Business Law Final Exam Review - Spring $$2026$$

Flashcards covering Alternative Dispute Resolution, Administrative Law, Constitutional Law, Torts, Intellectual Property, and Contract Law (Common Law and UCC) based on the Spring $$2026$$ final exam review.

The simplest form of Alternative Dispute Resolution (ADR) is known as __________.

negotiation

In mediation, the neutral third party acts as a communicating agent but does not make a __________.

decision

The final decision rendered by an arbitrator is called the __________.

award

The FDA is an executive agency located within the U.S. Department of __________.

Health and Human Services

Congress creates an administrative agency by enacting __________ legislation, which specifies the name, purpose, and powers of the agency.

enabling

The three steps of the administrative rulemaking process under the APA include notice, a __________ period, and the final rule.

comment

The power of the courts to decide on the constitutionality of legislative enactments was established in the case of __________.

Marbury v. Madison, 1803

__________ statutes are used by courts to exercise personal jurisdiction over non-resident parties based on minimum contacts with the state.

Long arm

Diversity of citizenship jurisdiction occurs when parties are from different states and the amount in controversy is greater than __________.

$$75,000$$

The __________ Amendment reserves to the states all powers not granted to the federal government.

10th

The group of legal scholars and lawyers that drafted the Uniform Commercial Code (UCC) is known as the __________.

National Conference of Commissioners on Uniform State Laws (NCCUSL)

According to Article 4 of the Constitution, the __________ Clause establishes that federal law is the supreme law of the land.

Supremacy

The practice of deciding new cases with reference to former decisions is called __________, which means "to stand on decided cases."

stare decisis

If a court finds that a precedent is incorrect or technological changes have made it inapplicable, it may rule contrary to it, as seen in the case of __________.

Brown v. Board of Education of Topeka

The minimum level of ethical behavior expected by society, usually defined as compliance with the law, is known as the __________.

moral minimum

Immanuel Kant's ethical suggestion that one should consider the effect if everyone similarly situated acted the same way is called the __________.

categorical imperative

The ethical philosophy that focuses on the impact of a decision to maximize benefits and minimize harms is __________.

utilitarianism

Monetary damages used to punish a defendant for particularly bad conduct are known as __________ damages.

punitive

To prove negligence, a plaintiff must establish four elements: duty, breach, __________, and damages.

causation

A product may be considered __________ if a less dangerous alternative was economically feasible but the manufacturer failed to produce it.

unreasonably dangerous

Under the America Invents Act, the first person to __________ will receive patent protection.

file an application

A patent for a new invention generally lasts for a period of __________ years.

$$20$$

The __________ makes cybersquatting illegal when a domain name is identical or confusingly similar to another's trademark and used with bad faith intent.

Anticybersquatting Consumer Protection Act (ACPA)

Under the Electronic Communications Privacy Act, an employer may monitor electronic communications if they are made through devices provided in the __________ of its business.

ordinary course

The three levels of judicial scrutiny for Equal Protection cases are strict scrutiny, intermediate scrutiny, and the __________ test.

rational basis

The wrongful taking of another's property without the use of force or fear is defined as __________.

larceny

The __________ Theory of Contracts states that a party's intent is judged by outward, objective facts rather than secret, subjective intentions.

Objective

A contract that has not yet been fully performed by all parties is called an __________ contract.

executory

The __________ rule requires that an offeree's acceptance match the offeror's offer exactly.

mirror image

The two elements of consideration are legally sufficient value and __________.

bargained-for-exchange

The __________ rule requires that contracts which cannot be performed within one year must be in writing to be enforceable.

one-year

Under the UCC, a contract for the sale of goods must be in writing if the price is __________ or more.

$$500$$

The substitution of a new contract for an old one, which terminates the old rights, is called __________.

novation

__________ damages are foreseeable damages that result from a breach due to special circumstances beyond the contract itself.

Consequential

When courts determine if a contract involving both goods and services is governed by the UCC, they use the __________ test.

predominant factor

A __________ is a person who deals in goods of the kind involved in a sales contract or holds themselves out as having special knowledge.

merchant

Under the UCC, a __________ contract requires the seller to deliver conforming goods into the hands of a carrier, at which point liability for loss passes to the buyer.

shipment

The __________ Rule gives a buyer the right to reject goods if they fail in any respect to conform to the contract.

Perfect Tender

Acceptance of nonconforming goods can be revoked if the nonconformity __________ the value of the unit.

substantially impairs

Only statements of __________ create express warranties; statements of opinion do not.

fact