BUSN 420 Final Exam

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BUSN 420 Final Exam 
(TCO 10) What are the main features of a traditional corporation? What are the main features…

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BUSN 420 Final Exam

BUSN 420 Final Exam

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(TCO 1) As an assistant in the legal department of a major corporation, your supervisor has asked you to do some research on how various laws may be applied in an upcoming case. Your department needs to coordinate with outside counsel and wants to be up to speed on how the law works.

Explain the sources of law in the American legal system. Is our civil law system more or less advantageous than the common law system? Why is it important to understand all sources of law and where to find them? Explain your answer with examples in a business context. (Points : 20)

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Over the years, the United States and adoption of the English common law, the lawmakers of this country have developed a substantial…

(TCO 2) Given the current economic climate nationwide and locally, the state of Delmarva would like to impose a higher tax on out-of-state companies doing business in the state than it imposes on in-state companies. The reason behind the legislature’s enactment of this law is to protect the local firms from out-of-state competition because they are losing local business, which is affecting the state’s economy.

Is this law legal, or is it a violation of equal protection for a state to impose? What legal standards could the court apply in evaluating the constitutionality of a law and which would apply in this instance? Explain. (Points : 20)

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I don’t think this is a legal law. The laws of a state must treat an individual in the same manner as others in similar conditions and…

(TCO 3) Jane lives in Florida and owns a small fresh fruit market. Robert lives in Georgia on a peach farm. For years, Jane and Robert have worked together; Jane buying peaches from Robert and Robert selling peaches to Jane for resale. Jane travels across the border to Georgia to buy her peaches because she knows that Robert has the best peaches in Georgia and her customers love them and come from miles to buy them from her. Jane contracted with Robert to buy 4 bushels of peaches and traveled to Georgia, as usual, to pick them up. Unfortunately, before Jane arrived, Robert sold her peaches to Xavier, a gentleman from North Carolina who was passing through and insisted on buying every last peach available. Jane wants to sue Robert for breach of contract.

Can Jane sue Robert? What claims could she raise and in what court would she raise them? Explain your answer from a jurisdictional standpoint using the above scenario. What types of jurisdiction are at play? (Points : 20)

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Jane can sue Robert for breach of contract if Robert is contractually obligated to sell the four bushels of peaches to Jane and is unable…

(TCO 4) Sandy mails a letter back to Andrea that she has signed; the letter makes reference to a car Andrea has for sale and Andrea’s desired price. When Andrea later delivers the car to Sandy, Sandy returns the car, claiming she does not want the car and that they did not have a contract, so she is not bound to keep the car. Andrea, however, claims they do have a contract and wants to enforce said contract for the price of the car. What standard would the court use to determine whether there is a contract between the parties for the sale of the car? (Points : 20)

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Many contracts are now completed by using e-mail. E-mail contracts are enforceable as long as they meet the requirements necessary to form a…

(TCO 5) Joe makes an offer to sell an order of produce to Bud for $550. It is a great deal and Bud jumps at the chance to accept Joe’s offer. Before Bud can get the money together, Joe sells the produce to Sal because he needs the money right away for a down payment on a tractor. Is the contract between Joe and Bud enforceable under the UCC? If Joe and Bud have an e-mail exchange that documents their agreement, does this change your answer? Why or why not? (Points : 20)

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Yes, because Under Article 2 of the UCC, a contract is usually enforceable even if the terms is omitted the price. Also, an enforceable agreement…

BUSN 420 Final Exam

(TCO 6) Choose an administrative agency you have learned about or encountered in the business world. Using this agency, create a scenario and walk the agency through the rulemaking process to promulgate legislation that pertains to your business sector of interest. (Points : 20)

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I don’t know a lot about this but I think working for a college undergraduate academic section, which takes care of activities like scholarships, medical claims, college certificates, grade sheets, creating profiles of the students etc., few rules are to be set on them.

Some of them are:

1. Proper working timings should be given to the staff….

(TCO 7) SoftWorld Products, Inc. develops, patents, and markets a new software program that is expected to the Internet market by storm. Seeing the potential of SoftWorld Products, Inc.’s new system, Global Gurus, LLC, proceeds to sell SoftWorld Products, Inc.’s program without its permission.

