Business Regs/Compliance

According to the Executive Order 11246, those who contract to provide the federal government with goods or services worth _____ or more must conduct an audit of the workplace to determine if there is an underrepresentation of women or minorities in job categories traditionally closed to them.

$50,000

Which of the following domain name is used for commercial organizations?

.com

The domain name _____ is used by international organizations established by treaty.

.int

Which of the following domain names is still restricted?

.mil

Executive Order _____, dated April 22, 2000, required federal facilities covered by environmental regulations to implement Environmental Management Systems by specific deadlines, with final implementation by 2005.

13148

Title VII of the Civil Rights Act applies to employers with _____ or more employees.

15

The _____ amendment to the Clean Air Act set technology-based standards for major sources and area sources.

1990

The public gets _____ days to comment, after which the final Environmental Impact Statement is reported upon.

45

Which of the following is the most prominent criminal activity involving fraud on the securities market?

Insider trading

Which of the following statements is NOT true regarding a nongovernmental organization?

International Monetary Fund is a nongovernmental organization.

This organization is an independent agency that provides trade expertise to the legislative and executive branches of government. It advises the President and investigates issues such as the balance of trade between imports and exports, the economic impact in the United States of any proposed trade agreements, and effects of foreign competition on the United States. It can impose countervailing duty on products determined by the International Trade Administration to harm domestic manufacturers. Identify the organization in discussion.

International Trade Commission

Which of the following statements is true regarding the Uniform Commercial Code?

It addresses contracts for the sale of goods.

Which of the following statements is definitely true regarding a nonregistered stock?

It can be negotiated by whoever possesses the stock.

Which of the following statements is true regarding arbitration?

It can be structured in almost any way that accommodates the needs of the parties.

The _____ Act allows recovery for harm that arises if the goods do not perform as warranted.

Magnuson-Moss Warranty Act

The _____ is a compilation of the most common approaches to states' common law of contracts, but is not, in and of itself, law.

Restatement of Contracts

Which of the following is a part of the Taft-Hartley Act of 1947?

Right to work laws

Price discrimination is an antitrust violation under the _____.

Robinson-Patman Act

Which of the following organizations is a nongovernmental organization?

Rotary International

Samantha Jones, owner and CEO of Jones Industries, is faced with the task of thwarting the formation of a union by her employees. In brainstorming about how to respond, Samantha thinks a straightforward attack on the union would be ideal and threatens to fire anyone who is caught discussing the union. In this situation:

Samantha's act would amount to an unfair labor practice because it interfered with the employees' legal rights of forming a labor union.

This act was enacted after the Enron scandal. It deals with accounting, corporate governance issues, increased disclosure, and conflicts of interest in the securities business. This act established the Public Company Accounting Oversight Board (PCAOB) to set auditing, quality control, and ethics standards for public accounting firms. Identify this act.

Sarbanes-Oxley Act

_____ are often called "blue sky" laws.

Securities laws

A tag attached to a cloth stating that it was made by the International Ladies' Garment Workers Union is most likely to be an example of a _____.

collective mark

Most business crimes are referred to as _____ crimes.

white collar

A _____ is a legal document providing for the disposition of the property of the one making it after his or her death.

will

A developer wishes to construct a building on land owned by your neighbors and he asks the city to take the property by eminent domain and give it to him for that purpose. You agree that it is unfair to your neighbors for their property to be taken and you wish to join the lawsuit filed by your neighbors as a show of support. You cannot join the lawsuit because:

you lack standing to sue.

If a claimant is using disparate impact as her or his theory of discrimination against the employer, in order to prove a prima facie case, the claimant must show that the complaining group did not perform at least _____ as well as the group that received the benefit.

80%

UNIT 6

????

Which of the following is essential to begin the formation of a union?

A bargaining unit

Which of the following statements is true regarding trade secrets?

A compilation of information that is used in one's business is an example of a trade secret.

What is a 'gifts causa mortis'?

