...Business Law I Test Quiz 3 Instructions This quiz consist of 20 multiple choice questions. The first 10 questions cover the material in Chapter 7. The second 10 questions cover the material in Chapter 10. Be sure you are in the correct Chapter when you take the quiz. • Question 1 4 out of 4 points ________ damages compensate a party for losses that occur as a foreseeable result of the breach. Answer Selected Answer: Consequential Correct Answer: Consequential • Question 2 4 out of 4 points Conditions ________ occur when the mutual duties of performance are to take place simultaneously. Answer Selected Answer: concurrent Correct Answer: concurrent • Question 3 4 out of 4 points A third party beneficiary is someone who is not Answer Selected Answer: a party to the original contract. Correct Answer: a party to the original contract. • Question 4 4 out of 4 points Which of the following was the result in Copeland v. Baskin Robbins, the case in the text involving the issue of whether a party may be held liable on the theory that the party wrongfully failed to engage in contract negotiations? Answer Selected Answer: That a party may be held liable for breaching an agreement to engage in negotiations but that the plaintiff must establish damages based on reliance on any such agreement. Correct Answer: That a party may be held liable for breaching an agreement...
Words: 902 - Pages: 4
...LEG100: LEGAL ADVICE Carolyn Locklear Strayer University Professor Tonya Fewell December 6, 2011 The company I chose is Family Dollar who opened their first store in 1959 in Charlotte, North Carolina. Their headquarters is in Matthews, North Carolina. On September 27, 2011 Family Dollar announced that it has named Michael K. Bloom to the position of President and Chief Operating Officer and promoted Dorlisa K. Flur to the position of Vice Chair, Strategy and Chief Administrative Officer. Both Mr. Bloom and Ms. Flur will report to Howard Levine, Chairman and CEO. These appointments follow the announced retirement of R. James Kelly as Family Dollar's President and Chief Operating Officer after 15 years with the Company. (Wall Street Journal) Howard Levine believes that the new change would enhance and take the company to the next level. Mr. Levine commended Mr. R. James Kelly for his 15 years of commendable work and bringing Family Dollar where it is today; however over the next six months Mr. Kelly will assist on the new plans for the company. Some of the major plans Family Dollar have over the next couple of years with the new administration are in connection with the appointment of Mr. Garden to the Family Dollar Board, the Company entered into an agreement with Trian Partners and certain of its affiliates. Trian was founded in November 2005, Trian Fund Management, L.P. ("Trian Partners") is an investment firm whose Principals are Nelson Peltz, Peter May...
Words: 389 - Pages: 2
...Assignment 1: Social Media Jamila Lashley Professor: Augustine Weekley, JD Business Law I- LEG100 February 2,2013 Legal astuteness is the ability of a manager to communicate effectively with counsel and to work together to solve complex problems is a valuable managerial capability that may provide a competitive advantage under the resource-based view of the firm. There are four components to legal astuteness: (1) a set of value-laden attitudes, (2) a proactive approach, (3) the ability to exercise informed judgment, and (4) context-specific knowledge of the law and the proper application of legal tools. It posits that law and the tools it offers are an enabling force legally astute management teams can use to manage the firm more effectively. In particular, it proposes that legally astute management teams can, inter alia, use formal contracts as complements to relational governance to define and strengthen relationships and reduce transaction costs; protect and enhance the realizable value of resources; use legal tools to create options; and convert regulatory constraints into opportunities. Alternative Dispute Resolution refers to several different methods of resolving business-related disputes outside traditional legal and administrative forums.The goal of Alternative dispute resolution is to implement items that will take some of the burden off the court system. According to the Commercial Division of the Supreme Court, New York County, the principal forms...
Words: 893 - Pages: 4
...ENRON PROJECT Gilbert Canda Strayer University LEG100 – Business Law I Professor: Gloria Sodaro Enron began as a domestic natural gas pipeline company which was established in Houston, Texas during 1930. After operating for thirty years, during the 1960s; Enron decided to expand its corporation into different segments in order to invest in the diverse levels of the energy market. In the late 1980s and early 1990s, Enron established a major change in the company’s operations by making the “move from being a domestic company to a global provider of energy products.” (History of the Workplace, 2003) This will only create more opportunity for Enron to develop and in the mid and late 1990s, “further expansion of Enron’s activities continued, including a shift from a company based in physical energy assets to a provider of broader services, such as risk management, communications, and financial services.” (History of the Workplace, 2003) The three men associated with the downfall of Enron include Kenneth Lay, Jeffrey K. Skilling, and Andrew S. Fastow. Kenneth Lay was the founder, and chief executive officer of Enron Corporation. Jeffrey K. Skilling was hired by Kenneth Lay as the replacement CEO, however, Skilling shortly resigned after “Enron shattered into scandal” (CBS News, 2006). Andrew Fastow was the chief financial officer for Enron. “Fastow was the chief financial officer who, according to documents, engineered many partnerships that eventually landed Enron...
