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Business Law Exam 2 Study Guide

by: Caspian Roberts

Business Law Exam 2 Study Guide ACCT 2700 - 001

Marketplace > Auburn University > Accounting > ACCT 2700 - 001 > Business Law Exam 2 Study Guide
Caspian Roberts
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About this Document

This is a study guide for Exam 2. It has Sample Questions from every chapter on the exam (4, 6, 8, 10). I have also included the
Business Law
Robert Hollis Cochran
Study Guide
business law
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This 6 page Study Guide was uploaded by Caspian Roberts on Tuesday March 22, 2016. The Study Guide belongs to ACCT 2700 - 001 at Auburn University taught by Robert Hollis Cochran in Fall 2015. Since its upload, it has received 237 views. For similar materials see Business Law in Accounting at Auburn University.


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Date Created: 03/22/16
Dr. Cochran Important Notes  The Commerce Clause o The most important clause in the Constitution to Business  Police Powers have absolutely nothing to do with the Police. It’s just and accident of history that we have any organized body of people called the police  You got a ticket on E University Drive for Speeding. T/F This is an example of the State using its Police Powers  FALSE – this is law enforcement, not Police Power Regulation o A valid federal statute or regulation will take precedence over a conflicting state or local statute  THE WORD VALID WILL DETERMINE WHETHER THE STATEMENT IS TUE OR FALSE  VALID REGULATIONS DO TAKE PRECEDENCE  NON VALID DO NOT  Law enforcement agency must have probable cause to search you.  Business has this right except for two cases Business is abnormally dangerous, then they don’t have this right (Firework Factory, Nuclear Power Plants, Oil Rigs) Highly Regulated Activities – Liquor stores, Producers of Medicines  Business does not have the right against self-incrimination Equal Protection o Strict Scrutiny – We will give the strictest scrutiny on this case, and the gov’t has an overwhelming burden to show that there is no other way to do this  Any case based on Race uses Strict Scrutiny o Intermediate Scrutiny – Gov’t still has a compelling burden, but it will be easier to meet than strict  Applied to age and gender classifications  A tort is a civil wrong for which the law provides a remedy  Vicarious liability makes and employer liable for the torts of the employee o Assault – raising the fear of imminent, harmful contact in another o Battery - the unauthorized, unwelcome, or illegal contact with a person o Slander – oral defamation  Very Different to Recover for  Short shelf life o Libel – any permanent, hard form of defamation (writing, audio copy, etc.)  Much Easier to Recover for o In criminal law, if the defendant is found to commit the act, they are guilty  The guilty act is known as the “actus reus”  The mental state is known as the “mens rea”  Burglary = unauthorized entry into an area with evil intent (harm to people or property)  Larceny = stealing somebody’s property without violence or the threat of violence  Robbery = stealing somebody’s property by causing violence or threatening violence (don’t even have to have a weapon) o Res Ipsa Loquitor  “The thing speaks for itself” o Negligence Per Se  If you have already been convicted in a Criminal Court, then in Civil Court all you do is plead Negligence Per Se to get a Guilty verdict Sample Questions Chapter 4 T/F The Privileges and Immunities Clause means that states must comply and enforce the ruling of other states concerning property and criminal law FALSE Virtually the entire reason we have the Constitution which we have today is because Of Business Chapter 6 Sample Questions: 1. The bases of all torts are wrongs and compensation. a. True 2. Logistics Trucking Company operates a fleet of fuel trucks. When one of the trucks is positioned to receive a load of biofuel, it strikes a storage tank owned by Metro Biofuel, Inc. For the cost of repairing the damage to the tank, Metro is most likely to be awarded a. Compensatory fees 3. The purpose of tort law is to provide remedies for the violation of various protected interests. a. True 4. A tortfeasor is one who wrongfully alleges that a tort has been committed. a. False 5. Diego is arrested for a theft committed by someone who stole his identity. A court orders his release, but due to a police error in Diego's paperwork, he is held in jail for a month. The police are most likely liable for a. False Imprisonment 6. From a computer in a distant location, Viktor searches Wilma's personal computer without her permission. Viktor is most likely liable for a. Invasion of Privacy 7. Marcos wants to buy Lucia's land, but she refuses to sell. Marcos begins using subpoenas, court orders, and other formal legal procedures in an unrelenting effort to force Lucia to sell. This is a. Abuse of Process 8. Felix tells Genie, a prospective