Download LOMA 311 Exam Questions and Answers: Legal and Business Concepts and more Exams Business and Labour Law in PDF only on Docsity!
LOMA 311 EXAM WITH {228} QUESTIONS AND
VERIFIED ANSWERS 2025/
Trial courts. Each state court system has a single highest court. - ANSWER: Each state court system has a variety of. District courts. - ANSWER In the United States. In the federal court system, the trial courts in each state and territory are designated as. District courts. - ANSWER serve as trial courts with jurisdiction over just certain types of cases as outlined in the constitution and numerous federal legislation. State Supreme Court - ANSWER The court with the authority to examine lower appellate court decisions in a state judicial system. In each state court system, a trial court is presided over by a judicial official known as a. The Supreme Court is the court that generally hears issues involving matters of national importance, such as those involving the United States. Constitution or in which two or more subordinate courts have reached differing conclusions. Tort - ANSWER A private wrong, other than violation of contract, for which the law guarantees restitution to the offended party. The emphasis is on paying the victims rather than punishing the wrongdoers. Torts - Examples include assault, battery, slander, libel, false misrepresentation, causing a breach of contract, and trespassing on property.
Legal - ANSWER remedies primarily include the payment of monetary damages to harmed parties. Equitable - ANSWER equitable remedies were developed by the courts to provide new remedies in circumstances where monetary damages were insufficient to correct some wrongs. Restitution - ANSWER can be a legal or equitable remedy. The primary goal is to prevent unjust enrichment; no one should be allowed to profit or be enriched as a result of a wrong done at the expense of another. Judicial Branch - ANSWER This branch of government in a jurisdiction is responsible for applying and interpreting its laws. Legislative Branch - ANSWER This branch of government is made up of one or more entities tasked with enacting laws to regulate the relevant jurisdiction. Executive Branch - ANSWER This branch of government is made up of several agencies or ministries that are in charge of administering, enforcing, and carrying out the jurisdiction's laws. Parliamentary Democracy - ANSWER In this form of government, the legislative branch has the ultimate authority to make all laws. ANSWER: In this form of governance, a federal government and several lower-level governments share governmental powers. In other words, a group of sovereign states has decided to unite as a nation. ANSWER The Department of Justice is the federal administrative agency in charge of enforcing federal criminal laws, representing the United States in federal lawsuits, and giving legal assistance to other federal officials and departments.
The Supreme Court is the United States' highest court; it considers only appeals from other courts and issues involving any state or a foreign authority, such as an ambassador. Circuit Courts of Appeal - ANSWER Thirteen of the federal courts have jurisdiction to consider matters in which a district court's decision is appealed by one of the trial parties. Federal Sentencing Guidelines - ANSWER US federal laws that establish consistent principles for sentencing individuals and organizations guilty of major federal crimes. Civil Litigation - A judicial process in which private parties go to court to enforce a legal right or seek redress for a civil wrong. Criminal Court - ANSWER Handles matters in when the government is prosecuting an individual accused of committing a criminal. Res Judicata - ANSWER This doctrine ensures that parties do not re-litigate things that have already been settled by the courts. This notion encourages judicial efficiency and allows parties to rely on the finality of judgments. Default Judgment - ANSWER A judgment entered against a defendant who fails to plead or defend the lawsuit.
Presumption - ANSWER A legal rule that assumes one fact to be true because another fact or collection of facts has been demonstrated. Cause of Action:
- One individual has a legal right.
- Another individual has a legal obligation to respect that right.
- The second individual violates her legal obligations.
- The first person suffers a loss or injury as a result of the breach. - ANSWER A set of circumstances that entitles a person to judicial relief. Affirmative Defense - ANSWER An allegation of facts used as a defense to a plaintiff's claim. A counterclaim is a claim filed by a defendant against a plaintiff based on the same facts as the plaintiff's claim. Negligence is a private wrong done by a person who does not exercise the legally requisite degree of care in (1) doing something that is otherwise legally acceptable or (2) failing to do something that is otherwise legally obligatory. Strict liability means liability regardless of whether the defendant was at fault. According to the common law approach, a defendant is accountable for losses produced by his tortious conduct even if he was not negligent or otherwise at fault for the losses.
