BUL 3320 Business Law - Carol Vance
USF Exam Questions and Answers
CAN-SPAM Act - answer- restricts unsolicited emails
Requires spammers to label sexually oriented e-mail as such. Need warning for
sexual content.
Part Performance - answer- equitable remedy that if an oral contract (or a contract
that is not in writing) is partially completed then that is enforced by court to then be
fully completed to avoid injustice
Grandma asks you to live in her beach house and fix her roof in order for her to sell it
to you for 100,000. You agree and move into the beach house and fix the roof. After
grandma comes to see the property and says she's very happy with the new roof and
she wants to move back into the home rather then selling it. You take grandma to
court and they enforce grandma to complete the contract and sell the property to
you. What is this an example of? - answer- Part Performance
Course of Dealing - answer- a consistent pattern of behavior between parties in a
business relationship
If a dealership consistently includes two free oil changes as part of its car sale
transaction, and both the dealership and customers expect this practice. What is this
referred to as - answer- Course of Dealing
Option Contract - answer- when the offeror asks the offeree to hold the contract
open for a fixed amount of time in exchange for a deposit usually in the form of a
consideration.
Used for getting financing or to do due diligence
On FB marketplace you find a car you like for $5,000. You and the Seller agree that
you will put a deposit of $1,000 for the exclusive option to buy the car within the next
30 days. What is this an example of ? - answer- Option Contract
UCC Contract Modification - answer- no consideration required
**BUT common law does require consideration**
Universal commercial code UCC - answer- A model act passed in 1949 that includes
comprehensive laws that covers most aspects of commercial transactions.
Consideration - answer- something of value exchanged for something else of value
ex: I will do your tax returns for $500
my consideration: completing your tax return
your consideration: paying $500
, Ethical Fundamentalism - answer- individuals look to a central authority or set of
rules to guide them in ethical decision making
Ex: If you are religious and the bible states, 'an eye for an eye' you will follow this
principle since this is what the bible says is correct.
Utilitarianism - answer- A person must choose the action or follow the rule
that provides the greatest good to society
ex: helping one person get 30,000 over 5 people getting 25,000. This ideal suggests
that the 30,000 is more than 25,000 so that is what you should do.
Kantian Ethics - answer- A person owes moral duties based on universal rules
ex: Treat others the way you'd like to be treated.
Rawls's Social Justice Theory - answer- A person has a social contract with all
others in society to obey moral rules that are necessary for people to live in peace
and harmony.
ex: this is considered impossible in the real world.
Ethical Relativism - answer- A person must decide what is ethical based on his other
own feelings as to what is right or wrong. (more situational)
Ex: Gift giving in some cultures is see, as generous. In another culture gift giving
may be seen as bribery.
Social responsibility - answer- the obligation of a business to contribute to society
maximizing profits - answer- A theory of social responsibility stating that a
corporation owes a duty to take actions that maximize profits for shareholders.
Moral Minimum - answer- The minimum level of ethical behavior expected by
society, which is usually defined as compliance with the law.
Stakeholder Interest - answer- a theory of social responsibility stating that a
corporation must consider the effects that its actions have on persons other than its
shareholders
Corporate Citizenship - answer- Business has a responsibility to do good
Includes corporate social audit in which employees are examined for how well they
adhered to company ethics and how well the company met its social responsibility.
Sarbanes-Oxley Act - answer- Companies must disclose whether they have a code
of ethics for senior financial officers
contract roadmap - answer- Offer-->Acceptance-->Consideration-->legal capacity--
>legal subject matter
contracts - answer- Contracts are voluntary agreements between the parties that can
be legally binding.
USF Exam Questions and Answers
CAN-SPAM Act - answer- restricts unsolicited emails
Requires spammers to label sexually oriented e-mail as such. Need warning for
sexual content.
Part Performance - answer- equitable remedy that if an oral contract (or a contract
that is not in writing) is partially completed then that is enforced by court to then be
fully completed to avoid injustice
Grandma asks you to live in her beach house and fix her roof in order for her to sell it
to you for 100,000. You agree and move into the beach house and fix the roof. After
grandma comes to see the property and says she's very happy with the new roof and
she wants to move back into the home rather then selling it. You take grandma to
court and they enforce grandma to complete the contract and sell the property to
you. What is this an example of? - answer- Part Performance
Course of Dealing - answer- a consistent pattern of behavior between parties in a
business relationship
If a dealership consistently includes two free oil changes as part of its car sale
transaction, and both the dealership and customers expect this practice. What is this
referred to as - answer- Course of Dealing
Option Contract - answer- when the offeror asks the offeree to hold the contract
open for a fixed amount of time in exchange for a deposit usually in the form of a
consideration.
Used for getting financing or to do due diligence
On FB marketplace you find a car you like for $5,000. You and the Seller agree that
you will put a deposit of $1,000 for the exclusive option to buy the car within the next
30 days. What is this an example of ? - answer- Option Contract
UCC Contract Modification - answer- no consideration required
**BUT common law does require consideration**
Universal commercial code UCC - answer- A model act passed in 1949 that includes
comprehensive laws that covers most aspects of commercial transactions.
Consideration - answer- something of value exchanged for something else of value
ex: I will do your tax returns for $500
my consideration: completing your tax return
your consideration: paying $500
, Ethical Fundamentalism - answer- individuals look to a central authority or set of
rules to guide them in ethical decision making
Ex: If you are religious and the bible states, 'an eye for an eye' you will follow this
principle since this is what the bible says is correct.
Utilitarianism - answer- A person must choose the action or follow the rule
that provides the greatest good to society
ex: helping one person get 30,000 over 5 people getting 25,000. This ideal suggests
that the 30,000 is more than 25,000 so that is what you should do.
Kantian Ethics - answer- A person owes moral duties based on universal rules
ex: Treat others the way you'd like to be treated.
Rawls's Social Justice Theory - answer- A person has a social contract with all
others in society to obey moral rules that are necessary for people to live in peace
and harmony.
ex: this is considered impossible in the real world.
Ethical Relativism - answer- A person must decide what is ethical based on his other
own feelings as to what is right or wrong. (more situational)
Ex: Gift giving in some cultures is see, as generous. In another culture gift giving
may be seen as bribery.
Social responsibility - answer- the obligation of a business to contribute to society
maximizing profits - answer- A theory of social responsibility stating that a
corporation owes a duty to take actions that maximize profits for shareholders.
Moral Minimum - answer- The minimum level of ethical behavior expected by
society, which is usually defined as compliance with the law.
Stakeholder Interest - answer- a theory of social responsibility stating that a
corporation must consider the effects that its actions have on persons other than its
shareholders
Corporate Citizenship - answer- Business has a responsibility to do good
Includes corporate social audit in which employees are examined for how well they
adhered to company ethics and how well the company met its social responsibility.
Sarbanes-Oxley Act - answer- Companies must disclose whether they have a code
of ethics for senior financial officers
contract roadmap - answer- Offer-->Acceptance-->Consideration-->legal capacity--
>legal subject matter
contracts - answer- Contracts are voluntary agreements between the parties that can
be legally binding.
