International law attempts to reconcile the authority of each nation over its own affairs with its desire to benefit from trade and harmonious relations.
A treaty is a contract or other agreement between two or more nations that must be ratified by the United Nations to take effect.
False: it’s a formal written agreement negotiated between 2+ nations
The Foreign Sovereign Immunities Act spells out the particulars of what constitutes a commercial activity
False. “Sovereign immunity” immunizes foreign nations from the jurisdiction of US courts when certain conditions are satisfied; the act governs the circumstances in which an action may be brought in the US against a foreign nation.
Quotas are limits on the amounts of goods that can be imported.
Tariffs are taxes on imports.
The US government and the governments of other nations have the power to enforce their respective national laws within their borders. The power to enforce international law within the borders of all nations rests with:
no court or international organization
The government of Iran violates an international law. Persuasive tactics to remedy the situation fail. the only recourse of other nations is to:
take coercive action–sever relations, impose boycotts, and/or go to war.
Premier Clothing, Inc., a US firm, obtains a judgement in a US court against Quang Tri, Ltd., a Vietnamese business. Whether the court’s judgement will be enforced by a court in Vietnam depends on the Vietnamese court’s application of:
the principle of comity: the principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. (It’s a principle based primarily on respect.)
Sudan seizes the assets of Triage Medical, Inc., a US firm. Triage’s recovery from Sudan in a US court may be prevented by:
The act of state doctrine, which provides that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.
The US taxes each barrel of imported oil at a flat rate. This is:
An action may be legal and ethical.
Business ethics applies only to the owners, operators, and employees of corporations
The minimal acceptable standard for ethical behavior is compliance with the law.
True: it’s called the “Moral Minimum”
Simply obeying the law does not fulfill all ethical obligations.
Bribery of foreign government officials is both an ethical and legal issue.
Lia works for Media Marketing Company. Her job includes putting a “spin” on the firms successes and failures. In this context, ethics consists of:
questions of rightness and wrongness
Housemate, Inc., makes and sells a variety of household products. With a fair amount of certainty, Housemate’s decision makers can predict whether a given business action would be legal in:
Superior Energy Corporation engages in ethical behavior solely for the purpose of getting good publicity and thereby increasing profits. Superior is:
not acting unethically
Built-Well Construction Corporation makes a side payment to a government official in Nigeria to obtain a contract. In the US this is:
illegal and unethical
Bob, a research manager for CornAgri Products, Inc., applies utilitarian ethics to determine that an action is morally correct when it produces the greatest good for:
The most people.
Generally, an employer’s monitoring of electronic communications in the workplace does not violate employees’ privacy rights.
An employer can require an employee to take a lie-detector test when investigating losses attributable to theft.
True: most employers can’t, but federal, state, and local government employers (as well as certain security service firms) can.
Whistleblower statutes protect employers who retaliate against their employees for “blowing the whistle.”
False : the statues protect employEES.
An employer is not liable for the sexual harassment of an employee by the employee’s supervisor.
False: the employer IS liable.
An employer can be liable for an employee’s sexual harassment of a member of the same gender.
Cash is an employee of Drowsy Resort, Inc., covered by federal overtime provisions, which apply only after an employee has worked more than
forty hours in a week
Hoppy, who works as an employee for Imperial Sugar Corporation, suffers an injury in an accident. Hoppy will be compensated under state workers’ compensation laws…
a) only if the injury occurred during working hours
b) only if the injury occurred off the job
c) only if the injury occurred on the job
d) whenever and wherever the injury occurred
…only if the injury occurred on the job. (It has to be a job-related injury.)
Fruits and Vegetables, Inc., employs hundred of seasonal and permanent workers, both skilled and unskilled, in seven states. Under the Immigration Act of 1990, Fruits and Vegetables can hire illegal immigrants:
under no circumstances (they’ve got to be legal before you can hire them)
Detailied Designs Company, an architectural firm, wants to hire Eduardo, a noncitizen. A temporary work visa is likely to be set aside for a noncitizen who is:
“a person of extraordinary ability”
Olly applies for a job with Petro Company. Petro does not hire Olly because of his ethnicity, or national origin. This is:
Disparate-treatment discrimination (It’s intentional, whereas disparate impact is not but nonetheless has a discriminatory effect.)
A corporate director is an “owner” of the corporation.
False: shareholders are owners.
Corporate officers hire corporate directors.
False: shareholders vote on them.
A corporation whose shares are held by relatively few persons is a partnership.
False: it’s a close corporation.
The choice of a corporate name is subject to state approval.
A director is a fiduciary of a corporation.
True: a fiduciary is a person having a duty created by his or her undertaking to act primarily for another’s benefit in matters concerning the undertaking.
