ALL FINAL EXAM QUESTIONS

The Endangered Species Act (ESA), like several other environmental laws, were passed by Congress in ______.

1973

An employment contract denies payment of a full month's salary if an employee does not clock in 160 hours of work. This is a(n) ______. A.) condition subsequent B.) concurrent condition C.) voluntary arbitration D.) implied condition E.) mandatory arbitration

A

The ______ is a disclosure law that makes it illegal to use mails or any other means of interstate communication or transportation to sell securities without disclosing certain financial information to potential investors. Securities Act of 1933 Sherman Antitrust Act of 1890 Securities Exchange Act of 1934 Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 Sarbanes-Oxley Act of 2002

A - Securities Act of 1933

Among the costs frequently paid by debtors to creditors as a condition of the extension of credit, which of the following are included in the finance charge? fees for appraisals notary fees abstract fees attorney's fees for preparing deeds title insurance fees

A - fees for appraisals

Due diligence defense requires that an expert prove that a reasonable investigation of the financial statements of the issuer and ______ was conducted. a.) bailees b.) controlling persons c.) underwriters d.) sellers

B - controlling persons

Proper functioning of the grand jury system depends upon the a.) performance of the petit jury. b.) secrecy of the proceedings. c.) date of the actual crime. d.) number of accused in a case.

B - secrecy of the proceedings.

Under the Sherman Act the following statement is true: a.)an action is not considered to be price fixing if the prices fixed are fair or reasonable. b.)the Sherman Act applies to both the sale of goods and the sale of services. c.)the Sherman Act covers only goods, including those created by trade professions. d.)maximum-price agreements are illegal, while minimum-price agreements are not illegal. e.)price fixing in the service sector is permitted under the Sherman Act.

B - the Sherman Act applies to both the sale of goods and the sale of services.

Which of the following is an order that an agency imposes on a violator to stop an objectionable activity and refrain the violator from any further violations? a.)preliminary order b.)assignment order c.)cease and desist order d.)commission order e.)consent order

C - cease and desist order

For the Department of Interior, the Endangered Species Act is administered by the Toxic Substances Control Act. Federal Environmental Pesticide Control Act of 1972 (FEPCA). Fish and Wildlife Services and the National Marine Fisheries Services. Environmental Protection Agency (EPA). Federal Insecticide, Fungicide, and Rodenticide Act of 1947.

C - Fish and Wildlife Services and the National Marine Fisheries Services.

Investigating agencies use the _________to measure market concentration and determine the impact of a proposed merger. a.)Dow Jones Industrial Average b.)Hart-Scott-Rodino Improvements c.)Herfindahl-Hirschman Index d.)Robinson-Patman Amendment e.)Federal Trade Commissio

C - Herfindahl-Hirschman Index

Subject matter jurisdiction is defined as _______: a.) the underlying principle of a judicial precedent b.) a judicial philosophy on how judges should decide cases c.) a judicial philosophy about the role of the courts in our society d.) a court's power over the issues involved in a case

D - a court's power over the issues involved in a case

Under the Fair Labor Standards Act (FLSA), the overtime pay for workers is a.) a rate that is equal to the employer's regular rate of revenues. b.) a rate that is lower than the minimum wage. c.) decided by the employer after mutual consent and agreement with the workers. d.) a rate not less than one and one-half times the employee's regular rate of pay. e.) variable depending upon the particular job involved.

D - a rate not less than one and one-half times the employee's regular rate of pay.

The Consumer Financial Protection Bureau's authority applies to insurance companies. persons regulated by the Securities and Exchange Commission. businesses regulated by the Securities and Exchange Commission. banks that extend credit loans. Internet service providers.

D - banks that extend credit loans.

