Blaw final
Which article of the Uniform Commercial Code governs the law of commercial sales?
Article 2
The power to change the principal's legal obligations is an agent's:
Authorities
Under which legislation must the EPA set pollution standards and, through forced cooperation of the states, enforce the standards across the country?
Clean Air Act
What was adopted by the United Nations to have a commercial code that parties would think unbiased?
Convention on Contracts for the International Sale of Goods
The agency given the power to file suits against employers and unions believed to be violating Title VII of the Civil Rights Act is the:
Equal Employment Opportunity Commission
What legislation makes most documents held by federal agencies available to the public?
Freedom of Information Act
Which of the following is a contract most likely to fall under UCC Article 2?
GM buys seat belts from Ace to install in new Cadillacs
Congress created the first regulatory agency in 1887. It was called the:
Interstate Commerce Commission
Under the doctrine of riparian water law, persons living along a body of water:
May use the water in a reasonable manner and must pass on the water in usable form
What is an association an association of two or more persons to carry on a business as co-owners for profit.
Partnership
Which of the following is a note agreeing to repay borrowed money, probably with interest?
Promissory note
The word "antitrust" in the Sherman Antitrust Act comes from:
Rockefeller's Standard Oil, which was organized as a trust.
The federal agency that has the most to do with regulation of the securities markets is the:
Securities and Exchange Commission
A corporation must be created according to:
State law
On a negotiable instrument, what is the role of the drawer
The drawer issues or creates the document that requests payment.
What is the relationship between the stock exchanges and the SEC?
The stock exchanges are self-regulating but subject to SEC control.
Which of the following agencies has primary responsibility for sanitation of meat, poultry, and eggs?
U.S. Department of Agriculture
Under the common law, a contract cannot be formed until an offer is clearly accepted. Under UCC Article 2:
a contract "may be made in any manner sufficient to show agreement" between the parties
A warranty of title means:
a seller is the rightful owner of the goods being sold
The requirement that if one product or service is purchased then another product or service must also be purchased, even if not desired by the customer, is called:
a tying arrangement.
The Fair Debt Collection Practices Act restricts:
abusive techniques used by debt collection agencies
The trustee in bankruptcy:
administers the debtor's estate.
The branch of law that consists of legal rules that define the authority and structure of hundreds of administrative agencies is known as:
administrative law
Under the Omnibus Transportation Employee Testing Act, which employees must be tested for alcohol and drug use?
airline pilots, bus drivers, and commercial truck drivers
Employees may be required to sign, as a condition of employment, an agreement that they will not sue the employer in case they are injured on the job. This is called:
an exculpatory agreement.
If an employer and employee agree on employment of a certain time, or that job security will be provided, then there is likely:
an express contract
In an action alleging environmental damage, by use of the common law of trespass, the plaintiff must show that the:
an unreasonable interference with the community's right to a reasonably clean and safe environment
Advertisements directed at children or ill people:
are held to a tougher standard than other ads
To create a limited liability company, creators must produce:
articles of organization
Which of the following securities professionals must be registered with the SEC to be able to engage in business?
brokers, dealers, and advisers
A buyer who receives goods that are nonconforming may refuse to accept them as a breach of contract and withhold payment. This is referred to as:
buyer's right of rejection.
If over half of the employees at a workplace vote for union representation, the NLRB will:
certify the union as the exclusive bargaining agent for all employees in the bargaining unit
When a securities professional buys and sells excessive amounts of stock for a client's account to make extra-large commissions from the trades, she is:
churning.