Does this practice constitute patent infringement? If so, what steps could SoftWorld Products, Inc. take to save itself the financial burden of suing Global Gurus, LLC for patent infringement and that would simultaneously enable to profit from the sales being made by Global Gurus, LLC? (Points : 20)

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I believe Global Gurus practice patent infringement and it depends on the scope of the patent. You can patent a device and/or a…

(TCO 8) What are the four principal types of Electronic Fund Transfer (EFT) systems today? Distinguish between the four types of electronic funds transfer systems used by banks. When is an electronic transaction binding under the Uniform Electronic Transactions Act? Using a real-life example, distinguish the liability of the bank, the customer, and the payee in an electronic transfer of funds situation. (Points : 20)

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Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another without any…

(TCO 9) We often hear reference to the doctrine of respondeat superior in a business context. Explain this doctrine. What are the ramifications of actions taken in the context of this doctrine once it is that someone is an agent? What are the key factors that can be used to determine whether an agent’s actions are within the scope of their employment? Explain these factors in the context of an original agency example demonstrating their importance. (Points : 20)

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Employers are liable for torts committed by employees within the scope of the employment, a legal doctrine known as…

(TCO 10) What are the main features of a traditional corporation? What are the main features of a Limited Liability Company? What are the similarities and differences we can look to when trying to determine which entity will best suit our needs in a given situation? In the context of entity selection, discuss the main features of these two entities and compare the liability that a corporation would be exposed to as it relates to shareholders/owners of a corporation as opposed to the members of a limited liability company (LLC). Would your choice change if the situation involved an act of fraud? Why or why not? (Points : 20)

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Traditional Corporation is a separate entity that has its own rights and responsibilities. In forming a corporation, potential shareholders offer…

BUSN 420 Final Exam

(TCO 5) High sues the manufacturer, wholesaler, and retailer for bodily injuries caused by a power saw High purchased. Which of the following statements is correct under strict liability theory? (Points : 10)

Contributory negligence on High’s part will always be a bar to recovery.

The manufacturer will avoid liability if it can show it followed the custom of the industry.

Privity will be a bar to recovery insofar as the wholesaler is concerned if the wholesaler did not have a reasonable opportunity to inspect.

High may recover even if he cannot show any negligence was involved.

(TCO 5) An appliance seller promised a restaurant owner that a home dishwasher would fulfill the dishwashing requirements of a large restaurant. The dishwasher was purchased but it was not powerful enough for the restaurant. Under the Sales Article of the UCC, what warranty was violated? (Points : 10)

The implied warranty of marketability.

The implied warranty of merchantability.

The express warranty that the goods conform to the seller’s promise.

The express warranty against infringement.

(TCO 5) EG Door Co., a manufacturer of custom exterior doors, verbally contracted with Art Contractors to design and build a $2,000 custom door for a house that Art was restoring. After EG had completed substantial work on the door, Art advised EG that the house had been destroyed by fire and Art was canceling the contract. EG finished the door and shipped it to Art. Art refused to accept delivery. Art contends that the contract cannot be enforced because it violated the Statute of Frauds by not being in writing. Under the Sales Article of the UCC, is Art’s contention correct? (Points : 10)

Yes, because the contract was not in writing.

Yes, because the contract cannot be fully performed due to the fire.

No, because the goods were specially manufactured for Art and cannot be resold in EG’s regular course of business.

No, because the cancellation of the contract was not made in writing.

(TCO 8) Under the Secured Transactions Article of the UCC, all of the following are needed to create an enforceable security interest, except _____ (Points : 10)

A security agreement must exist.

The secured party must give value

The debtor must have rights in the collateral.

A financing statement must be filed.

(TCO 8) Drew bought a computer for personal use from Hale Corp. for $3,000. Drew paid $2,000 in cash and signed a security agreement for the balance. Hale properly filed the security agreement. Drew defaulted in paying the balance of the purchase price. Hale asked Drew to pay the balance. When Drew refused, Hale peacefully repossessed the computer. Under the UCC Secured Transactions Article, which of the following remedies will Hale have? (Points : 10)

Obtain a deficiency judgment against Drew for the amount owed.

Sell the computer and retain any surplus over the amount owed.

Retain the computer over Drew’s objection.

Sell the computer without notifying Drew.

BUSN 420 Final Exam

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