LEGAL 2700 NEW FINAL EXAM - TRIPP - UGA 2026
fraud - ANSWERstate law tort
intentional lie
material misrepresentation
crime
excuse to get out of a contract
misrepresentation - ANSWERinnocent mistake
crime when involved with financial information based on:
sarbanes-oxley act
sarbanes-oxley act - ANSWERcreated Public Company Accounting Oversight
Board
corporate governance
CEOs and CFOs must sign off on financial statements
whistleblower protection
Public Company Accounting Oversight Board - ANSWER5 members appointed by
SEC commissioners
reports to commissioners
given oversight of accounting firms that audit public companies
separated auditing and consulting functions
injurious falsehood - ANSWERintentional lie to hurt someone
false statement that is published
hurts products or company's reputation
"trade libel"
loss of business
must prove malicious intent
defamation - ANSWERsimilar to injurious falsehood
usually refers to an individual, not a company
do not have to prove malicious intent
emotional harm
mutual mistake - ANSWERboth sides of the party are confused
if confusion is about main character or contract, contract becomes voidable
Sherwood v Walker
Wood v Boynton
sherwood v walker - ANSWERcow case
,mistake of judgement- therefore not voidable
mistake of judgement or value is not reason to void
Wood v Boynton - ANSWERdiamond case
mistake of judgement, not fact
therefore contract was not voidable
Intention Infliction of Emotional Distress - ANSWERmost often in cyber bullying
really severe; beyond human decency
outrageous conduct
sever mental anguish
walmart case
Westboro baptist church
Remedies for breach of contract under law - ANSWERcompensatory damages
consequential damages
liquidated damages
Compensatory damages - ANSWERdesigned to set the clock back
in tort law: injured and missed work, give you money that you would have at this
point
in contract law: focuses on where you though you would be if contract wasnt
breached
consequential damages - ANSWERcontract was breached, now more and more
bad things keep happening
domino effect
must provide for foreseeable damages
liquidated damages - ANSWER"if you breach the contract, I get this much"
common clause that is put in contract
remedies for breach of contract under equity - ANSWERspecific performance
injunction
specific performance - ANSWERunique service
monetary damages cannot be agreed upon or provided, judge forces breaching
party to perform the task
injunction - ANSWERjudge tells you to do or not to do something
comes in situations when money cannot be a remedy
2 sections of cases - ANSWERLiability - is defendant responsible
damages - how much does defendant have to pay
,Title VII - ANSWEReliminates job discrimination on the basis of race, color,
religion, sex or national origin
15 or more employees
ADEA - ANSWERAge Discrimination in Employment Act
prohibits employment discrimination for people 40 or older
prohibits mandatory retirement
20 or more employees
Equal Pay Act - ANSWERprohibits discrimination on the basis of sex in payment
of wages
EEOC - ANSWEREqual Employment Opportunity Commission
enforces provisions of the Civil Rights Act
composed of 5 memebers
Complaint Procedure
Investigate
Conciliation
EEOC sues
Issue right to sue letter
ADA - ANSWERAmericans with Disabilities Act
prohibits employer discrimination based on:
having a disability
having a disability in the past
being regarded as having a disability
Disbaility - ANSWERany physical or mental impairment that substantially limits
one or more of an individual's major life activities
Enron/Sox - ANSWERMark to Market accounting
various crimes committed by Enron prompted Sarbanes-oxley act
Mark to Market accounting - ANSWERvaluing assets based on current market
value rather than initial value when bought
FMLA - ANSWERFamily Medical Leave Act
requires employers to give people time off for personal medical family
emergencies
really only deals with immediate family
unpaid
up to 12 weeks
Affirmative Action - ANSWERonly get if you're a part of a group that has been
discriminated against in the past
qualified only
, federally contracted employees must actively recruit minorities
HIPPA - ANSWERHealth Insurance Portability and Accountability Act
provides data privacy and security provisions for safeguarding medical
information
GINA - ANSWERGenetic Information Nondiscrimination Act
cannot discriminate against employees or applicant based on genetic information
USERRA - ANSWERUniformed Services Employment and Reemployment Rights
Act
establishes rights and responsibilities for uniformed Service members and their
civilian employers
Pregnancy Discrimination Act - ANSWERcannot discriminate against employees
who become pregnant and give birth
- ANSWER
laws - ANSWERrules issued by the state and backed by enforcement
rule of law - ANSWERlaws are generally and equally applied (no one is above the
law)
property - ANSWERright to possess property and shield from others
common law - ANSWERjudge made laws; precedent (stare decisis-let prior
decision stand)
civil law - ANSWERrelies heavy on legislation
sanctions in criminal law - ANSWERdeath, imprisonment, fines, removal from
office, disqualification from holding office and from voting
sanctions in civil law - ANSWERcompensatory damages, consequential damages,
punitive damages
rule of law helps to: - ANSWERreduce transaction costs
hierarchy of laws - ANSWERconstitution -> federal statues -> federal regulations -
> state constitutions -> state statues ->state regulations-> local ordinances ->
case law
corporations - ANSWER1) person hood by way of "legal fiction" 2) owned by
shareholders 3) in large companies, board of directors oversee 4) officers and
