Business Law 1 - Final Exam Questions With Accurate Answers
Felony/Misdemeanor - correct answer -Felony = Serious crime, 1yr or more
Misdemeanor = Less serious, 1yr or less
Actus Reus - correct answer -Guilty Act
The prosecution must prove that the defendant voluntarily commited a prohibited act
Mens Rea - correct answer -Guilty State of Mind
Insanity (Defense) - correct answer -If defendant can prove he was insane at time of criminal act, will be
declared not guilty
Coercion (Defense) - correct answer -Practice of forcing another party to act in an involuntary manner
Entrapment (Defense) - correct answer -When the government induces the defendant to break the law,
the pros- ecution must prove beyond a reasonable doubt that the defendant was predisposed to
commit the crime.
Larceny - correct answer -Trespassory taking of personal property with intent to steal
Fraud - correct answer -Deception of a person for the purpose of obtaining money or property
Arson - correct answer -Malicious use of fire or explosives to damge or destroy real estate or personal
property
Embezzlement - correct answer -fraudulent conversion of property already in the defendant's
possession
RICO - correct answer -Using two or more racketeering acts to accomplish any of the following goals:
(1) Investing or acquiring legitimate businesses with criminal money;
(2) maintaining or acquiring businesses through criminal activity; or
(3) operating businesses through criminal activity
Patriot Act - correct answer -Gives FBI right, based on its own analysis, to issue National Security, can
look at anything, internet searches, phone
4th Amend. - correct answer --No unreasonable searches and seizures
-Probable cause
-Judge issue warrent
Plain View - correct answer -if police can see MJ or AK47 in plain view, can take them and arrest you
without a need for warrant.
, Exlusionary Rule - correct answer -a rule of evidence, if evidence was found unlawfully without search
warrant, then it doesn't count
5th Amend. - correct answer -No self incrimination/due process (Miranda Warnings)
Merranda Warnings - correct answer --You have the right to an attorney
-Right to remain silent, anything you say can be used against you in the court of law
-If not given Merranda Warning, can't be used against you
6th Amend. - correct answer -Give you the right to an attorney if you might end up in jail 6 months or
more
8th Amend. - correct answer -Cruel and Unusual punishment
-death penalty is not cruel and unusual, however certain administrations of it are are
-Prison overcrowding can be considered C&U
Double Jeopardy - correct answer -You can only be prosecuted once for a criminal offense
Elements of Contract - correct answer -1. Agreement
2. Consideration
3. Legality
4. Capacity
Agreement (Element of Contract) - correct answer -(offer, acceptance + meeting of minds on all material
terms) One party must make a valid offer, and the other party must accept it
Consideration (Element of Contract) - correct answer -There has to be bargaining that leads to an
exchange between the parties.
Legality (Element of Contract) - correct answer -The contract must be for a lawful purpose
Capacity (Element of Contract) - correct answer -The parties must be old enough and of sound mind
Bilateral Contract - correct answer -Both parties make a promise
Unilateral Contract - correct answer -One party makes a promise that the other party can accept only by
doing something
Express Contract - correct answer -An agreement with all important terms explicitly stated.
Implied Contract - correct answer -The words and conduct of the parties indicate that they intended an
agreement
Sources of Contract Law - correct answer -Common Law and the Uniform Commercial Code (sale of
goods)
Alternative Equitable Theories - correct answer -(1) Promissory Estoppel
(2) Quasi-Contract
Felony/Misdemeanor - correct answer -Felony = Serious crime, 1yr or more
Misdemeanor = Less serious, 1yr or less
Actus Reus - correct answer -Guilty Act
The prosecution must prove that the defendant voluntarily commited a prohibited act
Mens Rea - correct answer -Guilty State of Mind
Insanity (Defense) - correct answer -If defendant can prove he was insane at time of criminal act, will be
declared not guilty
Coercion (Defense) - correct answer -Practice of forcing another party to act in an involuntary manner
Entrapment (Defense) - correct answer -When the government induces the defendant to break the law,
the pros- ecution must prove beyond a reasonable doubt that the defendant was predisposed to
commit the crime.
Larceny - correct answer -Trespassory taking of personal property with intent to steal
Fraud - correct answer -Deception of a person for the purpose of obtaining money or property
Arson - correct answer -Malicious use of fire or explosives to damge or destroy real estate or personal
property
Embezzlement - correct answer -fraudulent conversion of property already in the defendant's
possession
RICO - correct answer -Using two or more racketeering acts to accomplish any of the following goals:
(1) Investing or acquiring legitimate businesses with criminal money;
(2) maintaining or acquiring businesses through criminal activity; or
(3) operating businesses through criminal activity
Patriot Act - correct answer -Gives FBI right, based on its own analysis, to issue National Security, can
look at anything, internet searches, phone
4th Amend. - correct answer --No unreasonable searches and seizures
-Probable cause
-Judge issue warrent
Plain View - correct answer -if police can see MJ or AK47 in plain view, can take them and arrest you
without a need for warrant.
, Exlusionary Rule - correct answer -a rule of evidence, if evidence was found unlawfully without search
warrant, then it doesn't count
5th Amend. - correct answer -No self incrimination/due process (Miranda Warnings)
Merranda Warnings - correct answer --You have the right to an attorney
-Right to remain silent, anything you say can be used against you in the court of law
-If not given Merranda Warning, can't be used against you
6th Amend. - correct answer -Give you the right to an attorney if you might end up in jail 6 months or
more
8th Amend. - correct answer -Cruel and Unusual punishment
-death penalty is not cruel and unusual, however certain administrations of it are are
-Prison overcrowding can be considered C&U
Double Jeopardy - correct answer -You can only be prosecuted once for a criminal offense
Elements of Contract - correct answer -1. Agreement
2. Consideration
3. Legality
4. Capacity
Agreement (Element of Contract) - correct answer -(offer, acceptance + meeting of minds on all material
terms) One party must make a valid offer, and the other party must accept it
Consideration (Element of Contract) - correct answer -There has to be bargaining that leads to an
exchange between the parties.
Legality (Element of Contract) - correct answer -The contract must be for a lawful purpose
Capacity (Element of Contract) - correct answer -The parties must be old enough and of sound mind
Bilateral Contract - correct answer -Both parties make a promise
Unilateral Contract - correct answer -One party makes a promise that the other party can accept only by
doing something
Express Contract - correct answer -An agreement with all important terms explicitly stated.
Implied Contract - correct answer -The words and conduct of the parties indicate that they intended an
agreement
Sources of Contract Law - correct answer -Common Law and the Uniform Commercial Code (sale of
goods)
Alternative Equitable Theories - correct answer -(1) Promissory Estoppel
(2) Quasi-Contract