As a creature of state legislative bodies, a ______ is much more complex to create and to operate than other forms of businesses. a.)partnership b.)limited partnership c.)limited liability partnership d.)corporation e.)sole proprietorship

D - corporation

The Sarbanes-Oxley Act requires that information pertaining to an insider's transaction be filed a.) by any effective means within 10 business days after the close of the calendar month in which the transaction occurred. b.) by any effective means within 10 business days of the transaction. c.) by mail, postmarked within five business days of the transaction. d.) electronically within two business days of the transaction.

D - electronically within two business days of the transaction.

The International Court of Justice is made up of seven judges representing the most developed countries of the world. allows all nations to initiate a case before it. renders, on average, seventy contested decisions per year. has no enforcement authority against countries that breach international law. has been a major force in settling disputes since it began functioning.

D - has no enforcement authority against countries that breach international law.

Kerry is leaving the house and cannot find her cellphone. After a 30 minute search, she locates it in her bathroom drawer. Kerry's cellphone would be considered lost until it was found.

False

T/F - A Worker Adjustment and Retraining Notification (WARN) notice is mandatory for a case that relates to the sale of a business.

False

T/F - A buyer's damages are the difference between the fair value of all that the buyer received and the fair value of what he or she would have received had there been no fraud.

False

T/F - A contract cannot be avoided even if one of the parties is the victim of the other party's fraud and is injured by that fraud.

False

T/F - A party's disappointment in an arbitration award is a proper basis for having the award overturned.

False

T/F - Advisory opinions of an administrative agency are as binding as formal rulings.

False

T/F - Cases involving juvenile crime and children who are wards of the state would be heard in probate courts.

False

T/F - Employees of a business cannot be held liable for negligence when they cause injury to a customer or others.

False

T/F - Family-owned and family-operated businesses are common examples of publicly held organizations.

False

T/F - Felony cases are commenced with the filing of an information, and misdemeanors are commenced by a grand jury indictment.

False

T/F - General exceptions regarding pay for workers under the Fair Labor Standards Act (FSLA) are usually referred to as the "blue-collar" exemptions to overtime.

False

T/F - If an individual promises to make a gift, he or she has created a binding contract.

False

T/F - In cases heard before a jury, the jury functions to decide questions of law, while the judge is still present to decide questions of fact.

False

T/F - In exercising their investigative functions, administrative agencies are excluded from using subpoena powers.

False

T/F - In internship programs under the Fair Labor Standards Act (FLSA), an intern is entitled to wages for the time spent in the internship.

False

T/F - In jury selections, challenges for cause are also called peremptory challenges.

False

T/F - In many states, if foreclosure and auction does not produce enough money to satisfy the debt owed by the mortgagor, the creditor-mortgagee can still sue the debtor for the balance owed, called a remainder.

False

T/F - In the context of criminal intent, knowledge can be easily established by demonstrating that the accused was negligent, careless, or foolish.

False

T/F - Innocently acquiring a secret from another without knowledge of their theft is generally misappropriation.

False

T/F - It is legal for small competitors to engage in price fixing to allow them to compete with larger competitors.

False

T/F - Misdemeanors are punishable by a mandatory jail sentence of 18 months.

False

T/F - Once information is in the public domain, an intellectual property right can be applied to recapture it.

False

T/F - Private parties may bring criminal suits seeking monetary damages or injunction as a means of enforcing antitrust laws.

False

T/F - Sherman Act cases need not satisfy an interstate commerce element to be constitutionally valid.

False

T/F - Social media websites, such as Facebook and Twitter, are of little significance to a lawyer during the jury selection process.

False

T/F - States may set minimum wage amounts that are lower, not higher, than the federal minimum rate.

False

T/F - The Coca Cola logo would be considered a service mark.

False

T/F - The Electronic Communications Privacy Act and Stored Communications Act protect all personally identifiable information.

False

T/F - The Endangered Species Act requires courts and regulators to take economic factors into consideration in applying the Act's provisions.

False

T/F - The Environmental Protection Agency has determined that point source regulation is the most economically efficient method of pollution control.

False

T/F - The European Union is solely a political partnership among 28 democratic European countries.

