Insurance: Contract and Final Exam Study Essay

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FIL 185, The Legal, Ethical & Social Environment of Business
Spring 2014
Dr. Katrin C. Varner

Final Exam Study Guide

The exam will last two hours, is worth 100 points, and will be held at 7:50 a.m. in SFHB 139.

Leading up to the exam, I will have some special office hours. They are:

Friday, 2 May, 10:00-11:00 a.m. Tuesday, 6 May, 1:00-3:00 p.m. And by appointment.

Anything that we have covered in class this semester is fair game, but this study guide, as well as, to a lesser degree, your previous study guides, should give you a good indication of what I believe to be the most important material. I am more than happy to take your calls and e-mails between now and the exam if you have any additional questions or concerns.

The exam will consist of a number of types of questions, including multiple choice, true/false, fill-in-the-blank, short answer, matching. There will be some extra credit available, as well.

About your final papers:
I know that many of you will want to know what your grade was on the final paper before taking the final exam. BUT I will only make your grades on the final paper available if I can finish grading ALL of them before the final exam. I don’t think it’s fair for some students to know their paper grade going into the final exam and for others not to know. Based on how the grading has gone in previous semesters, I would say that you shouldn’t expect to know your paper grade before taking the final.

You should understand the following terms:

Sole Proprietorship Partnership Corporation
Conciliation Mediation Arbitration
Battery Assault Contract
Consideration Statute of Frauds Negligence
Constructive Eviction Reasonable Doubt Fellow Servant Rule
Preponderance of the Evidence NLRA Fiduciary
EEOC Grand Jury Articles of Incorporation
Judicial Review Specific Performance Stare decisis
Establishment Clause Free Exercise Clause Exclusionary Rule
Substantive Due Process Procedural Due Process Probable Cause
NLRB Fraud Strict Liability
Consideration Good Faith

You should be familiar with the following:

1. What are the 3 main types of business organizations and what are their major characteristics? What is the most common type of business organization?

2. What are the different sets of corporate powers? 3. What is an ultra vires act?

4. What do we mean when we say that a corporation is a person under the law?

5. Understand the legal liability of different types of business organizations. 6. Officers and the Boards of Directors of corporations owe the corporation fiduciary duties. What are those duties? 7. You should understand the importance of the Clayton Act of 1914 as it relates to labor unions.

10. In a labor negotiation, both sides are obligated to bargain in good faith. What does this mean?

11. What are the mandatory subjects of collective bargaining? 12. What are the two categories of strikers and how can they be treated differently?

13. What are mediation, arbitration, and conciliation? (You should understand the difference –
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