A conditional gift where the donor gives a gift to the donee because the donor is contemplating the possibility of death

What is an injunction?

A court order to do or stop doing a particular thing.

Which of the following things is most likely to be patentable?

A distinct and new variety of plant produced asexually

Which of the following terms best represents an unincorporated business owned by a single individual?

A sole proprietorship

Which of the following statements is true regarding a gift?

A valid completed gift cannot be taken back by the donor.

Which of the following statements is NOT true regarding discrimination based on religion?

According to Title VII, employers are prohibited from discriminating on the basis of religion provided the religion is a legitimate one.

Which of the following laws is true regarding legal positivism?

According to the theory of legal positivism, law derives its status as law from the fact that it has been enacted by the sovereign with the power to enforce his or her wishes.

Which of the following is referred to as ratification?

Affirmation by a person of a prior act which did not bind him but which was done on his account

Robert wishes to bring a more youthful look to his retail establishment. So he transfers older employees to lower paying jobs. In this example Robert is violating the ___.

Age Discrimination in Employment Act

Which of the following is the largest arbitration organization in the U.S?

American Arbitration Association

Which of the following is a trade association?

American Bar Association

The _____ was hailed as the "Declaration of Independence" or "Emancipation Proclamation" for the disabled and the most far-reaching civil rights law since the Civil Rights Act of 1964.

Americans with Disabilities Act

Which of the following statements is true regarding an agent?

An agent may not act contrary to or without the principal's consent.

Which of the following statements is true for the Taft-Hartley Act of 1947?

An important concept in relation to the Taft-Hartley Act is right to work laws.

Which of the following statements is definitely true regarding an option contract?

An option contract only buys the offeree time to accept or reject the offer.

Which of the following is the principal document used by most public companies to disclose corporate information to their shareholders?

Annual report

Which of the following is an ADR mechanism that involves the intervention of a disinterested third party into a dispute and the third party can impose a decision, much like a judge does?

Arbitration

Which of the following is protected under the copyright act?

Barbie's eyes

Which of the following professional sports is exempt from antitrust laws?

Baseball

Which of the following best represents the center of management authority for the corporation?

Board of directors

The _____ is responsible for implementing and enforcing the Export Administration Regulations (EAR). It is charged with the development, implementation, and interpretation of U.S. export control policy for purely commercial commodities, dual-use commodities, software, and technology.

Bureau of Industry and Security (BIS)

Which of the following requirements of a valid contract ensures that those who enter into agreements understand the nature and effect of their agreements?

Capacity to enter into a contract

According to which of the following ethical theories, in the event of an ethical dilemma, everyone should act as they would want someone else to act in the situation?

Categorical imperative

Which of the following types of legal systems exists in most of the South America?

Civil law

Exclusive dealing agreements, pursuant to which the buyer undertakes to purchase all its requirements for the product from the seller, are governed by the _____.

Clayton Act

Each federal agency's own internal rules and regulations are set forth in its administrative regulations published in the _____.

Code of Federal Regulations

Which of the following is most likely to address virtually all disputes to be arbitrated other than those where a union or a collective bargaining agreement is in effect?

Commercial arbitration

Which of the following types of legal systems exists in most of the Oceania?

Common law

Which of the following statements is true regarding Congress?

Congress is the one to determine what an administrative agency should and should not do.

Which of the following best represents an agreement between two or more persons to commit a crime or to conspire to commit an act that is not unlawful by unlawful means?

Conspiracy

The National Environmental Policy Act established the _____, which is responsible or reporting to the President and Congress on the status of the environment.

Council on Environmental Quality

Which of the following mechanisms is most likely to be used to make up for the competitive edge gained by the reduction in cost to produce the item created by the subsidy?

Countervailing duty

In the context of sources of international law, which of the following terms best represents a principle or practice that has developed over a course of dealing?

Custom

Which of the following is a requirement for a tort to be considered as defamation?

Defamation can be accomplished through either slander or libel.