False

T/F - The Sarbanes-Oxley Act limits personal loans from a company to its executives to one loan of no more than $10,000, amortized over five years, at a time.

False

T/F - The Securities Act of 1933 makes it illegal to use interstate transportation to sell securities without disclosing financial information to potential investors, but it is not illegal to use the interstate mail systems.

False

T/F - The goal of the Sherman Act is to eliminate competition.

False

T/F - The house next to you is purchased by a sorority at the local university. The sorority sisters party and keep you up most nights. This is an example of a public nuisance.

False

T/F - The power of a government to take private property, the power of eminent domain, is not subject to any restraint.

False

T/F - The protection against compulsory self-incrimination safeguards a businessperson from having to produce records prepared in the ordinary course of business, because the records compel oral testimony.

False

T/F - The right to a covered leave of absence under the Family and Medical Leave Act applies to employees the moment they begin employment.

False

T/F - The three basic forms of business organizations are limited partnerships, S corporations, and limited liability companies.

False

T/F - The three hybrid forms of business organizations are sole proprietorships, partnerships, and corporations.

False

T/F - The use of irrevocable letters of credit does not have any effect on reducing uncertainties in international transactions.

False

T/F - Under U.S. law, a firm or individual can compel the U.S. government to press a claim on its behalf before the International Court of Justice.

False

T/F - Under a cease and desist order issued by the Bureau of Consumer Protection, a party consents to sign an order which restrains the promotional activity deemed offensive.

False

T/F - Unlike the Clean Air Act, the Clean Water Act is administered primarily by the federal government.

False

A jury should treat anything said in an opening statement by an attorney as evidence when deciding the verdict of a trial.

False (An opening statement is not evidence; it familiarizes the jury with the essential facts that each side expects to prove.)

A state's police powers are not limitless and are controlled by the dormant commerce clause of the U.S. Constitution.

False (all powers not delegated to fed govt are inherent to the states, meaning they are limitless)

The physical dimensions of real property are generally easy to define.

False (ambiguous)

Touching can constitute part of a battery only if it causes physical injury.

False (any sort of illegal touching)

The parties to a contract are unable to renounce a warranty even if they do so in writing.

False (are able)

There are no limitations or restrictions on basic constitutional rights.

False (are limitations, such as during public safety then freedom of press can be constrained)

Final judgments or decrees rendered by the highest court of a state are reviewed by the federal district courts.

False (are not)

Most advertisement and catalog price quotes are considered definite enough to form a contract between a retailer and the readers of the advertisement or catalog.

False (are not)

Social media websites, such as Facebook and Twitter, are of little significance to a lawyer during the jury selection process.

False (are of great importance)

If Person A illegally touches Person B, Person A has committed an assault.

False (battery)

The tort of trespass arises only when a defendant damages the property of a plaintiff.

False (being on land without consent of owner)

In many states, if foreclosure and auction does not produce enough money to satisfy the debt owed by the mortgagor, the creditor-mortgagee can still sue the debtor for the balance owed, called a remainder.

False (called deficiency)

By definition, conflicts are always negative and can never be productive.

False (can be productive)

Increasing economic interdependence prevents executives and managers at a firm from manipulating corporate actions for their own benefit.

False (decreasing)

When the prosecuting state files a criminal charge, it is filed against someone called a petitioner.

False (defendant)

Legal regulation is not a source of value for business ethics.

False (is a source of value)

The advantage of the mailbox rule is that the offeror can revoke the offer even when the offeree has accepted it.

False (mailbox rule = acceptance becomes binding when its deposited into the postal service)

Positional bargaining is an approach based on principled, interest-based negotiations.

False (mediation uses principled, interest-based negotiations)

Matt offers to sell his mountain bike to Mary for $500.00. Mary agrees, but says, "I will pay you $500.00, if you give me an extra tire and air pump with the mountain bike." Matt and Mary have entered into a binding contract as a result of the mirror image rule.