Declaratory Judgment - ANSWER A judicial pronouncement that declares or denies the parties' legal rights but does not provide specific relief or tools to enforce such rights. Available in a wide range of scenarios, including determining personal rights such as marital rights, interpreting statutes, and interpreting contracts. Laches - ANSWER A party is guilty of if he unreasonably delayed pursuing a claim for relief and the defendant suffered some injury as a result of the delay. Arbitration - ANSWER A process in which unbiased third people, called as arbitrators, assess the facts at issue and make a decision that is usually binding on both parties. Mediation is a procedure in which an unbiased third party, known as a mediator, supports conversations between contracting parties in order to reach a mutually acceptable resolution of the conflict. Foreign Corporation Note: Most other countries classify corporations as domestic (inside the country) or foreign (within another country) - ANSWER A corporation formed under the laws of another state in the United States. Alien Corporation - ANSWER A corporation formed under the laws of another nation.
Articles of Incorporation - ANSWER A document that specifies some of the important elements of the corporation, including:
- Names and addresses of the incorporators.
- Name of the corporation
- Address of the corporation's registered office and the name of its registered agent at that address.
- The number of equity shares that the corporation is permitted to issue. Registered Agent - ANSWER The person authorized by the corporation as its agent inside the state for serving of process. The Business Judgment Rule - ANSWER states that directors are not personally liable for making business decisions provided there is a reasonable grounds to think they acted in good faith and with due care. Officers of corporations are not protected by this. Participating Preferred Stock - ANSWER When common stock dividends exceed a certain amount, the stockholder receives an additional payout on top of ordinary preferred dividends. Acquisition - ANSWER A transaction in which one corporation purchases a controlling interest in another, creating a relationship between previously independent corporations. Following the sale, both corporations remain separate legal entities. Requires permission from the insurer's home state's insurance department.
The Convention on International Sale of products (CISG), adopted by the United Nations Commission on International Trade Law, governs international sales of products between parties from member nations. governs the creation of sales contracts, as well as the buyer's and seller's rights and duties under such contracts. Nearly 50 countries have adopted. The United Nations Commission on International commerce Law (UNCITRAL) is an organization within the United Nations tasked with developing and promoting the approval of new international treaties and model laws governing international commerce. Has promoted uniform regulations in areas such as electronic commerce, commercial arbitration, and worldwide sales of commodities. The Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (ANSWER) was adopted by the Organization for Economic Cooperation and Development (OECD) and signed by 35 countries. It represents an agreement for countries to adopt rules to punish companies and individuals who engage in bribery. Pure Competition - ANSWER Scenario in which there are many producers and consumers of the product, and prices are determined by market forces with no intervention from external economic forces. This, in principle, results in the most output of a product at the lowest cost. A free and open market is one in which prices are determined by the forces of supply and demand, with little or no intervention from the government or other powerful economic institutions like monopolies. The Sherman Act prohibits persons and businesses from (1) monopolizing or seeking to monopolize any part of interstate or foreign trade, or (2) engaging in contracts, combinations, or conspiracies to limit trade.
The Clayton Act makes it illegal to participate in certain practices that are deemed to reduce competition and lead to monopolies. The Federal Trade Commission is an independent administrative body of the federal government that enforces both federal antitrust and consumer protection laws. Rule of Reason Analysis - ANSWER Courts assess the whole competitive impact of the parties' actions and balance competitive harm against competitive benefits. Price fixing occurs when competitors work together to influence the price of a product or service. Illegal Monopoly exists when a company controls the market for a product or service and achieved that power by anti-competitive behavior. Price discrimination occurs when a vendor offers to sell products to a buyer at a lower price than other purchasers under similar circumstances. Tying Arrangement - ANSWER An illegal arrangement in which a company sells one product to a customer in exchange for the customer purchasing another product from the company. Boycotts are an organized effort by competitors in which they agree not to do business with another company.
Notice - ANSWER The safe harbor principle requires an organization to tell individuals about the purposes for which it gathers and utilizes information about them. The organization must also include information on how individuals can contact it with questions or complaints, the sorts of third parties to whom it discloses information, and the methods available for limiting the organization's use and disclosure of information. Choice - ANSWER The Safe Harbor principle states that organizations must provide individuals with the opportunity to choose (opt out) whether their personal information will be disclosed to a third party or used for a purpose other than the one for which it was originally collected and subsequently authorized by the individual. Onward Transfer (Transfer to Third Parties) - ANSWER The safe harbor concept emphasizes that before revealing personal information to a third party, organizations must follow the notice and choice rules. Access - ANSWER The Safe Harbor principle argues that individuals must have access to personal information about themselves that an organization maintains and, with some exceptions, must be able to rectify, amend, or delete that information if it is incorrect. Security - ANSWER The Safe Harbor concept requires enterprises to take reasonable precautions to protect personal information from loss, misuse, unauthorized access, disclosure, modification, or destruction. Data Integrity - ANSWER The Safe Harbor principle emphasizes that personal information must be relevant to the reasons for which it will be used.
