Bul 3310 Exam 1 Notes -A __________ is a party whose promise is not limited to a single transaction or to a single creditor. General Guarantor -A ________ is a party who limits his or her promise to a single transaction or to a single creditor. Special guarantor/general -A(n) _______ is a legal proceeding accompanying an action in court by which a plaintiff may acquire a lien on a defendant's property as a security for the payment of any judgment that the plaintiff may recover. Attachment -A _________ is the voluntary relinquishment of the right to a mechanic's lien before a notice of lien is filed. Waiver -A ________ promises to be liable to the creditor only in the event that the surety refuses to perform and thereby defaults. Subsurety -A _______ provides protection against losses that may result from the failure of a contracting party to perform the contract as agreed. Performance bond -A ________ provides security for a creditor without involving an interest in the property, where the security for the creditor is provided by a third person's promise to be responsible for the debtor's obligation. Suretyship -Absent an agreement otherwise, the members of an LLC have a statutory right to (select all the correct answers) - Inspect the books and records of the LLC, dissolve the LLC, approve a merger -According to the self-interest theory, "good" decisions benefit the individual making the decision. True - Acts which are wrongful in themselves and prohibited by almost all civilizations are classified as ______________crimes. Malum in se - After his trial, Bill was fined $2,500 and sentenced to serve 6 months in the local jail. From the sentence, we know that the crime he committed was a (n)_____________________. Misdemeanor - Al and Ben were clients of Big Brokerage Firm (BBF). They suffered financial losses because of fraudulent securities dealings by BBF. Many other clients were victims as well, with losses that varied depending on the size of the accounts and the dates of certain trades. Al and Ben filed suit against BBF on their own behalf and on behalf of the other clients who suffered losses. This suit is an example of a (n)_____________________suit Class action - Alan was convicted in a criminal trial of assaulting Ben. Ben cannot now sue Alan in tort for personal injuries because Alan is protected against double jeopardy. False - All legal conduct is ethical? False -All of the following could be accurate statements about a general partnership, except: Partnership liabilities in a general partnership are limited to the amount of capital contribution -All of the following are considered advantages of doing business as an LLC, except: Members of the LLC may lawfully avoid filing personal tax returns with the IRS -All of the following are functions of an LLc's operating Agreement, except:To indemnify members of the LLC from liability for any unlawful acts -All of the following could be recognized as advantages of doing business as a limited partnership, except: Limited partners can actively share in management of the partnership, without incurring the risks of business liabilities. -All of the following are rights held by an individual member of an LLC, except: The right to sell one's interest in the LLC without notifying or consulting the other members of the LLC. - All of the following are true except: A class-action suit is one in which a person files suit on his/her own behalf and on behalf of all other persons who may have a similar claim. A class-action lawsuit may be brought on behalf of all purchasers of a defective product. A class-action lawsuit may be brought on behalf of employees of a particular business. The number of people who comprise a class in a class-action are frequently very small. Class action suits are popular because they often involve matters in which no one member of the class would have a sufficient financial interest to warrant filing a suit. The number of people who comprise a class in a class-action are frequently very small. -Article 2A of the Uniform Commercial Code governs the sale of securities. False - All states have juvenile courts with special procedures for crimes involving minors. True - American government is based on the concept of ____________, which allocates the power to govern between sovereign federal authority and the sovereign states. Federalism - The American political system, which divides the power of government between sovereign states and a sovereign federal government, is an example of___________. Federalism - Analogical reasoning is different from deductive reasoning. True -Analogical reasoning relies inferences drawn from previous similar situations True -Andrew owned a house painting business with 100 employees. Andrew fired Bob because Bob skipped work to attend a political rally. If Bob sues Andrew for wrongful termination, will he win? No, Bob will not win the lawsuit -Angela is a law student writing a law review article on the economic impact of certain white-collar crimes. She follows the ____ school of jurisprudence. Law and Economics -Angelique promotes the idea changes in social mores should inform legal analysis. She supports the ____ school of jurisprudence. Sociological - Anne, a resident of New York, is suing Bill, also a resident of New York, in a contract dispute that isgoverned by New York state law. This controversy would be classified as an ______ case. Intrastate - Ann is the head of the accounts payable department in a large corporation. She set up a bank account in the name of a fictitious supplier and deposits a check in it every month. She is the owner of the account. Because Ann is an employee entrusted with making out checks for her employer, what crime has she Committed? Embezzlement - Any law that treats citizens differently based on race, religion or national origin will be reviewed under intermediate scrutiny. False -Any third party who promises a creditor to be liable for a principal's payment is either a surety or _________. Guarantor -Any profits which a surety makes when called upon to perform the principal's duties belong to the surety. False - An appeals court does not have the power to review the findings of law made by the judge during the trial, only the jury's findings of fact. False -An artisan's lien is always assignable. False -An "improvement" to real property necessarily increases the market value of the real property. False - Arizona cannot have different standards for
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