ETH 321 Ethical and Legal Topics in
Business Final Exam
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- Applying the parole evidence rule
- a written contract is the final expression of the
party’s agreement and may not be contradicted by oral or written
agreements made prior to the writing.
- oral agreements may be used to change a final written
contract if the final written contract isn’t exactly conforming to the
pre-contract agreements.
- written contracts with ambiguous terms are
automatically void and cannot be corrected.
- written agreements may be used to change a final
written contract if the final written contract isn’t exactly conforming to
the pre-contract agreements
- LLPs were created to
- Increase the duration of the business entity permitted
under LLC statutes.
- Provide limited protections for general partners
increasing protections offered by LLCs.
- Ease the costs and filing requirements present with LLCs.
- limit taxation burdens existing in LLCs
- Stan is an investment manager. He has received money
from various investors with a promise of very high returns on their
investments. The invested money is not supplying enough capital in order
to pay the returns promised so he has started using new investor’s money
to pay older investors. By advertising and by word of mouth, people are
anxious to invest with Stan because of the money being paid and with the
influx of new investors he is able to continue operating. Stan is
- operating an insider trading operation.
- guilty of conspiracy to defraud.
- operating a Ponzi scheme
- There are several reasons why whistle blowing may not
be protected on an international level. These include
- Most business is not truly international and so there
has been no push for globalization of protection.
- Dictators typically do not care if companies are
engaging in illegal activities.
- Many nations across the globe do not have the
dishonesty problems that are found in western nations.
- Collective or collaborative cultures may frown on
whistle blowing instead of working together to fix a problem.
- Judicial review
- is the power or right of a court to hear a case.
- is the power of a state or federal court to declare a
statute unconstitutional.
- is the power of an appellate court to reverse a
decision made in a lower court.
- is the power of a federal court to declare a state or
federal statute invalid if inconsistent with the constitution.
- In Lucy v. Zehmer, the two parties were drinking
in a bar when Lucy offers to buy Zehmer’s farm. After some negotiation a
written contract was executed. Zehmer claimed that the whole episode was
only a joke and he never intended to sell the farm. The court determined
that
- since the contract was written without lawyers present,
it was likely not really serious so no contract was actually formed.
- sinceZehmer claimed to be “high as a Georgia pine” and
it was only the liquor talking, there was no contract.
- because negotiations and modifications to the written
agreement lasted between 30-40 minutes, it appeared that both parties were
serious so even if Zehmer had no objective intent to sell the farm he is
still bound by his actions and the contract was enforceable.
- because the terms were fair, the parties are bound by
the contract regardless of their intent or capacity.
- What must Congress do first to establish an
administrative agency?
- obtain judicial approval the creation.
- enact an enabling statute.
- nothing, it is an executive power.
- research if a new agency is needed
- Which of the following will be a valid defense in a
strict products liability case?
- comparative negligence.
- assumption of risk
- contributory negligence.
- Modern Corporation operates a steel mill. They have
never contributed anything to the local community and they knowingly
pollute both the air and river that runs by their mill. Their reasoning is
that the cost to install pollution control devices would diminish their
profits and they don’t support the community because they provide jobs and
don’t think they owe anything else to the citizens in their area. Donating
to the community would also diminish profits. Which theory of corporate
social responsibility are they exhibiting?
- the narrow view a/k/a invisible hand theory.
- the broad view a/k/a management’s hand theory.
- the moderate view a/k/a government’s hand theory.
- thehybrid view a/k/a citizen’s hand theory.
- Where a promise can only be accepted by the performance
of the person to whom it is offered is an example of a/an
- bilateral contract.
- quasi contract.
- implied contract.
- unilateral contract
- In which of the following scenarios would enforcement
of specific performance be appropriate?
- you own the pistol used by Hamilton and contract to buy
the pistol used by Burr in the Hamilton-Burr duel to complete your set,
but despite the contract the Burr pistol owner refuses to sell at the last
minute.
- your bookstore agrees to order a textbook for you but
breaches their contract with you by canceling the order the next day.
- you order three gallons of white ceiling paint from a
local store and they breach by not delivering or making the three gallons
available to you.