Finn and Glenda want to form and do business as Hobby Crafts Corporation. A corporation is a legal entity created and recognized by
a) a central federal administrative agency
b) a city or county clerk’s office
c) an artificial legal person
d) state law
Luke is a director of Motor Parts Corporation. Luke makes decisions with respect to Motor Parts in good faith, in what he believes is the firm’s best interest, and without violating any duties owed to it. If, despite these circumstances, Luke exercises poor business judgement, under the business judgement rule Luke is
Immune from liability.
The board of directors of Integral Components Corporation consists of Frida, Gayla, and Hart. A quorum is the minimum number of these directors
who must be present to validly transact business
Niki owns O.K. Oil Corporation. Niki uses O.K.’s funds to pay her personal expenses, creates Pure Fuel Corporation to engage in the same business as O.K., transfers O.k.’s assets to Pure Fuel, ad petitions O.K. into bankruptcy. This most likely warrants:
a) a bonus for Niki’s financial maneuvers
b) a discharge for O.K. in bankruptcy
c) a piercing of O.K.’s corporate veil
d) a review of Pure Fuel’s articles of incorporation
c) a piercing of O.K.’s corporate veil
Inez and Jason are the shareholders and directors of Kleen Kustodial Corporation; Lilly and Moe are Kleen’s officers. As in other corporations, the responsibility for the overall management of Kleen rests with:
the board of directors (NOT the officers)
Property voluntarily discarded by its owner, who has no intention of reclaiming it, is abandoned property.
A bailment must be in writing to be valid.
False: but it’s preferable. (A bailment is a situation in which the personal property of one person (a bailor) is entrusted to another (a bailee) who is obligated to return the bailed property to the bailor or dispose of it as directed. There’s no transfer of title, and no intention to transfer it.)
A business firm may have an insurable interest in the life of a key employee.
An insured’s lack of an insurable interest is an absolute defense against payment.
True: an insurable interest exists when the insured party derives a pecuniary benefit from the preservation and continued existence of the property (or person). Without an insurable interest, no enforceable contract exists.
All bailments include a bailee’s right to use the bailed property.
Nero and Olav each buy certain quantities of oil to sell to Petro Refinery, and agree to share storage costs until Petro can take delivery. the oil is commingled so that Nero’s oil cannot be distinguished from Olav’s. this is:
Lauren owns a 1967 Ford Mustang, which Mike customizes and details to Lauren’s specifications. The car earns several awards at regional vehicle customizing competition shows. The result of Mike’s efforts is
accession: when one adds value to personal property by the use of either labor or materials. In some situations, a person may acquire ownership rights in another’s property through accession.
Rhett works at Scarlett’s Sandwhich Cafe. After work, in the parking lot, Rhett finds a diamond ring lost by Melanie. Title to the ring is possessed by:
Mona asks Ned if she can store her furniture in his garage while she serves a tour of duty with the US Marines Corps. Ned agrees. This is a bailment for:
a) neither party’s benefit
b) the parties’ mutual benefit
c) the sole benefit of the bailee
d) the sole benefit of the bailor
d) the sole benefit of the bailor
BroadView Company arranges to have Carrier Corporation, a common carrier, transport 500 DVD players from NY to CA. Dan is Carrier’s driver. BroadView will have no cause of action against Carrier if Carrier fails to deliver the players on time because
authorities are stopping and searching all trucks entering California. (It’s an act of state)
A tenant cannot withhold rent for any reason.
False: In certain situations, such as if the landlord were to breach the implied warranty of habitability, the tenant can withhold rent as a remedy.
Even after a tenant sublets leased premises, the tenant may be obligated to pay rent.
True: the landlord must approve of a sublease, and the tenant is not released from his obligations under the lease.
A quitclaim deed warrants more than any other deed.
False: it offers the least amount of protection over defects of title
Taking private property for public use requires the payment of just compensation.
Constructive eviction occurs when a tenant moves off the premises in retaliation against the landlord.
False: it occurs when a landlord fails to adequately perform any of the duties required by the lease, thereby making the tenant’s further use and enjoyment of the property exceedingly difficult or impossible.
Patsy possesses twenty-four acres of remote, rugged land. Patsy has the right to use the property, including extracting silver from an existing mine, for life. Patsy also has the right to lease the land for a period not to exceed her life. Patsy’s ownership interest is
a) a fee simple absolute
b) a leasehold estate
c) a life estate
d) the power of eminent domain
c) a life estate: an interest in land that exists only for the duration of the LIFE of some person, usually the holder of the estate (ownership NOT transferable to heirs)
Region Construction Company has a right to drive its trucks across Staple Business, Inc.’s property, which is adjacent to Region’s office. This right is:
an easement: a nonpossessory right to use another’s property in a manner established by either express or implied agreement
Oak Grove Residences, Inc., owns apartment buildings. Pedro leases one of Oak Grove’s apartments. Pedro’s transfer of his interest in the lease to Quito for a period shorter than the lease term is:
a sublease: a lease executed by the lessee of real estate to a third person, conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.
