Business Law 265 Fall 2002, Exam #2 October 30, 2002 Multiple Choice: Each question is two points. _ 1. Evan owns First Enterprises, a sole proprietorship. In a sole proprietorship, the liability of the owner is a. limited by state statute and varies from
Law and Ethics
How are Law and Ethics Similar?
How are they different?
o Actions which are legal but unethical
Ex: not legally obligated to save someone who is in trouble
Ethically though, it is the right thing to do
o Actions which
Creation of Agency Relations
Definition of agent and principal
Someone who hires agent
Creation of agency relationship: Needs consent from both parties
Types of Agents
o General Agents
Ex: store manager
History and Types of Administration Agencies
Know Background of administrative agencies
Congress, under Article 1, has administrative authorities
o Creates agencies
o If agencies act against the Enabling act (beyond agency powers), can go to
CHAPTER 8 BUSINESS ORGANIZATIONS & SECURITIES REGULATION
In establishing a legally recognized business entity, one must consider:
1. 1. The need to continue the business even after the death of its creator
2. 2. Ownership implications, i.e
Why Study legal issues?
Recognize Legal issues in business
Make better business decisions
o Legal formalism; rule and authority.
o Scientific method statute and cases
o (Amistad video kings, power bias)
Organization of State and Federal courts in US
State Court System
o Different in Each State
o Functions of trial and appellate courts
o Appellant and Appellee
Appellant Trying to get court to over rule decision
Jurisprudence: The science or philosophy of law
Positivism: legal formalism. The theory that law is the set of rules adopted by the lawful
authority which governs that nation.
Organized around the concepts of power, position and hierarchy.
Ch. 3 Progress of a Case from Filing to Trial
Complaint & answer
complaint: plaintiffs version of events and injury in fact stated; gives _
ability to answer.
o Pg. 59 Example.
o Answer: #d) response to complaint
Summons & service of
History of Constitution
o Enumerated powers (Enumerated into the constitution)
o Supremacy Clause
o Preemption (preempts contradictory laws from higher governing sources)
o Implied Powers; necessary and proper (conveni
Not Tested on European Law Mention EU (not into detail)
Overview Tariffs, World Trade Org., International contracts, creation, choice of law on
contracts, CHOICE OF LAW, GATT, Treaties(not in detail) ex: NAFTA
Types of International Trad