- you order a current model name brand television from a
department store and a few days later they breach by not ordering it from
the manufacturer.
- Assuming a business ethical dilemma, which statement
best illustrates Gilligan approach suggested in her theory of “The Ethics
of Care”?
- applies only to women and not men.
- individual rights and justice for all.
- obedience to independent moral rules or duties.
- care and responsibility to others
- With regard to the court, adequacy of consideration
means
- the court doesn’t care about value as long as the
mutual assent is valid.
- the consideration exchanged must be reasonably close in
value.
- the consideration exchanged must be exactly equal in
value.
- the court will adjust the consideration if the value
exchanged is unfair.
- The three stripes on Adidas clothing represents a
- trade dress.
- trade secret.
- trademark
- Which of the following is not a general category of
torts?
- criminal torts
- strict liability.
- intentional torts.
- Which of the following promises ordinarily need not be
in writing to be enforceable?
- A lease of a warehouse for 24 months.
- A $1,000 agreement with a personal trainer for 10
sessions.
- An agreement to sell of a car for $1,500.
- Promises made as a part of a prenuptial agreement.
- Which of these is not an administrative agency function?
- creating statutes.
- licensing and permitting.
- investigation and enforcement.
- Which of the following does not occur in appellate
court trials?
- oral arguments by each side’s attorneys.
- consideration of briefs prepared by each side’s
attorneys outlining the law and applicable precedent pertinent to the
case.
- presentation of testimony and new evidence.
- review of lower court transcripts and rulings.
- KAM Corp has separate Codes of Ethics and Conduct. Each
of the following would likely be included in their Code of Ethics except
- expectations of an individual’s community service.
- avoidance of conflicts of interest.
- expectations of privacy and dignity to be afforded
others.
- requirements of procedural due process and impartiality.
- Maria is the CFO of a company being investigated by the
SEC for various alleged violations. Each of the following would constitute
an obstruction of justice except
- changing some figures on documents used to support
filed financial statements.
- ordering her secretary to lie if she is questioned.
- refusing to answer questions invoking the Fifth
Amendment.
- shredding her personal calendar and appointment book.
- A trademark can be any of the following except a
- formula.
- Which of the following is not true of ADR proceedings?
- ADR hearings usually arrive at a resolution at a much
lower cost than does litigation.
- the jury decision in an ADR proceeding is automatically
subject to one appeal.
- the party conducting the ADR hearing is chosen by the
disputing parties themselves in certain instances.
- ADR hearings generally result in much less publicity
than does litigation
- Which of the following is rarely awarded in contracts
cases?
- Liquidated damages.
- Compensatory damages.
- Punitive damages.
- consequential damages
- Which of the following is categorized as informal ADR?
- Mediation
- Med-arb
- Arbitration
- Negotiation
- The FTC publishes a rule regulating TVs and Blu-Ray DVD
players for public comment but revises it to include traditional DVD
players also. Should the FTC republish the revision?
- no because the new rule is more limited than the
original proposal.
- no because it was a logical outgrowth of the original
rule.
- no, there was no need for publication of the original
rule.
- no because there is generally no legal obligation to
provide an additional comment period
- Assumption of risk is a defense to
- Negligence
- Black’s Law Dictionary, as cited in the book defining
the term law, includes each of the following except
- Law has a binding force.
- Law is a body of rules.
- Law is conduct prescribed by a controlling authority.
- Law regulates personal ethics
- Jurisprudence is defined as:
- The science and philosophy of law
- The enactment of laws by a government body.
- The duties and obligations owed by a citizen.
- Adjudication of law suits
- Jonathan has graduated and wants to start a business.
Which business entity gives him the most complete and exclusive control
over the business and any business decisions?
- Limited liability Company.
- general partnership
- Sole proprietorship.
- corporation
- The moderate view of assessing corporate citizenship
believes that
- Corporate employees below the senior executive level
should provide the exclusive view of corporate responsibility.
- Community groups where the corporation is located
should provide the exclusive view of corporate responsibility.
- The government should provide the exclusive view of
corporate responsibility.
- corporate officers and boards of directors should
provide the exclusive view of corporate responsibility
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