What is the rule of law and why is it important?

Business Law and Ethics

Student Name:

Date:

Instructions

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.

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Unit 1 Legal Heritage

What is the rule of law and why is it important?

Answer:

Unit 2 Contracts

Define a covenant not to complete and explain what its implications are.

Answer:

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

Answer:

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.

Answer:

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?

Answer:

Unit 6 Business Organizations

What are some of the reasons an entrepreneur would choose the limited partnership form of business?

Answer:

Unit 7 Property

Describe the four different types of property.

Answer:

Unit 8 Special Business Considerations

What is a regulatory statute and how can it affect a business?

Answer:

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