Words: 705 - Pages: 3
...The Masons New Car Natalie McGee Strayer University Professor Ford LEG100 15 Aug 15 1. Decide whether this court should hear this case or dismiss the case and direct the parties to binding arbitration in accordance with the Retail Buyer’s Order. Support your response. An alternative dispute resolution is any formal or informal process used to settle disputes without resorting to a trial. There are three types of alternative dispute resolution one mediation that entails a neutral third party that navigates disputing parties towards a voluntary settlement. Second, arbitration is similar to mediation but has the authority to enforce a binding decision. The third of alternative dispute resolution are negotiation these are discussions that lead to an agreement. “Litigation refers to lawsuits, the process of filing claims in court, trying the case, and living with the court’s ruling.” (Beatty, 2014) In some cases, arbitration decision can sometimes have a resolution within 60 days. When a case moves into litigation trial dates are usually behind for nine months from a filing date in some case arbitrations are not necessarily faster than litigation. With utilizing of the arbitration the hearings, they do not take place in a courtroom there is no jury the transcripts are not public record. Signatures required for agreement of arbitration are plaintiff and defendant accompanied with both attorney’s signatures. Additionally with non-binding arbitrations the parties have the option...
Words: 833 - Pages: 4
...JPMorgan Chase LEG100 Professor Cheri Reiser 03/04/2013 Discuss how administrative agencies like the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities / banking, a foundation of the economy. In the summer of 2012, JPMorgan Chase, the biggest U.S. bank, announced trading losses from investment decisions made by its Chief Investment Office (CIO) of $5.8 billion. The Securities and Exchange Commission (SEC) was provided falsified first quarter reports that concealed this massive loss. The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. Requiring public companies to disclose meaningful financial information to the public is an effective approach the SEC takes in order to assure the securities of this nation (U.S. Securities and Exchange Commission). This helps investors prevent high-risk gambles and allows them to make sound decisions when deciding on which companies to invest in. The Commodity Futures Trading Commission regulates the commodity futures and options markets. Its goals include the promotion of competitive and efficient futures markets and the protection of investors against manipulation, abusive trade practices and fraud (U.S. Securities and Exchange Commission). Both the SEC and the CFTC played a role in investigating...
Words: 1236 - Pages: 5
...WOMEN VERSE WAL-MART Women Verse Wal-Mart, the Largest Class Action Lawsuit in History Jeremy Banks LEG100 October 31, 2012 Professor, Harden WOMEN VERSE WAL-MART Abstract Women nationwide have joined a class action lawsuit against Wal-Mart. The women are suing based on gender bias. They claim men are promoted faster and receive higher pay. This is especially noticed in the management ranks. The lawsuit could have been avoided with better training within the company. If the company trained managers in different or better ways of evaluation, the situation would have been avoided. The other training managers need is that is documentation. Everything that happens to an employee from the date of hire to the end of employment should be documented and kept on file. The awareness of managers of federal and state statutes will allow them to forego any further such lawsuits. Alternative Dispute Resolution (ADR) affords managers and companies ways to avoid going to trial. This allows settlements to be negotiated, mediated, or arbitrated instead of having a court appearance. WOMEN VERSE WAL-MART Women Verse Wal-Mart, the Largest Class Action Lawsuit in History As of October 1, 2012 over one million women across all fifty states are suing Wal-Mart for gender bias. Despite race, religion, or education women are tired of being treated as inferior employees. Women feel Wal-Mart has promoted men more often and pays those men at higher...
