BUSI 301

BUSI 301 QUESTIONS AND ANSWERS LATEST UPDATE ALREADY GRADED A+ Genuine Assent The knowing, voluntary, and mutual approval of the terms of a contract by each party; required for a contract to be enforceable Statute of Frauds The law governing which contracts must be in writing in order to be enforceable Mutual Assent For the formation of a valid contract, the broad underlying requirement that the parties must reach an agreement using a combination of offer and acceptance and that that ass...

BUSI 301 QUESTIONS AND ANSWERS LATEST UPDATE ALREADY GRADED A+ complexity of Europe’s environment -27 member states, parliaments, regulators, political traditions -23 official languages and English -north vs south -east vs west regional separatism -Catalonia, Spain saying they aren't a part of Spain -not only happening in Spain united in diversity (EU mantra) -unity within broad general parameters (aims and values, governance) -diversity from interaction of; economics, politics...

BUSI 301 QUESTIONS AND ANSWERS LATEST UPDATE ALREADY GRADED A+ Attorneys who are part of the executive or midlevel management team of large companies are known as: In-house counsel A bill is a federal statute passed by Congress and signed into law by the president. False Which of the following is an example of equitable relief? A restraining order Which of the following is true of subject matter jurisdiction on the basis of diversity of citizenship? In a diversity-of-citizenship case, ...

BUSI 301 QUESTIONS AND ANSWERS LATEST UPDATE ALREADY GRADED A+ Jurisprudence the science and philosophy of law that defines various approaches to the appropriate function of law and how legal doctrines should be developed and applied Black's Law Dictionary the leading legal dictionary Counsel another name for attorney Constitutional Law the body of law interpreting state and federal constitutions Statutory Law the body of law created by the legislature and approved by the executiv...

BUSI 301 QUESTIONS AND ANSWERS LATEST UPDATE ALREADY GRADED A+ What type of litigation involves parties and their counsel arguing their respective positions on a business controversy in a court of law? Civil In a business context, dispute resolution should be: 1. a part of business strategy. 2. a part of business planning. How does a plaintiff initiate a civil lawsuit? Filing a complaint Documents filed by a party to the lawsuit, asking the court to take some action pertaining to the s...

BUSI 301 QUESTIONS AND ANSWERS LATEST UPDATE ALREADY GRADED A+ Even if the elements of a contract are met, the contract still must be the product of genuine assent be in writing under certain circumstances A lack of genuine assent occurs in cases of __________. misrepresentation and fraudulent misrepresentation Duress Undue influence uncoscionability For a contract to be enforceable, the agreement must be the product of genuine: __________. Assent True or false: An agreement must la...

BUSI 301 QUESTIONS AND ANSWERS LATEST UPDATE ALREADY GRADED A+ For a contract to be enforceable, the agreement must be the product of genuine: __________. Assent A lack of genuine assent occurs in all of the following cases except:______. failure to reduce the contract to a writing. The signature of the ______ is the one element of contract formality that is uniformly required. party against whom enforcement is sought ______ is typically accomplished by attaching some event, known as a(n)...

BUSI 301 QUESTIONS AND ANSWERS LATEST UPDATE ALREADY GRADED A+ Contract a promise that the law will enforce Bilateral Contract involves two promises and two performances Unilateral Contract one promise followed by one performance which then triggers a second performance from the offeror Express Contract created when the parties have knowingly and intentionally agreed on the promises and performances Implied Contract A contract that comes about simply from actions of the parties. Qua...

BUSI 301 QUESTIONS AND ANSWERS LATEST UPDATE ALREADY GRADED A+ _____ is the first step in learning how to make legal decisions in a business context. Developing legal insight by understanding the fundamentals of legal theory Attorneys who are part of the executive or midlevel management team of large companies are known as: in-house counsel. Which of the following is the primary purpose of state long-arm statutes? To authorize personal jurisdiction over nonresident defendants In rem jur...

BUSI 301 QUESTIONS AND ANSWERS LATEST UPDATE ALREADY GRADED A+ Absolute advantage the ability to produce a good using fewer inputs than another producer Example: India has an absolute advantage in operating call centers compared to the Philippines because of its low cost of labor and abundant labor force. Comparative advantage The ability of a country to produce a good at a lower cost than another country can. If you're comparing two different options, each of which has a trade-of...