BUSFIN 3500 MIDTERM EXAM QUESTIONS WITH CORRECT
ANSWERS
what are the different types of damages -- Answer ✔✔ compensatory
nominal
punitive
Compensatory Damages -- Answer ✔✔ Money awarded to a plaintiff as reimbursement
for her or his losses; based on the amount of actual damage or harm to property, lost
wages or profits, pain and suffering, medical expenses, disability, etc.
Nominal Damages -- Answer ✔✔ Monetary damages awarded to a plaintiff in a very
small amount, typically $1 to $5, to signify that the plaintiff has been wronged by the
defendant even though the plaintiff suffered no compensable harm.
puntitive damages -- Answer ✔✔ Compensation awarded to a plaintiff that goes beyond
reimbursement for actual losses and is imposed to punish the defendant and deter such
conduct in the future. Also called exemplary damages.
proximate cause -- Answer ✔✔ Legal cause; exists when the connection between an act
and an injury is strong enough to justify imposing liability.
, Contributory Negligence -- Answer ✔✔ A rule in tort law, used in only a few states,
that completely bars the plaintiff from recovering any damages if the damage suffered is
partly the plaintiff's own fault.
Comparative Negligence -- Answer ✔✔ A rule in tort law, used in the majority of
states, that reduces the plaintiff's recovery in proportion to the plaintiff's degree of fault,
rather than barring recovery completely.
what is assumption of risk -- Answer ✔✔ When one knowingly, voluntarily, and
intelligently goes into a situation where harm is foreseeable, one is assuming the risk of
such possible harm and therefore cannot sue!!.
elements of assault -- Answer ✔✔ intentional and voluntarily places another in fear or
apprehension of an immediate, offensive physical harm. Assault does not require actual
contact.
Elements of Battery -- Answer ✔✔ intentionally and voluntarily brings about a non-
consented harmful or offensive contact with a person or something closely associated
with him or her. Battery requires an actual contact.
elements of negligence -- Answer ✔✔ 1. Duty
2. Breach
3. Causation
4. Damages
ANSWERS
what are the different types of damages -- Answer ✔✔ compensatory
nominal
punitive
Compensatory Damages -- Answer ✔✔ Money awarded to a plaintiff as reimbursement
for her or his losses; based on the amount of actual damage or harm to property, lost
wages or profits, pain and suffering, medical expenses, disability, etc.
Nominal Damages -- Answer ✔✔ Monetary damages awarded to a plaintiff in a very
small amount, typically $1 to $5, to signify that the plaintiff has been wronged by the
defendant even though the plaintiff suffered no compensable harm.
puntitive damages -- Answer ✔✔ Compensation awarded to a plaintiff that goes beyond
reimbursement for actual losses and is imposed to punish the defendant and deter such
conduct in the future. Also called exemplary damages.
proximate cause -- Answer ✔✔ Legal cause; exists when the connection between an act
and an injury is strong enough to justify imposing liability.
, Contributory Negligence -- Answer ✔✔ A rule in tort law, used in only a few states,
that completely bars the plaintiff from recovering any damages if the damage suffered is
partly the plaintiff's own fault.
Comparative Negligence -- Answer ✔✔ A rule in tort law, used in the majority of
states, that reduces the plaintiff's recovery in proportion to the plaintiff's degree of fault,
rather than barring recovery completely.
what is assumption of risk -- Answer ✔✔ When one knowingly, voluntarily, and
intelligently goes into a situation where harm is foreseeable, one is assuming the risk of
such possible harm and therefore cannot sue!!.
elements of assault -- Answer ✔✔ intentional and voluntarily places another in fear or
apprehension of an immediate, offensive physical harm. Assault does not require actual
contact.
Elements of Battery -- Answer ✔✔ intentionally and voluntarily brings about a non-
consented harmful or offensive contact with a person or something closely associated
with him or her. Battery requires an actual contact.
elements of negligence -- Answer ✔✔ 1. Duty
2. Breach
3. Causation
4. Damages
