LAW 421 FINAL EXAM ( 2015 )

<span itemprop="name">LAW 421 FINAL EXAM ( 2015 )</span>

The Sarbanes-Oxley Act (2002) imposed stricter regulations on how corporations do business in the following area(s):

auditing.

corporate governance.

corporate tax inversions.

financial reporting.

Harry sees a semi-automatic rifle that he likes in a gun shops window. The price asked for it is $2,500. Harry signs a written contract promising to pay the $2,500 on Friday, taking possession of the rifle when payment is made. On Thursday, a law becomes effective making the ownership, sale, or possession of such a semi-automatic rifle illegal. The contract between Harry and the shop

is enforceable and not affected by the new law because it was entered into before the law took effect.

automatically terminates due to impossibility.

automatically terminates due to impracticability.

automatically terminates due to frustration of purpose.

Which of the following is rarely awarded in contracts cases?

Liquidated damages

Punitive damages

Compensatory damages

Consequential damages

With regard to the legal element of consideration in a sales contract the UCC differs from the common law in that

the consideration exchanged must be judicially determined to be adequate.

consideration in a sales contract may be modified provided that adequate additional consideration is given for that modification.

consideration in a sales contract may be modified without additional consideration under certain circumstances.

consideration is not required in sales contracts.

LAW 421 FINAL EXAM

LAW 421 FINAL EXAM – LATEST VERSION DEC 2015

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The Digital Millennium Copyright Act (1998) provides

those who sell or manufacture vulnerable software products or services will be subject to civil and criminal penalties.

that manufacturers of CD-Writers were required to pay 2% of their sales into a fund to be distributed to copyright holders because the CD-Writers could easily copy music and other copyrighted works.

that ISPs are not liable for copyright infringement by users of their service if the ISP lacks knowledge of the infringement.

for removal of restrictions on analog recorders and camcorders lacking antipiracy features.

Under the U.S. legal system subject to some exceptions fees and certain costs of litigation

are aggregated by the court and allocated among the parties by the court based on its determination of “fairness.”

are entirely paid by the losing party or parties, as the court may determine.

are paid by each side paying its own legal fees and costs.

are entirely paid by the prevailing party or parties, as the court may determine.

upon her return home from work Maria discovered that her lawn has been mowed and trimmed. An hour later, a male stranger comes to her door for payment for the lawn work. Maria refuses any payment because she had not hired him to do the work. In these circumstances

the man could sue Maria for unjust enrichment.

Maria would have to pay whatever a court finds to be “fair.”

the man could sue Maria for breach of an implied, unilateral contract.

Maria would not have to pay anything.
The power of preemption is derived from

the Supremacy Clause.

the power of judicial review.

the Commerce Clause.

the Necessary and Proper Clause.

Ben is the manager of a branch of a large bank. He has regularly taken money from customer’s accounts for his own use and falsified the banks records to “cover” his actions. Ben is guilty of

conspiracy.

racketeering.

embezzlement.

engaging in a Ponzi scheme.

Which of the following ADR methods results in a decision rendered by the hearing officer?

Mediation

Third-party evaluation

Negotiation

Arbitration

Assumption of risk is a defense to

battery.

negligence.

defamation.

conversion.