What are the four responsibilities of employers?
1) to provide a safe environment
2) to provide a sufficient employees
3) to furnish protective equipment
4) to provide safety information
What are the two defenses of employers?
1) if the employee causes his own harm (contributory negligence)
2) assumption of risk
Explain the concept of “respondent superior.”
It’s Latin for “let the master respond.” It’s a doctrine under which an employer is held liable for the wrongful acts committed by employees while acting within the course and scope of their employment.
What are the three duties of employees?
1) using ordinary skill
2) put the employer’s needs over their own
3) keep confidentiality
What was the purpose of much anti-discrimination legislation?
They weren’t intended to produce equality; rather they were designed to raise he fortunes of disadvantaged groups.
Note some of the key anti-discriminatory acts.
1963: The Equal Pay Act
1964: the Civil Rights Act
1974: Veteran’s Readjustment Act (VRAA)
1990: Americans with Disabilities Act (ADA)
Explain the difference between disparate treatment and disparate impact.
Disparate treatment is intentional discrimination; disparate impact occurs unintentionally.
Define the three types of sexual harassment.
1) unwanted sexual advances
2) hostile work environment
3) quid pro quo
Describe the factors that differentiate corporations from partnerships from sole proprietorships.
1) Is it easy to form?
2) Are the owners liable for the business’s debt?
3) Is the business subject to double taxation?
4) Does the business exist in perpetuity?
5) Access to capital markets?
What is flow-through treatment?
When taxes “flow-through” a business such that they aren’t taxed twice
When might a partnership end?
when any of the owners die or become insolvent
What are hybrid forms of business formation?
1) Subs-corp: formed under section S of the tax code
2) LP: Has general partners and limited partners (the latter have limited liability, but can’t participate in management)
3) LLC: combines the flow-through taxation of a partnership or sole proprietorship with the limited liability of a corporation
4) LLP: some or all partners have limited liabilities; one partner is not responsible or liable for another partner’s misconduct or negligence.
Define the bailor, bailee, and bailment.
bailor: the individual who surrenders possession
bailee: the individual who takes possession
bailment: the property of which possession is transferred
List the eight ways to acquire property.
3) will (testamentary)
4) descent (intestacy law)
What are riparian water rights?
When you have certain rights to a waterway on your property, but you can’t harm the rights of others (incidentally, you only own the land under a water way if it’s not a navigable waterway)
Four common ways of holding title to property:
1) tenancy in common: 2+ persons own an undivided interest in the property; on one tenant’s death his interest will pass to his heirs
2) joint tenancy 2+ persons have an undivided interest, but on the death of one tenant his interests vest over in the survivors (it doesn’t go to heirs)
3) tenancy by the entirety
4) community property: each spouse holds an undivided 1/2 interest in property acquired during the marriage
Describe the three means of transferring title:
1) quitclaim deed: grantee gets whatever interest the grantor had
2) general warranty deed: most protection against defects of title
3) special warranty deed: only warrants that grantor had good title during his ownership of the property
What is adverse possession?
occupying someone else’s land in open hostility to the actual owner (and keeping everyone else off it)
Define the three rights (and two duties) of lessees:
3) assignment and sublease
1) pay rent
2) protect and preserve
Define the three rights (and duties) of lessors.
1) regain possession
2) enter the property to preserve it
3) assign their rights
1) pay taxes
2) protect lessees from hidden defects
3) mitigate damages
Is there such a thing as international law?
Not really… All law is jurisdictionally-bound, and law originates from policy, which differs country to country.
Describe the concept of comity.
One nation defers and gives respect to the laws and judicial decrees of another nation.
What are the requirements for comity?
1) notice and opportunity to defend
2) would the suit have ended the same in a domestic court?
How does comity differ from asset protection?
Some countries are asset havens, and they don’t enforce or recognize the judgements of other nations.
What would a businessperson want to include in an international sales contract?
a choice of
Define expropriation (as opposed to confiscation).
Expropriation: when a government takes privately owned property and offers just compensation
confiscation occurs when a government takes the private property but DOESN’T offer compensation (and criminalizes the former owner)
What situation does the Foreign Sovereign Immunities Act address?
When a country acts like a COUNTRY (as a sovereign) they’re immune from suit. (the country IS liable to suit when it acts as a business, but the line between a sovereign action and a business action are often fuzzy)
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