managers in charge of day to day
fraud - ANSWERstate law tort
intentional lie
material misrepresentation
crime
excuse to get out of a contract
misrepresentation - ANSWERinnocent mistake
crime when involved with financial information based on:
sarbanes-oxley act
sarbanes-oxley act - ANSWERcreated Public Company Accounting Oversight
Board
corporate governance
CEOs and CFOs must sign off on financial statements
whistleblower protection
Public Company Accounting Oversight Board - ANSWER5 members appointed by
SEC commissioners
reports to commissioners
given oversight of accounting firms that audit public companies
separated auditing and consulting functions
injurious falsehood - ANSWERintentional lie to hurt someone
false statement that is published
hurts products or company's reputation
"trade libel"
loss of business
must prove malicious intent
defamation - ANSWERsimilar to injurious falsehood
usually refers to an individual, not a company
do not have to prove malicious intent
emotional harm
mutual mistake - ANSWERboth sides of the party are confused
if confusion is about main character or contract, contract becomes voidable
Sherwood v Walker
Wood v Boynton
sherwood v walker - ANSWERcow case
,mistake of judgement- therefore not voidable
mistake of judgement or value is not reason to void
Wood v Boynton - ANSWERdiamond case
mistake of judgement, not fact
therefore contract was not voidable
Intention Infliction of Emotional Distress - ANSWERmost often in cyber bullying
really severe; beyond human decency
outrageous conduct
sever mental anguish
walmart case
Westboro baptist church
Remedies for breach of contract under law - ANSWERcompensatory damages
consequential damages
liquidated damages
Compensatory damages - ANSWERdesigned to set the clock back
in tort law: injured and missed work, give you money that you would have at this
point
in contract law: focuses on where you though you would be if contract wasnt
breached
consequential damages - ANSWERcontract was breached, now more and more
bad things keep happening
domino effect
must provide for foreseeable damages
liquidated damages - ANSWER"if you breach the contract, I get this much"
common clause that is put in contract
remedies for breach of contract under equity - ANSWERspecific performance
injunction
specific performance - ANSWERunique service
monetary damages cannot be agreed upon or provided, judge forces breaching
party to perform the task
injunction - ANSWERjudge tells you to do or not to do something
comes in situations when money cannot be a remedy
2 sections of cases - ANSWERLiability - is defendant responsible
damages - how much does defendant have to pay
,Title VII - ANSWEReliminates job discrimination on the basis of race, color,
religion, sex or national origin
15 or more employees
ADEA - ANSWERAge Discrimination in Employment Act
prohibits employment discrimination for people 40 or older
prohibits mandatory retirement
20 or more employees
Equal Pay Act - ANSWERprohibits discrimination on the basis of sex in payment
of wages
EEOC - ANSWEREqual Employment Opportunity Commission
enforces provisions of the Civil Rights Act
composed of 5 memebers
Complaint Procedure
Investigate
Conciliation
EEOC sues
Issue right to sue letter
ADA - ANSWERAmericans with Disabilities Act
prohibits employer discrimination based on:
having a disability
having a disability in the past
being regarded as having a disability
Disbaility - ANSWERany physical or mental impairment that substantially limits
one or more of an individual's major life activities
Enron/Sox - ANSWERMark to Market accounting
various crimes committed by Enron prompted Sarbanes-oxley act
Mark to Market accounting - ANSWERvaluing assets based on current market
value rather than initial value when bought
FMLA - ANSWERFamily Medical Leave Act
requires employers to give people time off for personal medical family
emergencies
really only deals with immediate family
unpaid
up to 12 weeks
Affirmative Action - ANSWERonly get if you're a part of a group that has been
discriminated against in the past
qualified only
, federally contracted employees must actively recruit minorities
HIPPA - ANSWERHealth Insurance Portability and Accountability Act
provides data privacy and security provisions for safeguarding medical
information
GINA - ANSWERGenetic Information Nondiscrimination Act
cannot discriminate against employees or applicant based on genetic information
USERRA - ANSWERUniformed Services Employment and Reemployment Rights
Act
establishes rights and responsibilities for uniformed Service members and their
civilian employers
Pregnancy Discrimination Act - ANSWERcannot discriminate against employees
who become pregnant and give birth
- ANSWER
laws - ANSWERrules issued by the state and backed by enforcement
rule of law - ANSWERlaws are generally and equally applied (no one is above the
law)
property - ANSWERright to possess property and shield from others
common law - ANSWERjudge made laws; precedent (stare decisis-let prior
decision stand)
civil law - ANSWERrelies heavy on legislation
sanctions in criminal law - ANSWERdeath, imprisonment, fines, removal from
office, disqualification from holding office and from voting
sanctions in civil law - ANSWERcompensatory damages, consequential damages,
punitive damages
rule of law helps to: - ANSWERreduce transaction costs
hierarchy of laws - ANSWERconstitution -> federal statues -> federal regulations -
> state constitutions -> state statues ->state regulations-> local ordinances ->
case law
corporations - ANSWER1) person hood by way of "legal fiction" 2) owned by
shareholders 3) in large companies, board of directors oversee 4) officers and
managers in charge of day to day