tenant, that the roof of the Valley View Apartments building does not leak when Felix knows that it does. This may give rise to an action for fraud, because the statement is one of a. Fact 9. ProHome Pest Exterminators Inc. advertises so effectively that the regular customers of its competitor Quick Pest Elimination Company patronize ProHome instead. This is a. None of the choices 10. Normally, fraud occurs only when there is justifiable reliance on a true statement. a. False Chapter 8 1. By using another's trademark, a business could lead consumers to believe that its goods were made by the other business a. True 2. iMiMine Inc. develops a new mobile phone that the company names "Call Mi." The firm also issues an operating manual for the phone. iMiMine can obtain trademark protection for a. the operating manual. b. the name "Call Mi." c. the "newness" of the device. d. the phone. B 3. To succeed in a lawsuit alleging trademark dilution, the plaintiff must prove that consumers are likely to be confused by the unauthorized use of a mark. a. False 4. From Southeast Asia, Tai Ltd. exports genuine trademarked goods to the United States. Tai also makes labels and packaging bearing another firm's trademark, ships the labels to another location, and then affixes them to an inferior product to deceive buyers. Tai sells these goods to retailers who are unaware that the marks are counterfeit. Under the Stop Counterfeiting in Manufactured Goods Act, it is a crime to a. traffic in counterfeit labels, stickers, and packaging. b. sell counterfeit versions of brand-name products in foreign countries. c. import genuine trademarked goods. d. unknowingly use a counterfeit mark on goods. i. A 5. Constellation Research Inc. uses a mark associated with its name to distinguish its services from those of other tech firms. This mark is a. trade dress. b. a certification mark. c. a collective mark. d. a service mark. i. D 6. Chris operates the Devil's Brew chain of coffee stands. "Devil's Brew" is a a. collective mark. b. service mark. c. trade name. d. certification mark. i. C 7. Radiant Corporation owns the intellectual property rights to the Starry Night Bistros, a small chain of restaurants identified by a famous trademark and trade name. Twinkle Inc. wants to make use of the mark and name and avoid litigation. This is possible a. without Radiant's permission if Twinkle is located in a different city. b. without Radiant's permission if Radiant does not use the mark or name on the Internet. c. under a license agreement with Radiant. d. all of the choices. C 8. Trade dress is subject to the same legal protection as trademarks. a. True 9. Theft of confidential data by industrial espionage is a theft of trade secrets. a. True 1. The process behind the production of "AccountForIt," a suite of business accounting and inventory software, is protected by a. trademark law. b. patent law. c. trade secrets law. d. copyright law. i. C Chapter 10 1. A misdemeanor is a crime punishable only by a fine. a. False 2. Thinking about killing someone constitutes the crime of attempted murder. a. False 3. Picking pockets is not robbery. a. True 4. A person who commits larceny can be sued under tort law. a. True 5. A person's intent to return embezzled property—or its actual return—is not a defense to the crime of embezzlement. a. True 6. A kickback for a special favor or service is a form of bribery in some situations. a. True 7. Ordinarily, "ignorance of the law" or a mistaken idea about what the law requires is a valid defense to criminal liability. a. False 8. Annalee, an employee of Byron & Byron, Certified Public Accountants, is arrested at work. A grand jury issues a formal charge against Annalee for embezzlement. This charge is a. An Indictment 9. Posing as Visa Bank, Walt e-mails Paulina, asking her to update her credit-card information through a link in the e-mail. She clicks on the link and types in the data, which Walt promptly sells to Ilana. This is a. Phishing 10. Via the Internet, Lok sabotages the computer system of Metro Water Commission, a municipal water supplier, so that Metro's pumping system breaks down, halting the delivery of water to Metro's customers. Lok is a a. Cyberterrorist Since virtually all injuries cause emotional hurt, its almost automatic that torts result in additional damages for the intentional infliction of emotional distress False Slander is easier to recover damages for than libel False Our society imposes upon you a duty not to injure anyone True Too be held liable for negligence the likelihood that your conduct or action would cause an injury must have been foreseeable to you False As with intentional torts, to recover for negligence you must cause an actual injury or damage to another or another’s property False You were speeding at Stanford Hall and hit and injure someone. The pedestrian’s best legal theory to use to obtain a judgement against you is: Negligence Per Se


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