In Order to Appeal a Case Beyond the State Supreme

question 43

Multiple Choice

In order to appeal a case beyond the state supreme court directly to the U.S. Supreme Court, a losing party must ____________.

• A) gain approval of its respective state senators
• B) have approval of the federal court
• C) start over in the state judicial system
• D) demonstrate there is a federal question at issue
• E) show that the U.S. Supreme Court has addressed similar cases in the past

Recognize when a contract can be discharged through various means, such as performance, alteration, rescission, or frustration.

Analyze the effects of anticipatory repudiation on contractual obligations.

Interpret the role and fulfillment of conditions (express, implied-in-fact, and implied-in-law) in contract discharges.

Assess the consequences of material and minor breaches in contractual agreements.

---

Definitions:

Current Assets

Assets likely to be converted into cash, sold, or consumed within one year or the business cycle, whichever is longer.

Statement Of Financial Position

A financial document that shows the assets, liabilities, and equity of a company at a particular point in time, also known as a balance sheet.

Fair Value

The price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants.

Equity Securities

Financial instruments indicating ownership in a company, such as stocks, which may offer dividends and voting rights.