Enforcement - ANSWER Safe harbor principle that states there must be (a) readily available and affordable independent recourse mechanisms so that each individual's complaints and disputes can be investigated and resolved, and damages awarded where the applicable law or private sector initiatives so provide (b) procedures for verification. that the assurances made by firms to comply to the safe harbor principles been implemented, and (c) obligations to remedy problems resulting from a failure to Comply with the concepts. ANSWER: Every employment relationship is controlled by a contract. Many countries outside the United States have legislation based on this. At-Will Relationship - ANSWER Either the employer or the employee may end the employment relationship at any moment for any valid cause. This notion underpins most state employment laws in the United States. The Age Discrimination in Employment Act (ADEA) - ANSWER protects workers aged 40 and over against age-based discrimination. Employers are prohibited from refusing to hire or fire anyone aged 40 and older only because of their age. The Family and Medical Leave Act (FMLA) requires firms with 50 or more employees within a 75-mile radius of each other to allow qualified employees in particular circumstances to take a number of weeks unpaid leave in any 12 - month period. The Dodd-Frank Wall Street Reform and Consumer Protection Act
The Federal Reserve System (the Fed) consists of 12 regional banks, as well as state and national institutions. Has the authority to monitor member state banks, which comprise the majority of state banks. The Office of the Comptroller of the Currency is the Treasury Department entity in charge of directly regulating national banks and the majority of state banks. The Department of Treasury is a federal administrative department that is primarily responsible for enforcing federal banking laws. ANSWER The government Deposit Insurance Corporation is a government institution that guarantees cash deposited in member banks up to certain restrictions. The Group of Twenty Finance Ministers and Central Bank Governors (G20) is a platform for collaboration and consensus among representatives of significant countries, the EU, and a few non-governing entities on issues concerning the international financial system. The Center of Gravity Rule - ANSWER states that the law of the jurisdiction with the greatest interest in the transaction will regulate it. Formal Contract - ANSWER A contract that is enforceable because the parties followed particular formalities regarding the contract's form, such as having the contract expressed in writing and containing some type of seal.
Informal Contract - ANSWER A contract that is enforceable because the parties satisfy the agreement's substance criteria rather than its form. Bilateral Contract - A contract in which both parties make legally binding promises. Unilateral Contract - ANSWER A contract in which only one of the parties makes a legally binding guarantee. Aleatory Contract - ANSWER One party gives something of value to another party in exchange for a conditional commitment. Commutative Contract - ANSWER An agreement in which the parties specify in advance the values that they will exchange; also, the parties generally exchange things or services that they believe to be of comparable value. Conditional Promise - ANSWER A promise to carry out a declared conduct if a specific, uncertain occurrence occurs. Ward - ANSWER A person appointed by a court to act as guardian. Any deal entered into by this person without the guardian's authorization is void. Offer - ANSWER A proposal that, if accepted by another according to its terms, will result in a binding contract. Offeror - ANSWER The person who made the offer.
Statute of Frauds - ANSWER A legislation that makes certain types of contracts unenforceable unless they are supported by a written document signed by the party to be discharged without completing the deal. The rule of Contra Proferentem states that courts will interpret obscure or ambiguous language against the party who drew or produced a written contract, unless the use of unclear language is permitted by law. Parol Evidence Rule - ANSWER states that parol evidence cannot be used to supplement, change, or contradict the terms of a written contract. Parol Evidence - ANSWER Evidence obtained outside of a formal agreement. Agent - ANSWER A party who has been authorized by another party, the principle, to act on their behalf. Agency - ANSWER The legal connection between an agent and their principal. This covers the rights, obligations, and liabilities that exist between the parties when an agent represents a principal in dealings with third parties. Actual Authority - ANSWER The authority to act on behalf of the principle that the principal intentionally confers (grants) to the agent and that the agent reasonably thinks has been bestowed.
Express Authority - ANSWER The specific authority that a principal explicitly offers to an agent. Implied Authority - ANSWER The actual authority that a principal expects an agent to have and which results inadvertently from an express grant of power. Duty of Competence - ANSWER An agent must exercise the same level of care as a reasonably prudent person with the same skills. Indemnification - ANSWER The compensation or reimbursement for another's loss. Ratification - ANSWER The adoption or acknowledgement by a principal of an act performed on the principal's behalf but without the principal's authority. Vicarious responsibility - ANSWER: Indirect liability. Ex. When an employee commits a tort within the course of his work, the employer is also accountable. Warranty of authorization - ANSWER A legal promise that an agent is operating on behalf of a contractually obligated principal and has the authorization to do so. Real property includes land and anything that grows on or is attached to it.