Words: 1346 - Pages: 6
...Course Business Law I Quiz 1 LEG100 This quiz consist of 20 multiple choice questions and covers the material in chapters 1 through 4. There are five questions from each chapter. Be sure you are in the correct Chapter when you take the quiz. • Question 1 4 out of 4 points The ______ approach recognizes that “business decisions consist of continuous, interrelated economic and moral components.” Answer Selected Answer: Systems Correct Answer: Systems • Question 2 4 out of 4 points The ______ approach to business and society introduced in the text is a descriptive framework that integrates legal and societal considerations with mainstream theories of competitive advantage and social responsibility. Answer Selected Answer: Systems Correct Answer: Systems • Question 3 4 out of 4 points Which of the following is a type of relationship building lobbying prevalent in China? Answer Selected Answer: Guanxi Correct Answer: Guanxi • Question 4 4 out of 4 points Which of the following is an advocacy group that has lobbied against marketing to children? Answer Selected Answer: The Center for Science in the Public Interest Correct Answer: The Center for Science in the Public Interest • Question 5 4 out of 4 points Which of the following is not a component of legal astuteness as referenced in the text? Answer Selected Answer: A practice...
Words: 910 - Pages: 4
...Local Lawsuit Deborah Riley Professor Maria Toy LEG100 – Winter 2012 January 29, 2012 Question #1 - Summarize the actions that lead to the lawsuit. In the suit Board of Trustees of Community College District No. 508 v. Coopers & Lybrand, the Board filed suit due to Cooper’s failure to report discrepancies and inappropriate investments by the Treasurer and Chief Financial Officer Phillip R. Luhmann. According to Kilbride (2003, p.1), “in 1988, 1990, and 1992, the Board Adopted Resolutions authorizing its treasurer to invest City Colleges’ funds only in instruments permitted by the Public Funs Investment Act (Investment Act) (30ILCS 235/1 et seq, (West 2002).” It further implies that “the resolutions provided that the funds should be invested only in securities guaranteed as to payment of principal and interest by the full faith and credit of the United States of America.” (Kilbride, 2003) Before funds were needed, the securities were required to mature to minimize interest risk rating. Despite these rules, Mr. Luhmann invested funds in unauthorized securities. He continuously proceeded with these investments known as “pairing off”.” (Kilbride, 2003) In other words, he purchased a security and sold it as profit before payment was required. From 1991 until 1993, Mr. Luhmann invested funds, violating regulations of the Investment Act. From 1991 until 1992, Arthur Andersen’s accounting firm audited City Colleges’ financial statements...
Words: 1396 - Pages: 6
...Running head: SOCIAL MEDIA Social Media: Managing it from a Legal Perspective Angela Leon Professor Daniel Smith LEG100-Business Law I February 2, 2013 Social Media: Managing it from a Legal Perspective Discuss the four (4) components of a legally astute social media marketing manager who utilizes social media outlets for consumer transactions and how each component can mitigate the risk involved in doing business in cyberspace. The four characteristics of a legally astute manager, include an acceptance of how important the law is to the success of the organization, a proactive attitude toward legal issues and regulations the ability to use informed judgment when faced with decisions involving legal implications, and having the knowledge of specific laws, regulations, tools and resources. A social media marketing manager must be specific in these qualifications due to the fairly new concept of social media when comparing it to other avenues of marketing like television, print and radio. It is important for a social media marketing manager to understand the current laws that affect his company in regards to customer privacy, data mining, taxation and interstate commerce. This manager must take responsibility in understanding and following the various regulations involving his specific industry. This responsibility will be characterized by taking a proactive approach in conducting researching, working with the business's legal department...
Words: 1268 - Pages: 6
...LEG100: Business Law I Professor Young March 5, 2011 Enron was an old line energy company, owning electric power production facilities and natural gas pipelines. It engaged in several acquisitions during the late 1980s and the 1990s that dramatically increased its size. Its acquisitions included power companies in the U.S. and abroad, as well as investments in various energy and technology companies. In the 1990s, Enron reorganized itself as an energy trading company, whose primary form of business was to trade in various energy vehicles, including contracts to provide electric power in the future at pre-determined prices and similar contracts to deliver natural gas, water rights, wind power systems, broad band transmission systems, insurance, and other products. 1. Describe how Enron could have been structured differently to avoid such action. Enron, like most public companies was required by law to describe its party transaction to shareholders and the members of the investing public in several different disclosure documents. Overall, Enron failed to disclose facts that were important for understanding the substance of the transaction. Although they did disclose that there were large transactions that the CFA had interest. Enron did not give the CFO’s actual or expected benefits from these transactions or provide complete financial statements. The organizational structure could have been different by not changing the original structure. When Enron decided...
