MG 260 Final Exam Review Questions with 100% Correct Answers | Updated & Verified

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MG 260 Final Exam Review Questions with 100% Correct Answers | Updated & Verified 1. Which one is a function of the law a. Peacekeeping b. Promoting social justice c. Protecting the environmen... t d. All of the above are functions of the law 2. Mediation is binding a. True b. False 3. Stare decisis states that like cases should be decided alike a. True b. False 4. Caveat emptor means a. Let the vendor beware b. Beware of freedom to contract c. Beware of lawyers d. Let the buyer beware 5. Arbitration is binding, mediation is not a. True b. False 6. The guidelines to ethical decision making recommend considering how alternatives impact the following a. The decision maker only b. The decision maker and his company c. The decision maker, his company, and society as a whole d. The company of the decision maker only 7. Ethical standards can come from the following sources a. Personal ethics b. Professional standards for ethics c. Corporate codes of ethics d. All of the above 8. In determining the ethics of an alternative, the theory would encourage a decision maker to consider the benefit and cost to society as a whole. a. Justice theory b. Rights theory c. Utilitarianism d. Profit maximization 9. People are required to act ethically according to the law a. True b. False 10. In determining the ethics of an alternative, the theory would encourage a decision maker to consider the amount of net profit to the company in the long term a. Justice theory b. Rights theory c. Utilitarianism d. Profit maximization 11. Using , courts can declare the actions or other government bodies unconstitutional. a. Eminent domain b. Judicial review c. Separation of powers d. Federalism 12. According to the principle of federal supremacy and the U.S. Constitution, federal law never defeats conflicting state law a. True b. False 13. The protects freedom of speech a. Takings clause b. Commerce clause c. First amendment d. 10th amendment 14. The pleadings are a. The complaint, the answer, and the reply b. Venue and jurisdiction c. Arbitration, mediation, and minitrials d. The executive, judicial, and legislative branches 15. The power of a court to hear and decide a case is a. Venue b. Jurisdiction c. Jurisprudence c. Tort 16. A counterclaim is filed by the a. Plaintif b. Defendant c. Appellant d. Appellee 17. Which is not a type of misuse of legal proceedings a. Malicious prosecution b. Private nuisance c. Wrongful use of civil proceedings d. Abuse of process 18. A misdemeanor is a type of tort a. True b. False 19. Which of the following is an intentional tort a. Trespass to land b. A misdemeanor c. Strict liability d. Negligence 20. Which of the following is a defense to negligence a. Contributory negligence b. Assumption of the risk c. Comparative negligence d. All of the above 21. Without fault refers to a. Negligence b. Jurisprudence c. Strict liability d. Intentional tort 22. Raspberry Ice Tea, a rap musician, is dangled by his ankles four stories high until he agrees to sign a contract to share his copyright royalties with rap musician Scotty Doggy Dog. This contract is an example of a. Unilateral mistake b. Misrepresentation c. Duress d. Undue influence 23. Contracts for the sale of land must be in writing according to the Statute of Frauds a. True b. False 24. The transfer of a right under a contract is a a. Delegation b. A novation c. An assignment d. Accord and satisfaction 25. According to Casey, Julie owes her $50. Julie disagrees with the amount and sends Casey a check for $35 marked “payment in full”. If Casey cashes the check, she cannot recover the remaining $15 from Julie according to a. Quasi-contract b. Good Faith c. Promissory estoppel d. Accord and satisfaction 26. Honesty in fact refers to a. Quasi-truth b. Good Faith c. Quasi-contract d. Valid contract 27. The ability to incur legal obligations and acquire legal rights is a. Disaffirmance b. Emancipation c. Capacity d. Ratification 28. Contracts for the sale of goods for $500 or more must be in writing according to the Statue of Frauds a. True b. False 29. A poster advertising a reward for returning a lost dog is a. An ofer b. An invitation to ofer c. An acceptance d. An invitation to negotiate 30. A contract where all the parties have yet to perform their contractual duties is best described as a. An unenforceable contract b. An executory contract c. Implied contract d. Executed contract 31. Under the mailbox rule, an authorized acceptance is efective even if it is not received. a. True b. False 32. If a minor enters into a contract with an adult, the contract is because the minor could get out of the contract but the adult could not. a. voidable b. void c. valid d. unenforceable 33. Substantial performance does not apply if the breach of contract was willful. a. True b. False 34. The key concept of quasi-contract is a. Foreseeable reliance b. Unjust enrichment c. Good faith d. Profit maximization 35. Cinderella contracted with Griselda to paint her castle pink for $300. The day before Griselda was to paint, Cinderella’s wicked stepmother destroyed the castle. Griselda’s responsibility to paint the castle is discharged by a. Substantial performance b. Material breach c. Impossibility d. Strict performance 36. Consequential damages are also called special damages a. True b. False 37. In a breach the nonbreaching party can cancel the contract. a. Nonmaterial b. Impossible c. Material d. Substantial 38. This contractual theory of product liability applies when goods are not fit for their ordinary purpose. a. Negligence b. Express warranty c. Implied warranty of merchantability d. Implied warranty of fitness 39. This contractual theory of product liability applies only when the seller is a merchant of the kind of goods sold a. Strict liability b. Express warranty c. Implied warranty of merchantability d. Implied warranty of fitness 40. Which is not a tort-based form of product liability a. Negligence b. Implied warranty of fitness c. Strict liability d. None of the above 41. An example of negligence in product liability would be a. Negligent manufacture b. Express warranty c. Strict liability d. Implied warranty of fitness 42. The principal is authorized to act on behalf of the agent. a. True b. False 43. If an agent makes a contract on behalf of an undisclosed principal, the agent could be liable on the contract. a. True b. False 44. Employers could be liable for tors committed by employees if the employees were acting within the scope of their employment a. True b. False 45. Agents have a duty to follow orders even if the orders require the agent to act illegally or unethically. a. True b. False 46. Implied authority is a type of apparent authorithy a. True b. False 47. a principal can be liable on contracts made by an agent due to a. Actual authority b. Apparent authority c. Ratification d. All of the above 48. Agents are usually not liable for contracts made on behalf of a principal. a. True b. False [Show More]

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