Questions and Answers of Essentials Business Law

A Question of Ethics Agreements between parties of unequal bargaining power are known as contracts of adhesion. For example, an apartment house owner presented a tenant with a lease renewal that
Valid consideration is not necessarily either the performance of an act or the payment of money. One party to a contract, for a variety of reasons, may wish to exchange his or her promise to pay
The most common form of valid consideration is the promise of money by one party for the promise of an act by another. Why is a mere promise deemed adequate in the eyes of the law when consideration
Study each of the following case. Answer the questions that follow with Yes or No.Gallagher Restaurant Supply was in the business of leasing equipment to small restaurants. Quezada, the operator of a
Study each of the following case. Answer the questions that follow with Yes or No.Gortino, while trying to sell his house to Gawlas, was asked if he had ever seen or suspected termites in the house.
Study each of the following case. Answer the questions that follow with Yes or No.Guss, a professor at a small college, offered to sell his five-yearold car to Kantrowitz, a student in one of his
Is the failure to disclose material facts or information to a prospective buyer fair and ethical?
What criteria should a court use in determining whether a contract is shockingly unjust or unfair and thus unconscionable?
Why does the law provide that a mistake must be mutual, and not unilateral, in order for a contract to be voidable?
How should a court decide whether a particular term in a contract is material?
Persuasive statements based on a salesperson’s opinion are referred to as puffing. Provide examples of typical sales situations in which puffing is used.
Explain the UCC provision relating to when a contract is unconscionable.
Using the Internet and search engines, locate web pages that offer goods and services for sale and that specify time periods during which such offers must be accepted.
Why are newspaper advertisements not considered valid offers?
Describe the circumstances under which silence on the part of an offeree will be a valid acceptance. Does this seem reasonable and fair?
Study each of the following case. Answer the questions that follow with Yes or No.Neto learned that Quan, his neighbor, intended to sell his powerboat. Neto texted Quan stating that he wanted to buy
Study each of the following case. Answer the questions that follow with Yes or No.Kallinteris opened a travel agency in her small town. She then received an e-mail message from a local office supply
Study each of the following case. Answer the questions that follow with Yes or No.Redmond offered to sell Goosen her used car for $6,000. Goosen could not make up his mind and, finally, after five
Explain the two requirements of a valid acceptance.
Explain the three requirements of a valid offer.
When a definite time for acceptance has not been set, when does the acceptance time terminate?
Under what circumstances might a specific time be crucial to a transaction that would justify limiting the time for an offer or acceptance?
What are some advantages of written offers and acceptances over spoken ones?
Provide an example of an agreement that would need to be in writing to be enforceable.
The law requires that the purpose of a contract must be legal. Provide an example of a contract that would not be enforceable because it lacks legality of purpose.
The law requires that the parties be competent to enter into a contract. Give an example of a party who lacks competence.
Provide an example of a contracting party offering consideration by doing something that he or she is not legally required to do.
Parties to a contract must have a clear understanding of what they are undertaking—a meeting of the minds. Provide an example of two parties who have reached such a clear understanding.
Provide examples of typical offers and acceptances.
Indicate whether each of the following statements is true or false.To be legally enforceable, contracts must be in writing.
Indicate whether each of the following statements is true or false.Written contracts must be handwritten to be legally enforceable.
Study each of the following case carefully. Briefly state the principle of law and your decision.The New York City charter authorizes the board of health to adopt a health code and to take other
Study each of the following cases carefully. Briefly state the principle of law and your decision.The law in a particular state provided that the commissioner of insurance had the authority to
Study each of the following case. Answer the questions that follow with Yes or No.Technology Unlimited operated a small factory, employing 100 workers. The company manufactured special measuring
Study each of the following case. Answer the questions that follow with Yes or No.Billings lived in a community that required a building permit before any major alterations could be made to
Study each of the following case. Answer the questions that follow with Yes or No.For three years, Patterson operated a small restaurant and enjoyed a growing business. His customers were pleased
Individuals as well as businesses are affected by actions of administrative agencies in different ways. Select a particular agency and discuss how the agency affects individuals and businesses.
Explain why legislatures establish regulatory agencies.
Discuss criticism of administrative agencies.
Using examples, describe the operation of a typical administrative agency.
Indicate whether each of the following statements is true or Indicate whether each of the following statements is true or false.The federal Constitution has been amended more than 100 times.
Study each of the following case carefully. Briefly state the principle of law and your decision.The IRS filed a lawsuit against Stern to collect unpaid income taxes, penalties, and interest that had
Study each of the following case carefully. Briefly state the principle of law and your decision.While in the custody of the New Castle Youth Development Center (YDC), 17-year-old Betts suffered a
Study each of the following case. Answer the questions that follow with Yes or No.In an effort to stem the rising usage of illegal drugs, the town of Zhemville passes an ordinance that mandates that
Study each of the following case. Answer the questions that follow with Yes or No.The town of Ericton is considering passing an ordinance that would severely restrict the possession and carrying of
Study each of the following case. Answer the questions that follow with Yes or No.The town of Homesdale passes an ordinance that requires all retail establishments to remain closed on Christmas Day.
Is it ethical for a state legislature to pass a law for the sole purpose of testing its constitutionality?
Should the death penalty be considered cruel and unusual punishment, thus violating the Eighth Amendment?
Should speech that is sexist, racist, ageist, or otherwise offensive be protected under the First Amendment?
Provide some examples of unreasonable searches and seizures.
Describe the process used to amend the Constitution.
