secured debt instrument. | False |
| The most important assets of a franchisor are its: | business name and reputation |
| Joint ventures are usually formed to pursue ongoing business operations rather than to focus on a single project or transaction. | False |
| Franchise agreements frequently include training requirements for franchisees and their employees. | True |
| Typically a franchisee is a subsidiary of the franchisor. | False |
| One advantage of franchising is that the different franchise outlets can have similar quality goods. | True |
Created by:
amoore9688
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