Exam Flashcards Preview

US business law > Exam > Flashcards

Flashcards in Exam Deck (30)
Loading flashcards...

Which was the first country to establish colonies in North America?



Who were the founding fathers of the USA?

Benjamin Franklin
Thomas Jefferson
James Madison


Which are the four stages of civil procedure?



Illustrate the principle of cheks and balances emodied in the US Consitution

The power to declare war is with the Congress, but the President is commander chief of the armes forces


At what stage in US civil procedure is discovery usually done?

After the plaintiff has filled his complaint


A statement about federal jugdes

They are appointed by the president with the advice and consent of the Senate


- Rider from New Yrok
-Insured collision in New York
-By a woman from New Jersey
-100,000 $ damage
-NY state court
-is federal court possible?

Yes, if the plaintiff is seeking more then 75,000 $ in damages


-Woman wants to file a law suit
-against the hotel
-under federal civil right law
-must she file this suit in a federal court?

Yes, because her claims is under federal law


The US Congress passes a law, is this law immediately effective?

No, because it has not yet been signed by the President


-under state law
-state court
-appeals and loses
-appeals at the state supreme court
-does he have the right to have the US Sumpreme Court hear the appeal?

No, because there is no right to have the Supreme Court heard appeals in any but a very select category of cases in which this case does not fall


Is it correkt to say the original text of the US Constitution does not provide for any fundamental rights?

Yes, those rights were added later


What was the signifiance of the Decleration of Independence of 4 July 1776?

The original 13 states seceded Great Britain


Under the US Consitution:

The Supreme Court made itself the most powerful branch


The Supreme Court decided whether something is constituional or not. Why can the Supreme Court do this?

Because the Supreme Court has given itself the power to do so


Before which court would you file a claim based on the Sherman Act?

This is federal law, therefore before a federal court


Why did Bank Wegelin settle its case before the US court although it has no business presence in the USA?

The fact alone that the bank would have been indicated before a US court would have forced Wegelin to file for bankruptcy


How many court systems do the US have?

The US has two court systems: a federal one and a state one (one each state one)


What are the 5 specialities of a US civil procedure?

Jury, discovery, class action, lawyers fee, punititive damage


What is consideration?

A necessary element to make agreements binding contracts


What is needed to win a tort case?

Tort cases need either negligence or intention, unless there is strict liability


What is the so called Deleware effect?

Deleware has a low level of company regulation what causes other states to lower the level of their regulations, too


What is the rule of reason?

This rule allows the courts not to apply the wording of the provision of the Sherman Act to all offenses strictly but only to the called hard core violations


On what sources of law did the courts base its decision in Pierson v. Post?

Common law, citing prior cases not only decided by British courts but also sources like laws made by the late Roman emperors


What is TTIP?

A comprehensive free trade agreement between the USA and the EU


What is the so called commerce clause?

The provision in the US Constituion that gives power to federal government to regulate interstate trade


Who are the two sisters republics?

Switzerland and the United States


Which form uf business organization is ideal for a law firm in the USA and why?

LLP, because it allows a partnership structure with limitation of personal liability by insurance


A true statement

The USA is by far the most important foreign direct investor in Switzerland


Under US antitrust law one can claim triple damage. What is that?

The compensation is three times the actual damage


What is the Uniform Commercial Code - UCC?

A non-binding model law to harmonize the different state regulations of commerce