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Date Created: 11/09/15
LAW/421 Final Exam Study Guide 1) Which legal process does not require a hearing officer’s decision? Mediation Explanation: Mediation seeks to find a mutual agreement between the disputed parties. No judge is necessary. 2) Describe jurisprudence: The study of the science and philosophy of law Explanation: Jurisprudence is a core concept that studies society’s viewpoint of legal issues and legal theory. 3) The state of California is requiring all commercial trucks to get special windshield wipers installed at a price of $1,000 a pop. It’s supposed to increase safety, but this has not been fully proven. Trucks will have to go around the state to avoid the law. Is this law valid or invalid? The law is invalid. It appears to be an intrastate law, but the statute have major implications on interstate commerce. Explanation: Interstate commerce is a federal affair and thus makes this law invalid. 4) Where does the power of preemption come from? Supremacy Clause of the US Constitution Explanation: Supremacy puts federal more law above state law, aka Preemption. 5) Name a major issue with international courts? It’s difficult to enforce rulings on sovereign nations Explanation: Sovereign nations have no good reason to follow rulings set in international courts. 6) In the United States, who typically pays the cost of litigation when it comes to the plaintiff and defendant? The plaintiff and defendant usually pay for their own legal costs Explanation: Although there are some exceptions to this, each side normally pays for its own legal fees and costs. 7) How is torts law governed? State common law Explanation: Torts are set by the common laws of each individual state. 8) Assumption of risk can be used as a defense for which claim? Negligence Explanation: Certain professions, such as doctors, present a large risk to their patients for negative outcomes. The patient must often assume the risk in these cases. 9) What does the swoosh symbol on Nike shoes represent? Trademark Explanation: Distinguishing symbols and shapes are typically trademarks. 10) What does a unique shape or color of a product represent? (For example, the shape of a Coca-Cola bottle) Trade dress Explanation: Not a trademark, but a distinguishing feature of the brand can be protected under trade dress claims. 11) What is Cybersquatting? Registering a domain name of a popular brand and selling back to the rightful owner. Explanation: Companies with registered trademarks have guaranteed access to their rightful domain name. 12) The Digital Millennium Copyright Act (1998) does NOT do the following… Require CD-Writers to pay 2% into a fund that to prevent unlawful copying of material. Explanation: CD writers do not have to pay into any special funds under the DMCA of 1998. 13) Carlos was taking a nap and when he work up he noticed is pool was cleaned and his lawn was mowed. A few hours later a man named Doug showed up and asked for payment. Does Carlos need to pay for the work? Carlos would not have to pay for the work performed Explanation: Doug cannot just show up at Carlos’s house and perform work. A contract must exist in advance for this to be valid. 14) A promise can ONLY be accepted by the performance of the party to whom it is offered is what type of contract? Unilateral contract Explanation: Unilateral contracts require the performance to be accepted by just one of the parties involved. 15) What is NOT a discharge by mutual consent? Rescission Explanation: Recession is not accepted by both parties and not considered mutual consent. 16) Buck is shopping for assault rifles and agrees to buy an AR-15 for $1,500. The following day, president Obama signs a law that bans assult rifle ownership in the US. What happens to the contract? Automatically terminated. Impossible to perform Explanation: Certain contracts can be terminated if unforeseen events make them impossible to perform. 17) What award is rarely given in contract cases? Punitive damages Explanation: US law makes it very difficult to award punitive damages in contract cases that go to trial. 18) What is an example of an equitable remedy? Reformation Explanation: Reformation can create changes that prevent future claims from arising in the future, thus benefiting all parties. 19) Provide an example of something that is not tangible: Ownership rights Explanation: This is commonly called intellectual property or an intangible asset. 20) How does consideration differ in UCC (Universal Commercial Code) when compared to state common law? Consideration in a UCC sales contract may be changed without adding additional consideration Explanation: UCC and state laws have subtle differences that often dictate commercial contracts. 21) The Universal Commercial Code UCC will allow incomplete contracts, except for the following: Judicial input of any terms necessary to maintain fairness Explanation: UCC and state laws have subtle differences that often dictate commercial contracts. 22) Two international firms have entered into a contract for the sale of goods, but have not done business before. UCC law allows gap fillers to fix these issues, except in the following situation: The firms did not specify the quality of the products to be delivered Explanation: UCC makes it clear that the quality or grade of goods must be specified in the contract. 23) What term is used when a buyer rejects low quality goods and purchases the appropriate goods from a different seller? Cover Explanation: Sometimes firms are required to cover goods from a different seller. 24) Disclaiming a warranty does not require which of the following? An explanation for why the warranty is disclaimed Explanation: Warranties do not need a reason for the disclaimer. 25) "What if everyone took these same actions” is commonly cited as what type of legal approach? Universalization 26) Who founded the utilitarian approach to law and philosophy? Jeremy Bentham Explanation: Utilitarian philosophy believes that people should make decisions that reduce suffering in the world. 27) Bernie operates an investment firm, however, it is not making enough returns to pay of all his investors. He starts using funds from new investors to pay off old investors. What illegal activity is he engaging in? Ponzi scheme Explanation: Bernie Madoff used this tactic to steal billions of dollars from investors. 28) Roger works at the bank. He takes money from customer accounts and falsifies bank records to cover his tracks. What crime is he engaged in? Embezzlement Explanation: Stealing money from your employer and changing records is considered embezzlement. 29) The Sarbanes-Oxley Act created new regulations for public companies, but it did not change what? Tax compliance laws Explanation: SOX does not make specific requirements for tax compliance. 30) Jackie is the CFO of a public company. She files false financial reports to boost her bonus package. Under Sarbanes Oxley, what penalties might she face for these actions? $1,000,000 in fines and up to 10 years in prison
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