1. To be deemed sufficient, the considerations of a contract must
a. Have precise monetary value
b. Be fair and ethical
c. Have legal value
d. Be a moral obligation
 
2. In a suit between Delta Data Company and Eagle Information, Inc., the court applies the doctrine of stare decisis. This requires the court to find cases that, compared to the case before it, have
a. Entirely different facts
b. No facts, only conclusions of law
c. Precisely identical facts
d. The same or similar facts
 
3. The UCC is
a. Concerned with the sale of good prices at over $500
b. Concerned with all goods
c. Concerned with service contracts
d. Concerned with real leases
 
4. Which of the following is a FALSE statement?
a. Congress has the power in Article 1 of the constitution to regulate interstate commerce.
b. The power of congress to regulate business pursuant to the interstate commerce clause in the Constitution Is very broad
c. States cannot pass any laws hat regulates any aspects of interstate commerce since the federal congress has sole and exclusive jurisdiction in this area
d. States may be able to pass the laws that regulate certain aspects of interstate commerce of health and safety reasons if there is no direct conflict with federal law, no discrimination against commerce from other states, and no undue burdens of interstate commerce
 
5. Which is TRUE regarding the employment at-will doctrine in the United States? Answer
a. It can result in a legal but immoral discharge of an employee.
b. It cannot be changed by a contract between the employer and the employee.
c. It is operable in the U.S. and can result in a discharge without notice or cause or good cause but the employer based on federal law has to pay severance to the discharged employee based on the number of years he or she has worked for the firm.
d. It supersedes and prevails over Title VII of the Civil Rights Act.
 
6. Which of the following is true about the Sherman Act?
a. Liability under Section I for restraint of trade requires agreement with another party, but liability under Section 2 for monopolization does not.
b. Liability under the Section 2 for monopolization requires agreement with another party, but liability under Section I for restraint of trade does not.
c. Liability under either Section I or Section 2 requires agreement with another party.
d. A business can be liable under either Section I or Section 2 without any agreement with another party.
 
7. Who is protected under the Age Discrimination in Employment Act?
a. All workers who are age 40 or over.
b. All workers of any age who are discriminated against because they are thought to be too old.
c. All workers who are in a job in which they were 40 years of age or over when hired.
d. Any worker who is replaced with a younger worker.
 
8. The principal hires an agent to manage his restaurant. As a result, the agent hires two people to serve as waitresses. This is an example of typically what type of authority?
a. Implied.
b. Express.
c. Apparent.
d. Ratified.
 
9. If a buyer delivers nonconforming goods prior to the date that delivery is due, the seller can make the shipment conform and avoid breaching the sales contract under the:
a. Time to conform rule.
b. Right to make perfect.
c. Reasonable delay doctrine.
d. Right to cure.
 
10. Frankie attempts to incorporate his company as Frankie's Pizza Co., Inc. However, when he sends the articles of incorporation to the state for approval, he carelessly forgets to list the name and address of the registered agent for the corporation, which is a statutory requirement to incorporation. The articles of incorporation otherwise is fine, but the state rejects the document due to the missing information, and tells Frankie to submit the document again. However, in the meantime, Frankie, mistakenly thinking that he had a corporation formed, had been doing business as Frankie's Pizza Co., Inc, and, unfortunately, one of Frankie's delivery persons, while making a pizza delivery, negligently caused an automobile accident, injuring a third party. The third party sues Frankie personally for damages for the injuries sustained in the accident, contending that his corporation does not exist. Frankie's best defense to such a lawsuit in most states would be:
a. The "piercing the corporate veil" doctrine
b. The de facto corporation doctrine
c. The de jure corporation doctrine
d. The corporation by estoppel doctrine.
 
11. Jacques is the CEO if a public company traded on the New York Stock Exchange, called XYZ Corp., which is regulated by the SEC. Jacques buys 100 shares of stock of XYZ Corp. (using NO insider trading whatsoever) on March 1, 2009. Then on March 30, 2009 Jacques is in need of money due to his spouse being laid-off, so he sells his stock (using no insider trading whatsoever), and makes $10,000 in profits. Jacques:
a. Must forfeit the profit back to XYX Corp. due to the "short swing profits" rule.
b. Legally can keep the profits since there was no insider trading whatsoever
c. Is in breach of his fiduciary duties to XYZ Corp. and can be sued for fraud.
d. Can never trade stock in the XYZ Corporation under any circumstances.
 
12.  Which statement is NOT correct?       
The Kantian moral philosopher believes that formal "legal" law is superior to universal moral rules and ethical principles that can be determined by reason.
Ethics is the branch of philosophy that focuses on what constitutes right and wrong behavior.
Ethics is not concerned with the philosophical, theoretical, rational basis for morality.
An action may be legal but not moral.

 
13.  Which of the following is not a correct statement?
a.  Pursuant to Kantian ethics, morality is judged by a person's act.
b.  Pursuant to most ethical theories, law and ethical standards never     conflict with one another; and thus if something is a law, it is, by definition, moral.
c. Pursuant to an ethics based on conscience or intuition, a person   looks solely within himself or herself for ethical codes or moral determinations.
d.  John Locke and Jean Jacques Rousseau would support the Social Contract theory of morality.
 
14.  Private sector employer monitoring, surveillance, and searches of employees is:
a. Legal constitutionally when the employer is a private sector one and not a government employer
b.  A legal invasion of privacy and thus an intentional tort if conducted in a very intrusive manner which infringes on the personal privacy of the employees.
c.  A moral wrong according to Kant if conducted in a disrespectful and demeaning manner.
d.  All of the above. 

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