Study each of the following case. Answer the questions that follow with Yes or No.Pratt, a stock-car racing driver, had entered a race to be held several months later. Two days before the race, he
Study each of the following case. Answer the questions that follow with Yes or No.Leffingwell engaged the Bartwell Tree Removal Service to cut down and remove a diseased tree from her property. When
Study each of the following case. Answer the questions that follow with Yes or No.The Sock ‘n’ Rock Music Store was located in a small shopping mall.In an effort to attract additional customers,
Study each of the following case. Answer the questions that follow with Yes or No.Goldman, an ex-convict, was employed in the accounting department of Rogers Products Incorporated. None of his
Do you believe it is unethical to exaggerate the extent of injuries suffered in an automobile accident resulting from another driver’s negligent driving in an effort to increase the amount of a
If a person suffers a loss of his or her property as a result of the criminal wrongdoing of another, would it matter whether the thief (wrongdoer) is charged by the victim with the crime of larceny
Explain strict liability and provide an example.
Explain vicarious liability and provide an example.
Explain the legal concept of liability and provide examples.
Indicate whether each of the following statements is true or false.Liability is the state of being responsible for a wrong or injury.
Indicate whether each of the following statements is true or false.A tort is a violation of the rights of a particular person.
Study each of the following case carefully. Briefly state the principle of law and your decision.Searle, office manager of Entro Products, had access to the firm’s checks to be used in paying for
Study each of the following case carefully. Briefly state the principle of law and your decision.DeCoster and his son, owners of a large egg production company, negligently sold eggs contaminated by
Study each of the case below. Answer the questions that follow with Yes or No.Gelfis owned and operated Welltech, a janitorial service company that provided services to a number of city and state
Study each of the case below. Answer the questions that follow with Yes or No.Zaks, the owner of a hairstyling salon, Locks Unlimited, applied for a bank loan to buy new hairdryers and other
Study each of the case below. Answer the questions that follow with Yes or No.Williamson owned and operated a restaurant named Plum Pudding. His restaurant had a difficult time competing with Green
What is the intent of someone who is said to engage in activities called “false pretenses”?
What is the difference between extortion and bribery?
Has the use of computers in business increased or reduced the incidence of embezzlement?
What are some common examples of white-collar crime?
What are some typical misdemeanors common to most jurisdictions?
What are some acts that were previously considered crimes but are no longer viewed as violations of the law?
What are some crimes that are particularly applicable to business?
What are the three major classifications of crimes?
What is the difference between a tort and a crime?
Indicate whether each of the following statements is true or false.The difference between extortion and bribery is that, in extortion, both parties are willing participants in the crime.
Indicate whether each of the following statements is true or false.A person who profits from the sale of stock as a result of using nonpublic information can be charged with violations of federal law.
Indicate whether each of the following statements is true or false.It is always illegal for an executive of a firm to buy or sell the stock of the firm.
Indicate whether each of the following statements is true or false.When employees with access to a firm’s money, such as accountants, cashiers, and bank tellers, wrongfully divert funds to
Indicate whether each of the following statements is true or false.The crime of perjury is limited to the false swearing under oath before a judge in a federal court.
Indicate whether each of the following statements is true or false.The legal term that covers such activities as obtaining goods and other benefits by the use of misleading statements and deception
Indicate whether each of the following statements is true or false.In all states, the crime of bribery is limited to giving or taking money or property to influence a public official.
Indicate whether each of the following statements is true or false.The theft of goods from a vehicle in transit is known as hijacking.
Indicate whether each of the following statements is true or false.Shoplifting is the term that describes the theft of money by employees, such as accountants or cashiers, who steal money from retail
Indicate whether each of the following statements is true or false.Larceny is a broad term that includes most forms of theft.
Indicate whether each of the following statements is true or false.Burning to defraud is a special category of crime committed by persons who burn their own property with the intention of collecting
Indicate whether each of the following statements is true or false.White-collar crime, as distinguished from other types of crime, generally does not involve force or violence.
Indicate whether each of the following statements is true or false.Treason is a major crime against the federal government consisting of levying war or giving aid and comfort to an enemy.
Indicate whether each of the following statements is true or false.If a person’s reckless driving results in an automobile accident, he or she can be charged with both a tort and a crime.
Indicate whether each of the following statements is true or false.The purpose of criminal law is to compensate injured parties for their losses.
Study each of the following cases. Answer the questions that follow with Yes or No.Lackowitz, a college student, was concerned about a final examination. During previous examinations in the same
Study each of the following case. Answer the questions that follow with Yes or No.Maas owns a company that manufactures children’s toys.The Consumer Product Safety Commission develops a regulation
Study each of the following case. Answer the questions that follow with Yes or No.Ayer, an engineer with product development responsibilities, was confronted with an ethical dilemma. He knew that a
The corporate culture exerts a major influence on the ethical behavior of every employee and executive in the firm. Since it is recognized that management largely determines the corporate culture,
Critics of corporate social action question whether it is appropriate to commit corporate resources to socially desirable goals. It might be better, they suggest, to maximize earnings for
A number of firms accused of unethical behavior had established codes of ethics, or credos, and formal employee orientation programs. It might seem that these efforts had little influence on the
A person who blows the whistle on some unethical practice in a firm is often treated as an outcast by his or her coworkers. Why does this occur? Does this mean that the coworkers are less ethical?
Discuss several responses by businesses to ethical issues.
Suggest several unfavorable consequences facing a business firm that consistently engages in unethical practices.

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