The Bureau of Industry and Security (BIS) is located within the _____.

Department of Commerce

According to which of the following acts, decoding an encryption device placed on copyrighted material is a federal violation?

Digital Millennium Copyright Act

Which of the following concepts is true regarding disparate impact?

Disparate impact is a group concept of discrimination rather than an individual one.

Which of the following statements is true regarding patents?

Distinct and new varieties of plants that are produced asexually are patentable.

The _____ round is the current trade-negotiation round of the World Trade Organization (WTO) which commenced in 2001.

Doha

_____ is exerting pressure through threats or use of physical force, economic disadvantage, exposure of private matters, etc., to get a party to enter into a contract.

Duress

With reference to the agency relationship, which of the following is a duty of a principal to an agent?

Duty to indemnify

What are torts?

Violations of law that are civil in nature

The Clean Air Act establishes criminal penalties for violations, including the possibility of prison terms, and authorizes the _____ to pursue civil suits for injunctions or monetary remedies.

Environmental Protection Agency

Which of the following federal agencies is charged with enforcing Title VII?

Equal Employment Opportunity Commission

Which of the following acts gave rise to the concept of comparable worth?

Equal Pay Act

Which of the following is a type of tort included under intrusion of privacy?

False light

Specialized courts might include a _____ to settle matters of support and child custody.

Family Court

The _____ is the official daily publication for rules, proposed rules, and notices of Federal agencies and organizations, as well as executive orders and other presidential documents.

Federal Register

_____ includes fraud involving the delivery of benefits through domestic programs provided by the government including Social Security, Temporary Assistance for Needy Families (formerly AFDC), and other entitlement programs.

Fraud against the government

Which of the following is an important provision for employers in a collective bargaining agreement?

Freedom from slowdowns

In the context of international business, GATT stands for:

General Agreement on Tariff and Trade.

Identify the correct statement about bargaining units.

Generally, there must be at least two employees in a bargaining unit.

The _____ is a coalition of investors, environmental groups, and social policy advocates that was launched in 1997 to promote global guidelines for enterprise-level sustainability reports.

Global Reporting Initiative

Which of the following statements is true regarding grey market goods?

Gray market goods are goods manufactured in a country other than the United States and bearing a valid U.S. trademark, which are imported into the U.S without consent of the American trademark holder. They are distinguished from counterfeit goods in that the use of the mark is authorized by the holder of the foreign trademark.

The internationally recognized certification system called Leadership in Energy and Environmental Design is developed by the U.S.:

Green Building Council.

With reference to specialized state level courts, which of the following functions is most likely to be performed by a Court of Claims?

Hear suits against the state government.

Which of the following crimes is most likely to occur if you leave your magnetic hotel entry card in your room at the end of your stay, thinking you didn't need it anymore?

Identity theft

Which of the following statements is true regarding sexual harassment?

If the sexual harassment is perpetrated by a co-worker (rather than a supervisory employee) employers are liable if they knew or should have known of the harassment.

Which of the following crimes uses unfair marketing techniques and conduct designed to eliminate competition through unfair means?

Insider trading

Which of the following statements is true regarding a trade name?

It identifies a producer.

Which of the following statements is true regarding a mock trial?

It involves assembling ordinary citizens and then asking them to act like a jury.

Which of the following is true regarding an Environmental Assessment (EA)?

It is a public document that serves to provide sufficient evidence and analysis for determining whether to prepare an Environmental Impact Statement.

Which of the following statements is true regarding a proxy solicitation?

It is a writing signed by a shareholder of a corporation authorizing a named person to vote his or her shares of stock at a specified meeting of the shareholders.

Which of the following is true regarding the Endangered Species Act?

It is administered by the National Marine Fisheries Service (NMFS) and the U.S. Fish and Wildlife Service (FWS).

Which of the following statements is true for monopolies?

It is defined as the power to control prices or exclude competition.

Which of the following statements is definitely true regarding a tombstone ad?

