BUSN 420 BUSN420 Final Exam Answers
1. (TCO 1) Your company owns a piece of land and is in the middle of purchasing this property to expand their footprint in the community. At the last minute, the seller has backed out of the deal, leaving you with few options. Your supervisor wants to explore the options for remedies in this case.
What remedies would be available given the type of transaction and outcome at stake? Would legal damages make the company whole? What equitable remedies may be available? Explain your answer highlighting the difference between remedies at law and remedies at equity?
2. (TCO 2) The senators of Delmarva would like to enact a statute banning the importation of any plant material into the state. Although the ban may be burdensome on interstate commerce, the state’s first concern is protecting their income-producing agricultural byproducts from micro-organisms that may affect the health of the crops. There is no effective way to inspect plant material for micro-organisms at its border.
Is this statute legally legitimate? What clause of the Constitution would you use to perform your analysis and what are the elements of the test that would be applied to test its constitutionality?
3. (TCO 3) Create a brief scenario and walk it through the litigation process, beginning with how to select the proper jurisdiction of a court, and progressing through the basic steps leading to a resolution of the dispute through appeal.
4. (TCO 4) Tom tells Bob that he will pay Bob $5,000 to put a cherry bomb in his gas tank so that Tom can collect money from the insurance policy on a new, cherry red sports car. If Bob carries out Tom’s wishes and places a cherry bomb in the gas tank of Tom’s car, but Tom then refuses to pay Bob, what recourse does Bob have to recover on the agreement he claims to have with Tom? Can Bob recover? Why or why not?
5. (TCO 5) Joe makes an offer to sell an order of produce to Bud for $550. It is a great deal and Bud jumps at the chance to accept Joe’s offer. Before Bud can get the money together, Joe sells the produce to Sal because he needs the money right away for a down payment on a tractor. Is the contract between Joe and Bud enforceable under the UCC? If Joe and Bud have an e-mail exchange that documents their agreement, does this change your answer? Why or why not? (Points : 20)
6. (TCO 6) Choose an administrative agency you have learned about or encountered in the business world. Using this agency, create a scenario and walk the agency through the rulemaking process to promulgate legislation that pertains to your business sector of interest. (Points : 20)
7. (TCO 7) What is intellectual property? What are copyrights, trademarks, and patents and why are they protected by the law?
8. (TCO 8) Provide a scenario that demonstrated a situation involving online defamation. What laws apply and what issues will arise in this context? How would this be classified as a cybertort and what is that by definition? How are tort theories being applied in cyberspace?
9. (TCO 9) Sue owns as company called Tons of Toys, Inc. (TOT). TOT, has just a few employees, including Lori, Sue’s personal assistant. Due to Sue’s extensive travel requirements to market her company, Lori has the authority in her absence to keep things running. On Sue’s latest trip, Lori without consulting Sue or having the proper authority, represents herself as Sue and signs a promissory note in Sue’s name. Will Sue be liable on the note? If so, under what circumstances? If not, why not? Explain in your answer in the context of this scenario as it relates to authority from an agency standpoint.
10. (TCO 10) You have a winner idea and can’t wait to share it with the world. Knowing that the business world can be tricky, you want to protect yourself from liability before launching your fabulous product (just in case). What steps would you take to incorporate your new business? What entity would you choose? Why would you choose a corporate entity over a sole proprietorship? What factors would you consider regarding the organization of your business, including the legal advantages and disadvantages of the various entities and the roles and responsibilities of other potential parties you may want to involve? Support your answer with examples by expanding on the scenario given.