POSSIBLEA QUALITY UPDATED EXAMS

white collar crime -Correct Answer any illegal offense that occurs in a business or professional setting felony -Correct Answer -indictment / grand jury -fine or imprisonment greater than 1 year misdemeanor -Correct Answer -information / gov charge -fine or jail less than 1 year intent -Correct Answer willfully or knowingly pleas in criminal cases -Correct Answer guilty, not guilty, nolo contendere (no contest) trends in white collar crime -Correct Answer -increase in protection...

contracts -Correct Answer legally enforceable promise or exchange of promises bilateral -Correct Answer type of contract where both parties have obligations in the contract unilateral -Correct Answer type of contract where only one party has an obligation express -Correct Answer type of contract that is directly stated with words that set out terms implied-in-fact -Correct Answer type of contract that conduct the parties evidencing their intent to enter the contract (by actions you h...

IRAC -Correct Answer what is the test to determine what a law is issue, rule, analysis, conclusion -Correct Answer what does IRAC stand for rule of law -Correct Answer laws are generally and equally applied and requires solid, stable institutions (no one is above the law) property -Correct Answer the right to possess resources and shield from others common law -Correct Answer judge-made law stare decises -Correct Answer precedent; let the prior decision stand civil law -Correct...

What classifies broadly as a "security" for the purposes of federal regulation? -Correct Answer Any interest or instrument that offers the right to subscribe to purchase stock, bond, or any certificate of interest. Supreme Court says when one person invests money and looks to others to manage the money for profit. Who oversees security at the federal level? -Correct Answer Securities and Exchange Commissions (SEC): - Responsible for administering the federal securities laws Posses...

security -Correct Answer owning a piece of a business that others are managing; any note, stock, treasury stock, bond, debenture, evidence of indebtedness, etc securities and exchange commission (SEC) -Correct Answer agency at the federal level that is responsible for administering the federal securities laws; consists of five commissioners; possess quasi-legislative and quasi-judicial powers blue sky laws -Correct Answer state level laws that regulate the offer and sale of securities s...

law -Correct Answer rules issued by the state rule of law -Correct Answer helps reduce "transaction costs"; there's certainty & predictability; laws are generally and equally applied; no one's above the law, law isn't perfect advantages of law -Correct Answer law is specifically designed in a way that we can use to our adv (ex: intellectual property, tax incentives) compliance in law -Correct Answer use compliance as a selling point (HIPAA compliant texting app) strong...

Role of Scarcity (property) -Correct Answer need for resources overtakes supply of those resources State controlled/communism -Correct Answer govt controls resources and directs how they're divided between citizens; control means of production Property-based/capitals -Correct Answer enact laws that enable citizens to acquire, possess, use, and transfer resources; free market States generally have a mix -Correct Answer not purely one or the other Real Property -Correct Answer land,...

contract -Correct Answer a legally enforceable promise or an exchange of promises Uniform Commercial Code (UCC) -Correct Answer -covers the sale of goods -goods are tangible, movable items of personal property -applies to individuals & firms -uniform state law -Article 2: applies to contracts -Section 207: "Battle of Forms" -> Deal still goes through bilateral contracts -Correct Answer -involve a promise for promise exchange ( mutual promises) -acceptance is before action ...

Members -Correct Answer The individuals or business entities that belong to a limited liability company Benefit Corporation -Correct Answer a corporate form that requires directors to ensure that the corporation meets explicit social goals in addition to producing shareholder profits Managers -Correct Answer A person designated and charged with day-to-day operations of a limited liability company Organizer -Correct Answer The parties responsible for bringing a limited liability company ...

JPMorgan and Chase -Correct Answer During the housing crisis in 2010, JPMorgan and Chase didn't let their shareholders in on information that may have impacted their stock decisions. They settled a wide array of cases costing more than $20 billion. Law -Correct Answer Brings people together. Stated by state and backed up by enforcement. Made up of rules. Written ad Accessable Hammurabi's Code -Correct Answer The first written set of laws Rule of Law -Correct Answer Laws that ap...