ETH 321 Final Exam Guide NEW

1
ETH 321 Final Exam Guide NEW
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Exam Guide NEW
1 Which of the following statements is true of
a grand jury?
2
A grand jury has the authority to subpoena
business records relevant to a lawsuit.
A grand jury determines whether the accused in a
lawsuit is innocent or guilty.
At least 20 members should be present on a grand
jury to examine evidences and vote on a case.
www.e.!21assienmenLcom For an indictment to be
returned, only one-
third of a grand jury needs to agree that a crime
has been committed.
2 Alan and Miriam are engaged in a debate on the
importance of intellectual property rights. While
Alan holds the view that intellectual property
protection safeguards the interests of
businesses, Miriam thinks that it ultimately
3
puts businesses at a disadvantage by hampering
the dissemination of information. Which of the
following arguments is most likely to be raised
by Alan to strengthen his proposition?
Intellectual property rights reduce the pace of
research and development drastically. Intellectual
property rights result in an WWW L
availabi Intellectual property rights reduce
businesses' market share by facilitating
competition.
Intellectual property rights allow businesses to
charge premium prices for their products.
3
4
According to the_, the acceptance of an offer
results in a binding contract only if it exactly
matches the terms of the offer.
mirror image rule
parol evidence rule
exclusive remedy rule www.eth321assignment.com mai
lbox rule
4 The_enacted in 1938 established minimum wage,
overtime pay, and recordkeeping requirements.
Uniformed Services Employment and Reemployment
Rights Act
5
Family and Medical Leave Act
Fair Labor Standards Act
Worker Adjustment and Retraining Notification
Act 5 The term_refers to the placing of
an individual in immediate apprehension for
his www.ethr her physical safety-
defamation
conversion
assault
battery
6
6
The term_refers to any change in the ownership of
a business organization that would alter its
legal existence.
dissolution
consideration
WWW.eth321rescission
conversion 7 Which of the following statements is
true of the Securities and Exchange Commission?
Its members are appointed by the senate for
a term of four years.
7
It is responsible for implementing the
federal securities laws.
It lacks the authority to frame rules regarding
transactions of securities.
Its members are either lawyers or
security analysts. www.eth321as A system of
equally applied law is a necessity for the
foundation of a strong, productive economy
because it
allows economically strong nations to exploit the
resources of weaker nations.
incentivizes private businesses to restrict job
opportunities for well-educated people.
8
encourages strangers to make agreements
on certainty and trust.
prohibits individuals from trading in
modern private markets. 9 Which of the following
scenarios illustrates a formalist approach to
business decisions? www.eth321assignment.com Selli
ng products by deceiving customers about possible
negative aspects of the products
Monitoring employee browsing history without
their consent to curb non-productive activities
Informing new customers about delays in
production schedules
9
Assigning significantly high productivity targets
to reduce costs 10
A(n)_refers to the individual or business entity
offering a security for sale to the public.
controlling person www.eth321assignment.com seller
issuer
underwriter 11 Windy and Ruby plan to present a
paper on intellectual property rights. They
decide that Windy will present the arguments in
favor of
10
intellectual property rights and that Ruby will
argue how intellectual property rights could be
detrimental to businesses and their customers.
Which of the following is most likely to be
Ruby's argument?
Intellectual property rights reduce businesses'
prospects of economic return on investment.
Intellectual property rights reduce the pace
of WWV\research and development drastically.
Intellectual property rights result in a decrease
in the availability of products.
Intellectual property rights do not allow
businesses to charge premium prices for
their products.
12
11
Which of the following statements is true of
white-collar crimes?
They are usually committed for personal financial
gain.
They rarely affect consumers of a business.
They rarely occur in business environments. www.et
h321assignment.com They are dependent on the
threat of physical force. 13 Which of the
following scenarios illustrates a bilateral
contract?
Grapevine Inc. follows a five-day workweek system
and also offers a compressed workweek option.
12
Sameera, a writer, signs a contract with her
publisher to publish her book.
Helen, a painter, signs a contract with an art
gallery that agrees to purchase her painting for
2000.
The management of Uno Inc. offers
additional www.benems to ,,s eTyr
annua,ly- question14 The Equal Employment
Opportunity Commission was created through the_.