It is just an announcement of the upcoming sale.

Which of the following statements is true regarding voir dire?

It is the process by which the jurors are chosen.

Which of the following statements is true regarding regulatory negotiation?

It is used by administrative agencies wishing to avoid protracted litigation with interested groups.

Which of the following statements is true for the Federal Trade Commission Act of 1914?

It limits the Federal Trade Commission (FTC) to equitable remedies.

Which of the following statements is true for the Wagner Act of 1935?

It prohibited unfair labor practices.

_____ is the study of law, legal systems, and legal philosophy.

Jurisprudence

In 1997, a group of interested nations negotiated a treaty with the goal of stabilizing greenhouse gas concentration in the atmosphere at a level that would not harm the climate. This treaty was known as the:

Kyoto Protocol.

Which of the following branches of the government has primary responsibility for enacting laws in the areas over which the Constitution designated the federal government would have authority?

Legislative

Which of the following types of property estates represents an interest in land that is only good for the life of the life tenant who holds the interest?

Life estate

Which of the following statements is NOT true regarding a general partnership?

Loss sharing is a necessary condition of general partnership.

_____ is the most useful alternative dispute resolution method when the parties wish to maintain an ongoing relationship but simply need help resolving the present conflict.

Mediation

_____ is a defense to price discrimination.

Meeting competition defense

Which of the following statements is true regarding the Fifth Amendment?

Miranda warnings are partly based on the Fifth Amendment.

_____ occurs if you learn of some information and pass it on to others, such as friends, a spouse, or other relatives and they act on the information to their benefit.

Misappropriation

In this method of dispute resolution, the attorney assembles ordinary citizens, asks them to act as jury, presents the case as if in court, and then requests them to make a decision. Hearing the decision and questioning the "jury" about their deliberations can be very instructive for the attorney in deciding how best to proceed with the case and whether to seek a path other than litigation. Identify the dispute resolution method in the discussion.

Mock trials

A union representation election is conducted by the ____.

NLRB

According to _____, to the extent the laws reflect the laws of nature or God, the laws are considered "good" ones; to the extent they do not, they are "bad."

Natural law

Which of the following agencies enforces safe work place laws?

Occupational Safety & Health Administration

Executive Order 11246, related to employers who enter into contract with federal government for providing goods and services, is implemented by ____.

Office of Federal Contract Compliance Programs

The Ambassador of the _____ serves as the vice chairman of the Oversees Private Investment Corporation (OPIC).

Office of U.S. Trade Representative

Which of the following statements is true about the bargaining power of employees?

Only private sector employees have the power to bargain.

This organization was established in 1960 as the successor to the international body that had administered the Marshall Plan. The principal purpose of this organization is to coordinate the key economic policies of the major industrialized countries. Identify the organization in discussion.

Organization for Economic Cooperation and Development (OECD)

Which of the following employees are governed by the NLRA?

Private sector

Which of the following laws provides rules and regulations for how to exercise the rights we are given by substantive law?

Procedural law

Which of the following best represents a writing signed by a shareholder of a corporation authorizing a named person to vote his or her shares of stock at a specified meeting of the shareholders?

Proxy solicitation

Which of the following types of properties is most likely to include land and anything permanently attached to it such as houses?

Real property

The _____ Amendment provides the defendant the right to a speedy trial, the right to subpoena witnesses to speak on his or her behalf, the right to confront witnesses, and the right to a jury of his or her peers.

Sixth

Which of the following theories of jurisprudence is based on the premise that society's ideas change over time and law should reflect a compromise between the changing, often conflicting, interests of society?

Sociological theory

Which of the following statements is true regarding a security?

Stock is one type of security.

Under the ____, unions can now be subject to unfair labor practices for engaging in activity that overstepped their role as employee representatives.

Taft-Hartley Act

_____ is a form of holding property that is specific to married couples.

Tenants by the entirety

_____ was the outcome of discrimination by the unions against blacks.

The Colored National Labor Union

Which of the following is true regarding noise pollution?