False (mirror image must be exactly the same)

Generally, to be considered valid, a mortgage and deed of trust only need to be put into writing and do not need to be registered in any county records office.

False (need to be registered)

Litigation is the most frequently used method of resolving business disputes.

False (negotiation/mediation)

Freedom of speech is an absolute constitutional guarantee.

False (no absolutes)

In jury selections, challenges for cause are also called peremptory challenges.

False (no cause or reason needed to excuse juror (peremptory challenge is just excusing them))

The U.S. Supreme Court grants the petition for a writ of certiorari and allows another review as a matter of right.

False (not a right)

T/F - If a false imprisonment has occurred, someone has been detained criminally without proper grounds for the detainment.

False (not always this way)

Discovery procedures are intended to be used by the parties to litigation strictly under a court's direct supervision.

False (not under court's supervision)

A written promise is necessary for the rules of contract law to be applicable to a contract.

False (oral is fine, contract law is not always very formal)

In constitutional law, originalism is synonymous with constitutional relativity.

False (originalism = constitution should be taken literally vs relativity = interpret relative to the times)

Laws regarding traffic violations predominantly address ethical concerns.

False (safety)

The concept of federalism recognizes that all levels of government have interrelated roles to play.

False (separation of state and central governance)

Daniel makes an offer to Shannon to sell his farm house to her for $250,000.00. Before Shannon communicates her acceptance, the farm house is destroyed by a tornado. Because Daniel did not perform on the contract, Shannon can sue Daniel for breach of contract.

False (silence is not acceptance)

Legal realism is the idea that courts should understand the meaning of the Constitution relative to the times in which they interpret it.

False (sociological)

The rules and regulations of federal administrative agencies are not governed by preemption and are subordinate to state laws attempting to regulate the same activity.

False (state laws are subordinate to federal laws)

Most state statutes authorizing voluntary arbitration accept an agreement to arbitrate even if it is oral in form

False (submission by contract)

After a hearing is conducted by an arbitrator or arbitrators, the submission to arbitration occurs

False (submission to arbitration begins process)

The Sherman Act was sponsored by a Senator from ____.

Ohio

Who is responsible for the control of overall radiation pollution?

The Nuclear Regulatory Commission

Property helps generate prosperity by establishing the conditions necessary for capital formation.

True

Rule-of-law nations adopt laws supporting the private market because it is in everyone's interest, including the lawmakers'.

True

Securities are an example of intangible personal property.

True

T/F - An employee is entitled to request an Occupational Safety and Health Administration (OSHA) inspection if they believe workplace conditions are unsafe.

True

T/F - An employer's publication of an employee handbook can change the nature of at-will employment.

True

T/F - An injunction is an order by a judge either to do something or to refrain from doing something.

True

T/F - In the context of providing untrue or misleading information to potential investors, proof of negligence will support an injunction.

True

T/F - Increasing coverage of business decisions by the news media and the Internet has made it harder for large organizations to hide their questionable behavior.

True

T/F - It is legal to sell worthless securities and foolish investments.

True

T/F - Maximum-price agreements are just as illegal as minimum-price agreements.

True

T/F - Rule-of-law nations adopt laws supporting the private market because it is in everyone's interest, including the lawmakers'.

True

T/F - Scoping encourages environmental impact statements (EIS) to focus on more substantial environmental concerns and reduce the attention devoted to trivial issues.

True

T/F - Scoping encourages impact statements to focus on more substantial environmental concerns and reduce the attention devoted to trivial issues.

True

T/F - The failure to consider how to overcome disputes involving managerial control can cause business activities to suffer and an organization to fail.

True

T/F - The general language used in delegating quasi-judicial authority usually involves grants of substantial discretion to an agency.

True

T/F - To analyze potential violations of the Sherman Act, the test of reasonableness asks whether challenged contracts or acts are unreasonably restrictive of competitive conditions.

True

T/F - To establish standing, the challenging party must address issues relating to the reviewability of a decision and the aggrieved party involved.

