BUL 3320 Business Law - TEST ONE -
Carol Vance USF Exam Questions and
Answers
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.
Offer - ANSWER-voluntary willingness to enter a Bargain
offeror party who makes offer
offeree who accepts or denies the offer
revocation - ANSWER-Withdrawal of an offer by the offeror that terminates the offer
, An offer must contain the following terms - ANSWER-Identification of the parties
Identification of the subject matter and quantity
Consideration to be paid
Time of performance
advertisment - ANSWER-not an offer but an invitation for buyer to make an offer
rewards - ANSWER-a promise for an act.
ex: if you find my missing dog you will get $10,000
output contract - ANSWER-An agreement in which a seller agrees to sell and a
buyer agrees to buy all or up to a stated amount of what the seller produces.
ex: a seafood restaurant will buy a fisherman's entire inventory for their restaurant
weekly
requirements contract - ANSWER-An agreement in which a buyer agrees to
purchase and the seller agrees to sell all or up to a stated amount of what the buyer
needs or requires.
best-efforts contract - ANSWER-A contract which contains a clause that requires one
or both of the parties to use their best efforts to achieve the objective of the contract
Accord - ANSWER-an agreement whereby the parties agree to accept something
different in satisfaction of the original contract
ex: I am selling puppies and you want to buy one. we both agree that 1000 for this
puppy is fair. later you realize you don't have 1000 dollars so instead you offer to pay
850 plus you give me your guitar.
satisfaction - ANSWER-the performance of an accord
**if the accord is not satisfied then the injured party and sue to enforce the accord or
OG contract
Promissory Estoppel - ANSWER-an equitable doctrine that prevents the withdrawal
of a promise by a promisor if it will adversely affect a promisee who has adjusted
their position in justifiable reliance on the promise
ex:
I tell you I am selling my car bc I hate it. You tell me you'll buy the car and we agree
on a price. You rush to a dealership and sell your current car in order to get the cash
to buy the car off me. I will now have to sell the car to you since you relied on my
promise and we agreed.
Statute of Frauds - ANSWER-A state statute under which certain types of contracts
must be in writing to be enforceable.
MYLEGG (contracts that must be in writing) - ANSWER-Marriage
Year(more then one)
Land
Executor
Carol Vance USF Exam Questions and
Answers
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.
Offer - ANSWER-voluntary willingness to enter a Bargain
offeror party who makes offer
offeree who accepts or denies the offer
revocation - ANSWER-Withdrawal of an offer by the offeror that terminates the offer
, An offer must contain the following terms - ANSWER-Identification of the parties
Identification of the subject matter and quantity
Consideration to be paid
Time of performance
advertisment - ANSWER-not an offer but an invitation for buyer to make an offer
rewards - ANSWER-a promise for an act.
ex: if you find my missing dog you will get $10,000
output contract - ANSWER-An agreement in which a seller agrees to sell and a
buyer agrees to buy all or up to a stated amount of what the seller produces.
ex: a seafood restaurant will buy a fisherman's entire inventory for their restaurant
weekly
requirements contract - ANSWER-An agreement in which a buyer agrees to
purchase and the seller agrees to sell all or up to a stated amount of what the buyer
needs or requires.
best-efforts contract - ANSWER-A contract which contains a clause that requires one
or both of the parties to use their best efforts to achieve the objective of the contract
Accord - ANSWER-an agreement whereby the parties agree to accept something
different in satisfaction of the original contract
ex: I am selling puppies and you want to buy one. we both agree that 1000 for this
puppy is fair. later you realize you don't have 1000 dollars so instead you offer to pay
850 plus you give me your guitar.
satisfaction - ANSWER-the performance of an accord
**if the accord is not satisfied then the injured party and sue to enforce the accord or
OG contract
Promissory Estoppel - ANSWER-an equitable doctrine that prevents the withdrawal
of a promise by a promisor if it will adversely affect a promisee who has adjusted
their position in justifiable reliance on the promise
ex:
I tell you I am selling my car bc I hate it. You tell me you'll buy the car and we agree
on a price. You rush to a dealership and sell your current car in order to get the cash
to buy the car off me. I will now have to sell the car to you since you relied on my
promise and we agreed.
Statute of Frauds - ANSWER-A state statute under which certain types of contracts
must be in writing to be enforceable.
MYLEGG (contracts that must be in writing) - ANSWER-Marriage
Year(more then one)
Land
Executor
