Bus 245 Final Exam Instructions & Study Guide

The following pages will focus you on the general topics of the 75 questions that will
be on your final exam. You need to learn, understand, and take notes on those topics
to be prepared to apply legal concepts to answer 75 questions on the final exam in 90
minutes. The 75 multiple choice questions are taken proportionally from each chapter
in the order that they are covered in the book.

To be successful on the final exam, students need to know the appropriate concepts to
apply, understand the concepts, and be able to apply them to a situation. The
question types will be very similar to the “Chapter Assignments” & “Adaptive
Test Prep” questions found on Cengage. Students should create and take practice finals
exams on Cengage by using the Adaptive test prep to find the areas where you may need
more study.

One-word answers or naming a concept would not be enough. Don't try to just to give a
definition for the study guide topic. Take notes on that TOPIC so you will be able to
answer a question on that topic because you understand it. Use the Lecture Material,
Narrated Lecture Slide Videos and PowerPoints on Canvas as well as the textbook for
sources.

Lockdown Browser Required

All students will take the exam on Canvas on the date(s) given on the “Course Outline”
of the syllabus. A lockdown browser will be required. Go to the “Final exam” module on
Canvas to do the lockdown browser practice at least a few days before you take the
final exam so that you won’t have any technical difficulties on final exam day. When
you do the practice, if you have any problems, call Canvas Support at 1 844 600 4948
for help.

All students must pass the final exam in order to pass the class.
 Bus 245 Final Exam Multiple Choice Study Guide

These are the 75 topics for the 75 multiple choice questions that will be on the final exam. You
will have 90 minutes to take the exam. Print this Study Guide and fill in your notes. You may
have it with you to help you on the final exam.

1. Sources of law

2. Common law development

3. Final authority regarding the constitutionality of law

4. State court exercise jurisdiction over an out-of-state company

5. Filing a complaint and serving a summons

6. Voir dire

7. Commerce clause
8.Bill of Rights

9. Duty-based ethical reasoning

10. Utilitarian theory of ethics

11. Liability to injured

12. Comparative negligence

13. Strict product liability

14. A company may be liable in product liability for

15. Standards of proof

16. Bribery

17. Determining the intent to enter into a contract

18. Elements of a contract

19. Express contract, Implied contract, Quasi contract

20. Offer and Acceptance

21. Mirror image rule

22. Mailbox rule

23. Consideration

24. Preexisting duty rule

25. Doctrine of Promissory Estoppel

26. Minor signs a contract

27. Contract with an unlicensed contractor

28. Covenant not to compete

29. Rescission of contract on the basis of fraud, undue influence, mistake

30. Duress, fraud, mistake, undue influence.

31. Economic duress, undue influence, unconscionability, mistake

32. Statute of Frauds

33. Exchange of “signed” e-mails

34. Enforcement of an oral contract that would otherwise be unenforceable under the Statute of Frauds

35. Delegation, assignment, third party beneficiary contract

36. Anti-assignment and anti-delegation clauses

37. Intended beneficiaries and incidental beneficiaries

38. Discharge of contract

39. Concurrent condition, condition subsequent, condition precedent.

40. Settlement agreement requirements

41. Compensatory damages

42. Consequential damages

43. Nominal damages

44. Article 2 of the UCC applies to

45. UCC Article 2 covers

46. Merchant’s firm offer.

47. Identification of goods

48. Passing title for the sale of goods

49. Shipping “F.O.B.”

50. Shipment contract, Destination contract

51. Perfect tender rule

52. Letter of credit to facilitate an international sales contract

53. Warranty of title

54. Implied warranty of merchantability

55. Implied warranty of fitness of a particular purpose

56. Determine if worker is an employee or an independent contractor

57. Agent’s duties

58. Principal’s duties

59. Apparent authority, express authority, implied authority.

60. Scope of employment

61. Termination of an agent’s authority

62. Advantages of a sole proprietorship

63. Taxation of a sole proprietorship

64. Formation of a partnership

65. General partnership management voting rights

66. Liability as a limited partnership

67. Liability in a limited liability company

68. Taxation of a limited liability company

69. Management of a Limited liability Company

70. Domestic corporation, Foreign corporation, Alien corporation.

71. C corporation, S corporation.

72. Common stock and Preferred stock

73. Inside director, Outside director.

74. Duties and rights of Directors

75. The standard of due care owed by directors of a corporation