This is a short-answer exam that tests your understanding of and ability to apply the concepts from the course. Answers are to be no longer than one paragraph but are expected to be substantive as well. Keep in mind this exam is worth nearly half your grade in the course. Add your name and date above and return the exam to your advisor once complete.
Unit 1 Legal Heritage
What is the rule of law and why is it important?
Unit 2 Contracts
Define a covenant not to complete and explain what its implications are.
Unit 3 Statute of Frauds, Sales, and the Uniform Commercial Code (UCC)
According to the Statute of Frauds a court will not enforce a verbal contract for the sale of land. Explain how and why this might happen
Unit 4 Negotiable Instruments
If a court must resolve a legal dispute involving Article 3 of the UCC, what must the court must look at a writing. Explain.
Unit 5 Employment Law
What would the role of the Occupational Safety and Health Administration be in a toxic spill at a manufacturing facility that resulted in harm to employees?
Unit 6 Business Organizations
What are some of the reasons an entrepreneur would choose the limited partnership form of business?
Unit 7 Property
Describe the four different types of property.
Unit 8 Special Business Considerations
What is a regulatory statute and how can it affect a business?