Business Law 231 Test 1

Unilateral Contract – One party promises to give something in return for something and the other party agrees by their actions
federal questions – when a plaintiff's cause of action is based on the US constitution, a treaty, or a federal law ( case comes under judicial power of the federal courts)
Implied warranties – those created by the Code itself, not by any act or statement of the seller
Constitutional Law – law that involves the interpretation and application of the U.S. Constitution and state constitutions
What are federal courts? – They have exclusive jurisdiction over:
bankruptcy, claims against the U.S. and patent/copyright cases.
Cal employs Daily Employment Agency as an agent under a written agreement that describes the rights and duties of both parties. This is
Select one:
a. apparent authority.
b. equal authority.
c. express authority.
d. implied authority. – C
Trusts and Monopolies – Arrangements among competitors that destroy competition and regulate pricing.
Appellate jurisdiction – It is the power to review decisions of the lower court. in general, they give deference to the lower court's decision. They only decide to "reverse" the decision if it reflects "clear abuse of discretion". They can also remand the case. (Appellate courts and the Supreme Court)
A condition ______ is a particular event that must occur in order for a party's duty to arise.
peremptory challenges – the right to excuse a juror for virtually any reason
Hamer v. Sidway – established that forbearance counts as consideration
Voidable Promises – A new promise to perform a voidable obligation that has not been previously avoided is enforceable
Federal Rules of Civil Procedure (FRCP) – The rules controlling procedural matters in civil trials brought before the federal district courts
Party seeking quantum meruit must show the following – a benefit was conferred to the other party; party conferring did so with the reasonable expectation of being paid; the benefit was not volunteered; retaining benefit without paying for it would result in unjust enrichment of the party receiving the benefit
battery – liable
( = legally responsible; can be sued in a court action and
made to pay
A cоnditiоn ______ is а pаrticulаr event that must оccur in order for a party's duty to arise.
For-profit corporation – private corporations organized for the purpose of making money that's paid to owners in dividends
Special Power of Attorney – Written document allowing the agent to do specified acts only.
What distinguishes an agent from other types of employee or contractors – an agent has the authority to represent the principal and bind the principal in legal matters.
Ponzi Scheme – involves investments and get people to invest money people think is retirement money but never get it and send wrong statements but when they want the money have to give them money, get more investors to pay the people that want their money and use the thirds group money and just keep getting more investors.
Breach – Failure to perform a legal obligation

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