Under the UCC, in the case of a merchant, what does “good faith” mean?
> Which federal law is concerned with child labor, minimum wages, and overtime?
> How much unpaid family or medical leave must an employer with fifty or more employees provide?
> What are the eligibility requirements for unemployment compensation?
> Once the relationship between a principal and agent ends, does the agent have the right to bind the principal?
> How does the Sarbanes-Oxley Act help to prevent unethical management decisions?
> When is a principal not liable to a third party on a contract entered into by an agent?
> Under what circumstances is a principal liable to a third party on a contract entered into by an agent?
> What is involved in an agent’s duty of loyalty?
> How does an employer-employee relationship differ from an employer-independent contractor relationship?
> What is an agency relationship?
> What federal act was passed to combat identity theft?
> What constitutes an unauthorized transfer under the Electronic Funds Transfer Act?
> If a customer loses a debit card and others use it to make unauthorized purchases, how much is the customer required to pay?
> What is a substitute check?
> Who suffers the loss when a bank pays a check bearing a forged indorsement?
> How can businesspersons encourage ethical conduct in their workplaces?
> What is the difference between a cashier’s check and a certified check?
> When an indorsement is forged or unauthorized, who bears the burden of loss?
> What are two situations in which unauthorized signatures arise?
> What is the key to liability on a negotiable instrument?
> In what circumstances will a holder be considered to have notice that an instrument is defective?
> What does it mean to take an instrument in good faith?
> What is the effect of a blank indorsement?
> When is an indorsement required?
> What is the difference between assignment and negotiation?
> What indicates that an instrument is payable on demand?
> Why is the study of business ethics important?
> Are only unconditional promises or orders negotiable? If yes, why? If no, why not?
> What is the extent of the liability of a credit cardholder for unauthorized charges?
> Which federal agency oversees the practices of banks, mortgage lenders, and credit-card companies?
> Which federal rule protects consumers who buy goods over the phone, through the mail, or online?
> What are three forms of deceptive advertising?
> Which federal agency is empowered to prevent unfair and deceptive trade practices?
> What are four defenses to product liability?
> What types of defects are recognized in product liability law?
> How does negligence-based product liability differ from strict product liability?
> What is product liability?
> How is the power of eminent domain invoked?
> When does an implied warranty of merchantability arise?
> What is an express warranty?
> What is a title warranty and when does it arise?
> According to the parol evidence rule, can evidence be used to explain or supplement the terms of a contract?
> When can a buyer or lessee sue to recover damages from a seller or lessor?
> When can a seller or lessor bring an action to recover damages from a buyer or lessee?
> In what situations can a buyer or lessee revoke his or her acceptance of goods?
> When and how does a buyer or lessee pay for goods?
> What is the perfect tender rule?
> What does tender of delivery require?
> How does international and U.S. law protect property rights in outer space?
> What can a party to a sales or lease contract obtain to protect against a financial loss if goods are damaged, destroyed or lost?
> Who bears the risk of loss when a sales or lease contract is breached?
> What determines who suffers a financial loss if goods are damaged, destroyed, or lost?
> In a transaction for a sale of goods subject to a shipment contract, when does title pass?
> If a contract calls for a sale or lease of goods that are already in existence, when does identification take place?
> What is the difference between legal and ethical standards? How are legal standards affected by ethical standards?
> In what circumstances might a tying arrangement be considered procompetitive?
> What are the ethical values underpinning antitrust laws, and why are those laws applied to tying arrangements in particular?
> What is an exclusive dealing contract?
> When are price-fixing agreements lawful under the Sherman Act?
> What is the difference between a per se violation and a violation that is analyzed using a rule of reason?
> What is a horizontal restraint?
> What is price discrimination?
> Does the modification of an agreement subject to the UCC need new consideration to be binding?
> What factors contributed to the initial ineffectiveness of the Sherman Act when it was first enacted?
> How does the Sherman Act affect international business?
> What is a monopoly?
> Is it ethical for an administrative agency to reverse or otherwise alter its policy when the change increases the financial burden on the regulated parties?
> Identify and briefly describe laws that make agencies more accountable through public scrutiny.
> How do courts hold agency authority in check?
> Given that an administrative law judge is a member of the agency prosecuting a case, what safeguards promote fairness?
> What is a major advantage of agency rulemaking?
> Why are most disputes resolved at, or soon after, the investigatory stage of an agency action?
> How does an agency use its investigative powers?
> How may the acceptance of an offer to buy, sell, or lease goods be made?
> What is “the administrative process”?
> How might the Internet expedite formal rulemaking procedures?
> How is an administrative agency created?
> What is a constructive trust?
> How does a living trust differ from a testamentary trust?
> What four elements must be present to create a valid trust?
> What is a codicil?
> What are the four basic requirements for a valid will?
> What are the three requirements that must be satisfied in order for a testator to demonstrate his or her testamentary capacity?
> What is the purpose of a residuary clause?
> When does the common law govern contracts for sales and leases of goods?
> How does a specific devise or bequest differ from a general devise or bequest?
> How might the availability of a secure online repository for a person’s will affect a challenge to the will?
> What is a will?
> What is the difference between an assignment of a lease and a sublease?
> Can a landlord be held liable for injuries caused by the crimes of third persons?
> To what extent may a landlord be held liable for injuries caused by defects on the premises?
> When may a tenant withhold the payment of rent?
> What factors will a court consider in deciding whether a defect is substantial enough to violate the implied warranty of habitability?
> What is retaliatory eviction?
> How might the doctrine of unconscionability affect the validity of leases?
> When is a sale?
> Why do nations impose laws to restrict or facilitate international transactions?
> Why is knowledge of business law essential for any businessperson?
> Why is interest expense said to cost the firm substantially less than the actual expense, while dividends cost it 100 percent of the outlay?
> When does insider trading occur? What government agency is responsible for protecting against the unethical practice of insider trading?