When personal property is used as collateral to back up a loan, the note created is a:
collateral note
A new or an existing company may be financed by:
debt and equity
A mortgagor is:
debtor of a mortgage
A legislative delegation:
delegates to an agency the power to perform its regulatory purpose
Because the UCC's warranty requirements create a tough standard, sellers may wish to reduce their liability by issuing:
disclaimers
The process of settling the accounts and liquidating the assets of a corporation is called:
dissolution
Suppose a newly hired utility repairman has a fear of heights that means he cannot climb ladders or telephone poles to do repairs. This condition of his:
does not qualify as a disability, so he could be fired
A person who wishes to bring a complaint against another person or business for violation of a statute administered by a federal agency must first:
exhaust all administrative channels before bringing suit
What is the primary source of the pollutant carbon dioxide?
fossil fuels
A person authorized to execute all regular transactions connected with a business is called a:
general agent
Which of the following is an example of a class I medical device?
gloves, bandages
Equity financing differs from debt financing in that, with equity financing, a company:
has no liability to repay shareholders the amount they have invested.
When a court "pierces the corporate veil" it:
holds shareholders personally liable for corporate debts
Reasonable accommodations that employers must provide under the ADA includes:
incurring modest expenses in making a position available.
One thing that makes a sole proprietorship different from other forms of business organizations is that, in a sole proprietorship, profits are taxed to the:
individual owner of the proprietorship.
The idea behind the disclosure provisions contained in federal securities law is that:
investors need sufficient and accurate information on material facts concerning securities they might buy
Under the Clean Water Act, dumping pollutants into navigable waters:
is illegal without a permit
Under Superfund, if there is a hazardous waste site, liability for cleaning it up is apportioned among responsible parties according to:
joint and several liability, whereby any one party could pay the entire bill
Unless its articles of incorporation provide otherwise, a corporation:
lasts perpetually
Article 2A of the UCC, adopted by most states, expands the UCC to cover:
leases of personal property.
What type of business organizationis treated like a corporation for liability purposes but like a partnership for federal tax purposes?
limited liability company
An at-will employee:
may be dismissed at any time without reason or cause
What type of funds are sold directly to the public through the mail or Internet with no sales commission?
no-load mutual funds
Negotiable instruments include which of the following?
notes, drafts, certificates of deposit
Which is NOT a protected class under Title VII?
political affiliation
A drug that may only be used with the permission of a physician is designated by the FDA as a:
prescription drug.
Charging different prices in different markets for the same goods is called:
price discrimination.
Through an agency relationship, the agent becomes a representative of the:
principal
The business judgment rule:
protects directors and managers of a corporation who have made honest mistakes in judgment.
The Securities Act of 1933 regulates:
public offerings of securities when they are first sold.
The Kyoto Treaty concerning greenhouse gases was:
ratified by Congress but found unconstitutional by the Supreme Court.
Which of the following are public-policy exceptions recognized by most states as limits to the employment-at-will doctrine allows termination of employees?
refusing to commit an illegal act and performing a public duty (reporting for jury duty)
What type of account allows more debt to be added to the account over time?
revolving account
Jim Crow laws were federal and state laws that:
supported, and even required, racial segregation and labor market discrimination
A guarantor is generally the same as:
surety
In an effort to control the depletion of the ozone layer, which of the following treaties was signed in 1987?
the Montreal Protocol
In most Chapter 11 bankruptcies, who operates the "reorganized" business?
the debtor
A lockout occurs when:
the employer refuses to permit employees to work until a labor dispute is settled
The Clayton Act prevents a corporation from acquiring another corporation if:
the result is that it may substantially lessen competition.
If the parties to a sale under the UCC do not specify when the title to the goods passes, then, assuming goods have to be shipped, title passes to the buyer when:
the seller completes all obligations regarding delivery
A check must be paid:
to demand
The buyer's damage provisions under the UCC are designed:
to put the buyer in as good a position as if the seller had performed according to the contract.
Applied to pollution cases, public nuisance is:
an unreasonable interference with the community's right to a reasonably clean and safe environment.
a state designates a body of water for recreation:
treated water dumped into the lake must be clean enough not to contaminate swimmers or fish
A horizontal merger occurs when:
two competitor firms become one firm
Merrill Lynch and other brokerage firms, in an effort to reduce conflicts of interest inside the company, have established policies:
restricting trading in securities by analysts who comment on those securities
The board of directors of a corporation are elected by:
shareholders