The EPA's role currently is to investigate and study noise and its effects and to evaluate the effectiveness of noise on the public's health and welfare.

Which of the following acts prohibits U.S. companies and citizens from bribing public officials to keep or obtain business?

The Foreign Corrupt Practices Act (FCPA)

Which of the following organizations performs the task of enforcing violations of the Tariff Act of 1930 known as "337" actions?

The International Trade Commission (ITC)

Which of the following is true regarding the Medical Waste Tracking Act (MWTA)?

The MWTA requires segregation of the waste at the generator site and tracking of the waste through to the disposal facility.

Whish of the following statements is most likely to be true regarding lost property?

The finder has superior claim to the property against all except the true owner.

Which of the following statements is true regarding the Americans with Disabilities Act (ADA) of 1990?

The law does not guarantee a job to any disabled person regardless of qualifications.

Which of the following statements is true regarding limited partners in a limited partnership?

The limited partners do not have any say in the ordinary operations of the partnership.

Which of the following is an advantage of resolving disputes, between the union and management, through arbitration?

The management does not need to run to court for every dispute an employee may have.

Which of the following is one of the defenses to negligence?

The plaintiff contributed to the injury by doing a negligent act him- or herself.

With reference to a third party contract, under which of the following circumstances the agent alone is party to the contract?

The principal is undisclosed

Which of the following statements is true regarding the trespass to real property tort?

The rental agreement that gives exclusive possession and control to the tenant can form the basis of a trespass to real property action.

Which of the following statements is true regarding an export trading company (ETC)?

The sellers are provided with revenue once they sell the products to the ETC.

Which of the following statements is true regarding shareholders?

The shareholders elect the board of directors.

Which of the following is one of the defenses to intentional tort?

The tort was committed in defense of self or others.

Which of the following statements is true regarding a stolen property?

The true owner retains the right to the goods, even though he or she is not in possession of them.

Which of the following statements is true for per se violations?

They are held by courts to be inherently unreasonable.

Which of the following statements is true for conglomerate mergers?

They are mergers in which the merging firms had no prior relationship.

Which of the following statements is true regarding debt securities?

They are negotiable instrument.

In the case of limited partnership, which of the following statements is true regarding the general partners?

They owe fiduciary duties of loyalty and care to the partnership.

Which of the following statements is true for labor laws?

They provide union members with a bill of rights.

Which of the following is true regarding summary jury trial?

This method involves selecting a small jury just as a regular jury without telling them that their decision is not binding.

When a company decides to go public, it must file a registration statement with the SEC. Which of the following statements is true regarding this registration process?

Tombstone ads can be published before the registration becomes effective.

Which of the following can NOT be registered under the Lanham Act?

Trade name

Which of the following best represents a formula, pattern, device, or compilation of information that is used in one's business and that gives one an opportunity to obtain an advantage over competitors who do not know or have it?

Trade secret

Which of the following types of federally protected intellectual property most likely protects goods and services?

Trademark

Which of the following is a court of intermediate appeals?

U.S. Court of Appeals for the Federal Circuit

Which of the following is true regarding the State Environmental Laws?

Under federal preemption rules, even where the federal law does not occupy the entire field, a state law on the same topic is still preempted if the state law conflicts.

The _____ is one of the two sets of laws that governs contracts.

Uniform Commercial Code

Which of the following types of patents is used for any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof?

Utility patent

Which of the following agencies enforces minimum wage, overtime and child labor laws?

Wage & Hour Division

Which of the following organizations replaced GATT as an international organization?

