Chapter 4 and 34 questions
1: How many proceedings actually go to trial/litigation. What happens to most of them?
-Only one-third of proceedings go to trial/litigation. Many proceedings get settled using
alternate dispute resolution
2: List the advantages
Chapter 25-26 questions
1: Describe the differences between the aggregate and the entity theories of partnership.
-The aggregate theory treats a partnership as an aggression of the partner's undivided interests
in the partnership's assets and liabilities.
Chapters 32-33 cases
1: Liz was hired to audit the books of the Hatch Company. After completing her work, Baird
issued an opinion that said that the Hatch Company bookkeeper had consistently ignored
generally accepted accounting principles and had failed
Chapter 32-33 questions
1: List the duties that accountants owe to their clients.
- Due care, follow the GAAP and GAAS guidelines to avoid malpractice suits or negligence,
follow all laws and statutes. Do not engage in fraud, misconduct, or misrepresent i
Chapter 27-28 questions
1: List the five theories of corporate governance.
-The five theories of corporate governance are special interest control, government control,
independent director control, managerial control, and shareholder democracy.
Emily is a star student at Marshalltown Community College. One Thursday evening, she went
over to Corys house. Cory and a few other friends were smoking marijuana.
Were Cory and Emily guilty of any crime?
-Yes, because smoking mari
Chapter 11 questions
1: Please list the agreements that must be in writing under the Statute of Frauds.
- (1) contracts that cannot be completed within one year; (2) contracts involving land; (3)
contracts in consideration of marriage; (4) contracts made
Chapter 9 questions and cases
1: What is an accord and satisfaction. Why do we have to be aware of this in the business
- Accord is the implied or expressed acceptance of less than the amount that has been billed.
Satisfaction is the agreed t
Chapter 7-8 cases
1: Joe loved baseball. One day during an unusually close game, Joe tried to steal home and was
successful with the winning run. It was at the expense of a broken wrist, however. Joe had his
wrist set at the local hospital and put in a ca
Chapter 8 questions
1: State the three requirements that must be present for a valid contract offer.
-Serious intent, clear and reasonably definite terms, and communication to the offeree.
2: Must an offer be accepted the same way it was communicated?
Chapter 13 questions continued
1: Who has title to goods left with a merchant?
-The owner left the good with a merchant has title.
2: Free on Board (F.O.B.)
Shipping pointwhen does title pass to buyer?
-Upon transfer to an appropriate delivery representat
Chapter 13 questions
1: You offer to buy my beautiful watch for $30.00 I sell it. Is this a sale or contract to sell?
-This is a sale once the property is tendered.
2: You have a car to sell me that needs a little work done on the motor. Is this a sale or
Chapter seven questions
1: List the six essential elements of all contracts.
-Offer, acceptance, competent parties who have the legal capacity to contract, lawful subject
matter, mutuality of obligation, consideration.
2: Article 2 of the UCC pertains to
Chapter 17-18 questions
1: A holder in due course has more rights than the original holder of a note.
2: What may occur if a negotiable instrument is altered or forged in any way?
-The illegal act of altering or forging may make the instrument v
Chapter 22-23 cases
1: Jon was named to run the Clayborn General Store. He was given the power to hire and fire
salespeople, buy and sell stock, supervise all operations, and make out the weekly work
schedule. Name and explain the type of agent that Jons
Chapter 16 questions
1: Notes are promise_ to pay money.
2: Drafts are orders_to pay money.
3: What should we do with a draft when we accept it? Why?
-We should accept the draft by signing it with the date and the word accepted. Because this is
the way me
Chapter 13-15 cases
1. Coastal Canning Company contracted to buy 1600 tons of tuna for Rugby, who operated
a tuna fishing fleet. Rugbys ships went to sea and began fishing for tuna. Two weeks
later, when the catch was completed, Rugbys fleet headed for th
Chapter 12 cases
1: April had a flat tire at the side of the road leading into Marshalltown. Tammy stopped to help
April. As April drove away, she told Tammy that she would send her $20 next week to pay her
for her help in fixing her disabled vehicle.
Chapter five worksheet
Type in strange law as a search event. List the 5 you find most interesting.
1. It is illegal to wear a fake mustache that causes laughter in church in Alabama.
2. Sunshine is guaranteed to the masses in California.
Chapter three question
1: What is jurisdiction?
Power or right of a legal or political agency to exercise its authority over person, subject matter,
2: What dollar amount must a diversity case exceed in federal court?
Diversity cases must in
Chapter 19-21 questions
1: Define Insurable Interest. How do we know if we have one or not?
-Insurable interest is that you would be at a financial loss if the item is lost to you. Such as a
spouse whose income helps support the household.
2: What is the
Chapter 14 internet exercise
D: Intention of legal consequences
A: Speed The transaction is almost instantaneous so that errors are very hard to detect prior
to the filling of the order or acceptance of the co
1. The Family Medical Leave Act is- A law intended to assist employees in maintaining a job and a family. It allows
employees to take up to 3 months leave in a 12-month period for the purpose of caring
for a serious medical need of their o
Probable Cause Cases
1: In 1986, the United States Customs Service implemented a drug testing program for certain
employees who carry firearms, are involved in intercepting drugs as they enter the country, or
are in high level positions involving classifi
1. What is affirmative action? Who is required to do it?
-Affirmative action refers to a practice by which an employer actively purses a policy that
will reduce the effects of past discrimination in the workplace. Affirmative actio
Sexual Harassment Questions
1. Explain the employers burden when it comes to sexual harassment policies in the
- The employer must take reasonable care to prevent harassment and then fix the problem
appropriately if allegations arise. Employers
Chapter two questions
1: Common law
Common law is the body of previously recorded legal decisions made by the courts in specific
The previously recorded legal decisions themselves are referred to as precedents.
A body o
Chapter one questions
1: Explain the difference that exist between a rule and a law
The main difference between rules and laws is the consequences associated with breaking
The law consists of rules of conduct established by the government of a socie
Law of Merchantability Assignment
The merchant is a person or company involved in wholesale trade, especially one dealing with
foreign countries or supplying merchandise to a particular trade.
The U.C.C. provides a solid, uniform law covering most common