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College of Business and Economics

Business Law Review

(Revised April 25, 2008)

 

Review Material for the Business Law Exam

You are going to take a multiple choice exam in business law. The following material should help you prepare for the exam.

 

The top ten concepts are linked to review material below:

 

1.    Understand the roles of offer and acceptance in the formation of a contract.

         A.    Offer

         B.    Acceptance

 

2.    Understand the differences between (a) intentional tort liability; (b) negligence liability;  and (3) strict liability.

 

3.    Understand arbitration and the significance of agreeing to submit a dispute to arbitration.

 

4.    Understand product liability law.

 

5.    Understand the duty to mitigate damages.

 

6.    Recognize misrepresentation and fraud as defenses to contract enforcement.

 

7.    Understand the implications of statute of limitations.

 

8.    Identify and understand the differences between civil and criminal liability.

 

9.    Understand the differences between compensatory and punitive damages.
 
10.  Understand the situations in which it is necessary for a contract to be in writing to be enforceable.ept

 

There is also video material available in Business Law. s in managerial accounting. 

 

Important Notices:

• Students should be prepared to bring proof of pre-requisites to the first day of class.
• Please be sure to register for both BUS 302 and BUS 302L.