World Trade Organization

The SEC alone cannot enforce all aspects of the securities market so Congress empowers _____ as an enforcement agency.

a self-regulatory organization (SRO)

Personal property to which an owner has relinquished all right and title and which is not given to someone through a validly executed will has been _____.

abandoned

When an individual possesses another's land openly, notoriously, and treats it as his or her own for a period set forth in a statute (usually 21 years) and the true owner makes no claim, the individual can petition the court to have title transferred into his or her name and become the owner of the property. Such a transfer of property is termed as _____.

adverse possession

If the principal has given the agent a document such as the power of attorney and which the agent has shown to the third party, it is most likely to result in _____ authority.

apparent

After mediation, the next most frequent ADR mechanism is _____.

arbitration

Once a crime has been reported or sufficiently investigated to establish that the person has committed the crime, the person is taken into custody by the police either on the scene of the crime, or through the use of a(n) _____.

arrest warrant

Bid rigging occurs when:

bidders agree ahead of time who will win the award.

A(n) _____ is an agreement between two or more competitors not to sell to or buy from an individual or company or group.

boycott

All of the following statements are true regarding the constitutional rights of a business EXCEPT:

businesses are not protected from illegal searches and seizures by the Fourth Amendment.

If two or more firms engage in a conspiracy to fix prices, they have formed a(n) _____.

cartel

A _____ is protected under the Lanham Act and is used to indicate that certain goods or services originated in a particular region, or that they are of a particular nature, quality, or characteristic, or that they were produced by a member of a particular organization.

certification mark

The concept of _____ permits jobs that are not the same, but are of comparable worth to the employer, to be examined for wage disparities.

comparable worth

The most important duty of the principal toward his agent is to:

compensate the agent according to the terms of the contract.

The Environmental Protection Agency:

conducts environmental assessment, research, and education.

A(n) _____ is any shareholder with sufficient voting shares to determine the outcome of a shareholder vote.

controlling shareholder

Which of the following is an incorporated form of business?

corporation

Intentionally making untrue statements about an individual in the presence of another or communicated to a third party that has the effect of lessening the individual's reputation in the community is _____.

defamation

The concept of _____ requires businesses to consider the potential environmental impact of a product and the process used to make that product.

designing for the environment

In the case of ___, the employee alleges that he or she was treated differently from other similarly situated employees regarding some aspect of employment based on one of the prohibited reasons, that is, based on race, gender, and so on.

disparate treatment

A(n) _____ is one that is in danger of extinction throughout all or a significant portion of its range.

endangered species

Strict liability is responsibility imposed on tortfeasors for:

engaging in activity deemed by statute to be dangerous until the tortfeasors must take responsibility for all harm that arises therefrom.

The grantor can have the transferee hold the land for a period less than the grantee's life. This property estate is known as _____.

estate for years

The rule of reason approach:

examines the effects of the anticompetitive behavior before passing judgment.

The _____ doctrine recognizes that in certain instances, public policy dictates that use of the material is fair and that its use would not conflict with the constitutional mandate to protect such work for the purposes of promoting intellectual growth and development.

fair-use

The intentional act of publishing something that puts another in an unfavorable or untruthful light, though it is true, is the tort _____.

false light

A(n) _____ interest in real estate is the most rights our law recognizes in property.

fee simple

Embezzlement and loan fraud are most likely to be examples of _____.

financial institution fraud

The EC Treaty:

governs anticompetitive measures between the member states.

The one who grants a life estate is called a _____.

grantor

A case will be called case of first impression if it:

has no precedent in the jurisdiction.

The National Environmental Policy Act establishes a process that federal agencies must follow in making decisions that have the potential to have a significant impact on the environment. The process requires the agency to:

identify and analyze environmental consequences of proposed action.

The Comprehensive Environmental Response, Compensation, and Liability Act:

is also known as the Superfund and provides a fund of money to clean up uncontrolled or abandoned hazardous waste sites as well as accidents and spills.

All of the following statements are true regarding IRS EXCEPT:

it enforces laws regulating unfair trade practices.

Government employees are generally not permitted to strike or to bargain over wages, hours, and benefits because:

it is against public health and safety.

A business can monitor relevant agencies for actions impacting it by:

joining a trade organization.

Bench trial is a trial before a:

judge without a jury.