Words: 1126 - Pages: 5
...Legal Advice LEG100: Business Law Florida is a state which has been endowed with immense potential in regards to companies which offer their services (Jennings, 2008 ). On top of the list of some of the renowned companies within this state are companies which are in the transport sector. Businesses and those who own interests need to know their rights and obligations. What is legal? Where can I find the laws I need to know? How do I make decisions about legal conduct that, personally, is morally or ethically troublesome to me? This is because these are aspects which enable the businesses to grow and gain momentum. It is important for businesses to know the aspects of businesses which are of value. This is because these aspects enable the businessmen to work in accordance with the law. In this case, there are several purposes of business law. It is worth noting that there are two types of law. Public law includes laws that are enacted by some authorized government body. State and federal constitutions and statues are all examples of public laws, are the federal constitutions and statutes are all examples of public laws, as are the federal securities laws, state incorporation and partnership procedures, and zoning laws (Jennings M. , 2005). Private law, on the other hand, is developed between two individuals. For example, landlords usually have regulations for their tenants, and these regulations are private laws (Jennings M. , 2005). First, purposes of the law...
Words: 1420 - Pages: 6
...Assignment 2: JPMorgan Chase Aaron L Gardner Leg100 Instructor: Keith Smith 08/22/2013 In the summer of 2012, JPMorgan Chase, the biggest U.S. bank, announced trading losses from investment decisions made by its Chief Investment Office (CIO) of $5.8 billion. The Securities and Exchange Commission (SEC) was provided falsified first quarter reports that concealed this massive loss. Discuss how administrative agencies like the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities / banking, a foundation of the economy. The foundation of the United States economy is the banking industry and the American people need protection from the high risk gambles that these securities participate in. We need to understand how the Securities and Exchange Commission provides that protection. The SEC creates laws and rules that govern the banking industry in order to be effective in protecting the public. These regulations are derived from a simple and straightforward concept: all investors, whether large institutions or private individuals, should have access to certain basic facts about an investment prior to buying it, and so long as they hold it. In order to accomplish this, the SEC requires public companies to disclose meaningful financial and other information to the public. The SEC also oversees the key participants in the securities world to include: securities...
Words: 1674 - Pages: 7
...Short Essays on the JP Morgan Trading Losses of the summer of 2012 LEG100 10/27/2013 JP Morgan Organizations such as the Securities Exchange Commission and the Commodities Futures Trading Commission are independent agencies that are legally charged with regulating and providing guidelines for the trading and or exchanging of the goods and services within their respective jurisdictions. The Securities Act of 1934 has fully empowered the SEC to do a periodic evaluation of reports from companies that publicly trade their securities. The same act hands the SEC the powers to discipline individuals and entities that are regulated if found in breach of industry rules and regulation (Mahony, 1982). The Commodities Futures Trading Commission on the other hand was created in 1974 to protect individuals, the public and industry players from manipulation, fraud, and potentially abusive practices while at the same time fostering competitiveness, openness and creating markets that are sound (Teall, 2012). There are four basic elements of a contract as Miller (2012) writes. The first important requirement in the formation of a contract is an agreement. In an agreement there should be a party that offers to enter into the legal agreement and another one that accepts the terms of the offer placed. The terms of the contract should contain wording that allows meeting of the minds of both parties that allows them to consciously read and or understand what is in store for them...
Words: 1412 - Pages: 6
...Malcolm Ferguson May 16,2015 Ericka Harden Leg100 Good Grocers, Inc. On 16th of May an accident occurred, at the West Philadelphia location of Good Grocers. The produce manager contacted me stating “as I was leaving the bakery department, I noticed a woman lying on the ground of a produce department. A gentleman then approached yelling, “She slipped on a banana peel and fell. My wife is the anchorwoman for NEWSNOW, and we are going to sue you!” The woman did not look as if she was hurt, and it did not look like the lady was suffering from any pain. However, I still called the police and reported the incident due to the policy of the policy of our company. When an accident occurs, we are to report it immediately for the safety the customer. After reporting the incident, I then went back to examine the area where the accident took place. While studying the area, I noticed the banana peel the woman allegedly slipped on was yellow. The peel was laying on a ribbed rubber mat. Also, I noticed the woman was wearing five-inch heels. From the looks of the area, the accident, look as if it was forced and the man was fabricating about what happened. While searching the area, I noticed the banana that the man claimed his wife slipped was yellow, in other words the peel was fresh. From my experience in working in food service, I know that by the banana peel still being yellow it means the peel was just placed on the mat. Also, the peel was lying on top of a ribbed rubber mat which...
Words: 1276 - Pages: 6