National Labor Relations Act
Civil Rights Act
Age Discrimination in Employment Act
13
Americans with Disabilities Act
15 Concerted efforts to lobby government
officials, irrespective of their anticompetitive
purposes, are given an exception from the Sherman
Act under the_.
overbreadth doctrine www.eth321assignment.com Colg
ate doctrine Noerr-Pennington doctrine incorporati
on doctrine 16 A_is the simplest and least
expensive business institution to create.
14
limited liability company
partnership sole proprietorship
corporation www.eth321as17 In a state court
system, lawsuits filed by parties typically begin
at the_. federal district court level appellate
court level
trial court level
15
supreme court level 18
According to the Commerce Clause, the power to
regulate interstate commerce is vested with
state governments
state-level courts www.eth321assignment.com the
federal government
the U.S. Supreme Court 19 A business decision
maker's decision is more likely to raise ethical
concerns in a society where
16
there is an increase in demand for
public education.
the family structure is stable.
the news media and the Internet have significant
influence.
there is a decrease in economic www.eth3,n,erdepe
ndence- 20 How does law hold diverse people of
different backgrounds into large, organized
groups?
It prevents enforcement institutions from
enforcing written rules on strangers.
It tells the members of a society what they
can and cannot do.
17
It discourages people from making agreements
based on certainty and trust.
It allows strangers to adopt rules that
support their beliefs. 21 Courts determine
whether the language of an offer was clear enough
to result in a contract www.eth321asby examining
the objective intent of the offeror.
investigating whether an offeree actually
accepted the offer.
examining the adequacy of the consideration offere
d.
18
analyzing whether the terms of the acceptance
matches the terms of the offer. 22 Who among the
following individuals commits a battery?
Amanda, who fires her employee Trevor without any
notice and causes him severe mental distress
w v .,et. .21 jgnme it. -or Yuki, who injures
her boss Reese with a knife and inflicts serious
injuries on him
Joan, the customer care manager in a retail
store, who verbally threatens a customer who
calls to complain about a faulty product
Vincent, the CEO of Gregon Inc., who pays media
firms to circulate false information about
Gregon's chief competitor
19
23
Fuzo Inc., a manufacturer of leather bags, enters
into a contract with a firm regarding the
installation of a machine in Fuzo's factory. Fuzo
agrees to pay 1000 for the machine and another
200 as the installation charge. In this
scenario, the terms of the sale will be
covered under_.
the Federal Arbitration Act www.eth321assignment.c
om the Uniform Commercial Code
the Foreign Corrupt Practices Act
the Internal Revenue Code 24 The term_refers to
the act of referring
a matter to arbitration.
20
submission
settlement litigation conflict www.eth321as25 _is
a legal remedy to a breach of contract by which
each party to the contract returns the
consideration offered by the other. Arbitration Sp
ecific performance
Negotiated settlement
21
Rescission
26 Which of the following statements is true of
alternative dispute resolution (ADR) systems?
ADR systems increase the costs incurred during
the litigation process.
The parties to a dispute need not present the
case to a jury before opting for ADR systems
to settle the dispute.
ADR systems cannot be used for dispute resolution
in contractual relationships unless they are
specified in the contract.
The litigation process precludes the use of ADR
systems.
22
27
The_is the constitutional provision that details
the federal government's power to regulate
business activities.
Commerce Clause
liquidated damages clause
eq
t.com
A
n ,
ll
supremacy clause question 28 Which of the
following legal remedies to a breach of contract
allows the parties to the contract to agree to
abide by the decision of a third party or parties?
23
Arbitration
Specific performance
Negotiated settlement
Rescission 29 _refers to an agreement made
between etitors in an industry to fix prices of
their products.
wvcomp
Horizontal price fixing
Resale price fixing
Indirect price fixing
24
Vertical price fixing 30 The petition for a writ
of certiorari by the losing party of a litigation
will be reviewed by the U.S. Supreme Court
if the winning party agrees to subsequent reviews.
if the federal disct. urts, and the
cur,sf appeal correct the judicial errors
charged against the state court.
if at least one of the nine justices vote to
take the case.
if there is a major conflict between the trial
and appellate courts on the interpretation
of federal law.