The _____ branch of government is primarily responsible for interpreting the law by deciding cases in federal courts.

judicial

Michel deeds his house to Robert for the life of his wife. Once his wife dies, the property goes to a church. This is an example of the _____ type of property interest.

life estate

Generally, decision of an administrative agency can be challenged in a federal court only if the:

litigant has exhausted administrative remedies as set forth under the agency's regulations.

If the ownership is of a nonflowing body of water, such as a lake, the doctrine of _____ gives the ownership of underwater property generally to anyone who owns land adjacent to such nonflowing water body.

littoral rights

Affirmative action is:

making a plan to include in the workplace those who have traditionally been excluded from the workplace due to generations of discrimination.

Wages, hours and other terms, and conditions of employment come under ____.

mandatory subjects of bargaining

Industrial unions:

may be part of a larger union network of the same type of employees at other workplaces.

The BIS is charged with the development, implementation, and interpretation of U.S. export control policy for purely commercial commodities, dual-use commodities, software, and technology. In this context, a dual use commodity is one which has commercial but also _____ applications.

military

Power of a buyer to dominate the market is called _____.

monopsony

Under the Uniform Partnership Act, whenever a partner withdraws from the general partnership, the partnership

must dissolve.

Shawnee agrees to provide massage therapy to Pam for six months. Shawnee thought the agreement was for Swedish massage. Pam thought it was for deep tissue massage. Deep tissue massage costs twice as much as Swedish massage and Shawnee refuses to honor the agreement. This is most likely to be an example of:

mutual mistake.

In an organization with a native language other than English are not permitted to speak their native language in the workplace even when it does not interfere with their jobs. This is an example of discrimination based on ___.

national origin

The Declaration of Independence's statement that "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty, and the pursuit of happiness." is a well-known example of _____.

natural law

An Illinois man sues Kraft Foods Inc. claiming he found a rodent tooth in a package of Planters peanuts. This event is based on claims of _____.

negligence

A security is defined as a _____ that represents financial value.

negotiable instrument

A _____ is pollution that comes from many sources, such as melting snow that picks up animal waste, leakage from vehicles, and pesticides.

nonpoint source

While the obligor's permission is not necessary for a valid assignment, if the obligor gives permission, so that now all three parties agree to the assignment, it is called a _____.

novation

Judicial reasoning that is unnecessary to a decision, called _____ has no binding effect on later courts.

obiter dictum

A merger:

occurs through either a stock or asset purchase of one firm by another.

The retail gas market, where a small number of firms control a large majority of the market, is an example of a(an) _____.

oligopoly

The Securities Act of 1933 is directed primarily at the:

original distribution of securities into the market.

A principal is _____ if, when an agent and a third party interact, the third party has notice that the agent is acting for a principal but it does not know the principal's identity.

partially disclosed

The legislative branch of the government has the authority to:

pass laws to bring the court's interpretation of law in line with the views of the legislature.

A court can measure the anticompetitive effects of a defendant's conduct by the:

per se approach.

Accounts receivable is most likely to be an example of _____ property.

personal

The practice of selling below cost for the purpose of eliminating competition is called:

predatory pricing.

The purpose of section 1101 of the Copyright Act is to:

prevent unauthorized fixing or broadcasting of live musical performances.

It costs $1 to produce an item and there are 2 producers of that item. In order to be competitive, Producer 1 sells the items for $2 to all his purchasers, regardless of where they are located, which gives him a profit of $1 on each item. Producer 2, on the other hand, sells his items for $2 if they are located in an area that competes with Producer 2, but $1.50 if they are located in an area that doesn't compete with Producer 2 and this tactic is used to keep Producer 1 out of the market that's currently not served by him. This is an example of:

price discrimination.

In the case of an agency relationship, the one for whom the work is performed is known as the ___.

principal

A _____ is determined by looking at like products in a particular market.

product market

When going public, for full compliance with the Securities Act of 1933, the companies need to include a document in the registration statement which would be distributed to potential and actual investors. This document is known as a(n) _____.

prospectus

The Fourth Amendment:

protects a person against unreasonable searches and seizures by the police or other government official.

The shares of a _____ are traded on a stock exchange.

public corporation

Jim Crow laws are related to discrimination based on ___.

race and color

In the context of insider trading liability, Section 16 applies to transactions involving _____ securities.

registered equity

When going public, full compliance with the Securities Act of 1933 involves the filing of a(n) _____ with the SEC.

registration statement

The new Chinese antimonopoly law enacted in August 2007:

regulates the concentration of undertakings.

Many states permit withdrawal by an attorney when the highest authority of the corporation insists on a criminal action that will substantially injure the corporation. This is called _____.

reporting out

According to the Sarbanes-Oxley Act, an attorney has the duty to "report up" any evidence of material violation by an issuer, its officer, director, employee or agent. Here reporting up means:

reporting the violations to a chief legal officer or qualified legal compliance committee.

The theory behind holding corporate officers and managers liable for corporate crimes is similar to _____.

respondent superior

The court ordered Telpix Corporation to promote one woman for every man promoted until the percentage of women in the managerial ranks reflects their availability for such positions in the workforce drawn from. As a result, the men who were in line for promotion felt that they were being discriminated against because they must now wait longer to be promoted. These men are most likely to bring a suit alleging ___.

reverse discrimination

When an affirmative action plan is instituted, often other employees who belong to the group not discriminated against will feel they are being discriminated by implementation of the plan. This is known as ___.

reverse discrimination

If, rather that have the interest after the life estate go to a third party, the grantor dictates that the interest is to return to the grantor, this is _____.

reversion

MGM uses the sound of a lion's roar for its motion pictures. This sound is most likely to be protected by a _____.

service mark

Title VII of the Civil Rights Act does NOT prohibit discrimination on the basis of:

sexual orientation.

Securities filed under "Regulation D" are:

sold to accredited investors.

Arrangements whereby dealers agree to resell the product only within specified territories and to solicit business only from specified classes of customers are:

subject to the rule of reason.

Some jurisdictions provide for _____ after cases have been filed if the case will require a great deal of time for trial and is unlikely to be settled by negotiation.

summary jury trials

Upon filing the complaint, the court will issue a _____ to the defendant, who is the party named in the complaint who has allegedly caused harm to the plaintiff.

summons

The one who makes a will is called a _____.

testator

Bargaining in good faith means:

that a party must provide necessary information to support their bargaining proposals.

A lost property is a personal property:

that the owner has accidentally allowed to leave his or her possession and control.

If a limited liability company elects to be member-managed:

the governance in the company is like a general partnership.

Eminent domain is:

the government's right to take property for government use while providing the owner with fair market value for the taking.

According to the American system of economics:

the market of goods and services should remain free, and open to all.

In 2007, the market essentially collapsed due to:

the mortgage and credit crises.

Under the UCC an acceptance that makes changes to the offer is only considered a counteroffer if:

the offeree so intends.

All of the following comprise the subject matter of administrative law EXCEPT:

the structure and hierarchy of federal courts.

In order to establish a per se violation alleging tying,

there must be two products.

Strikes which are not authorized by the union are considered illegal if:

they force the employer to deal with the employees rather than the union.

The financial statements file by an organization at the time of going public must be certified for the past _____ years.

three

Purchasers who discover a false or misleading statement in a prospectus cannot bring an action if more than _____ have passed since the purchase of the security.

three years

The shape of a Coca-Cola bottle is protected with the help of a _____.

trademark

Price fixing occurs when:

two or more competitors conspire to sell a product for the same price.

A shop steward is the:

union representative.

An invention must meet three criteria to qualify for patent protection: novelty, _____, and nonobviousness.

utility

If the contract does not have legal subject matter or there was fraud in the execution in entering into the agreement, then the contract does not actually exist at all. This is called a(n) _____ contract.

void