True

T/F - To protect information as a trade secret, the information must actually be secret, and the business must take reasonable measures to keep it so.

True

T/F - To qualify as a trade secret, any form of knowledge protected must have economic value.

True

T/F - Under the Family and Medical Leave Act (FMLA), an employee's healthy child who is over 18 years old does not qualify as an immediate family member.

True

To be held responsible for a strict liability tort, there does not need to be a showing of intent to cause injury or negligence.

True

To satisfy a past due debt, a creditor can request a foreclosure of land, which is usually done by auction. After auction, the proceeds will go to pay the debt, and any remaining funds will go to the debtor.

True

Tort law compensates owners whose resources are wrongfully injured by the acts of others.

True

Typed or handwritten additions to the terms of a form contract are permissible.

True

Ultimately, the commitment to ethical values is superior to mere observance of the law in ensuring responsible business behavior.

True

The Latin meaning of the word stare decisis is __________.

let the prior decision stand

Antitrust laws are enforced by the federal government, ________, and private parties.

states

A dispute arises when one party makes a claim that another party denies.

True

Focus groups give attorneys insight into possible jury reaction to evidence and point up weaknesses in a case.

True

For a party's nonperformance of contract to be excused because of impossibility of performance, the impossibility must be objective.

True

Generally, presenting the opposing parties with a list of written questions is the most cost-effective means of discovery.

True

If a complaint is written as John Doe v. XYZ Corporation, the plaintiff in the case is indicated by "John Doe."

True

_____ can be thought of as the central element providing the basis for Western legal systems. a.) Property b.) Dictum c.) Contract d.) Morals

A - Property

Which of the following is the disadvantage of the corporate form of organization? a.)Control of a corporation may be held by those with a minority of the investment. b.)Corporate income may be subject to double taxation. c.)Shareholders' liabilities are limited to their investments. d.)Ownership may be divided into many unequal shares. e.)The organization cannot have perpetual existence.

B - Corporate income may be subject to double taxation.

Aaron wants to buy Laura's stereo for $500.00. He pays Laura $500.00 cash as Laura hands over the stereo. In this situation, there is a(n) A.) exact condition on performance. B.) concurrent condition of performance. C.) future condition of performance. D.) express condition on performance. E.) implied condition on performance.

B

In a(n) ______, the shareholders are taxed only on income distributed. a.)limited partnership b.)S corporation c.)sole proprietorship d.)corporation e.)limited liability company

B - S corporation

In the context of tort law, what is intent? A.) A civil wrong other than a breach of contract. B.) The legal obligation imposed by law. C.) The desire to bring about certain or substantially likely results. D.) The failure to exercise reasonable care that foreseeably causes injury. E.) An untrue written statement communicated to a third party.

C

Jim, a restaurant manager, punches a customer for his uncouth behavior toward a waiter. In this scenario, the customer can sue Jim for ______. A.) assault B.) fraud C.) battery D.) libel E.) duress

C

Which of the following has been adopted by most states and provides a foundation for trade secret law? a.)Defend Trade Secrets Act b.)Lanham Act c.)Uniform Trade Secrets Act d.)Anti-Piracy Act

C - Uniform Trade Secrets Act

Han Solo promises Chewy $10 if Chewy collects his dry cleaning (and blaster) for him. This is an example of a(n) ______ contract. A.) voidable B.) void C.) bilateral D.) unilateral E.) unenforceable

D

A(n) ______ contains a specific promise and a specific demand. A.) consideration B.) exculpation C.) revocation D.) capacity E.) offer

E

In the context of intellectual property, the Facebook "f" and Burger King's crown would be called __________. a.)trade secrets b.)copyrights c.)plant patents d.)design patents e.)trademarks

E - trademarks

If a judge or regulator were to make a ruling or regulation concerning a company in which he or she is a stockholder, they would be creating a conflict of interest.

True

If a plaintiff receives an answer that contains counterclaims, the plaintiff should file a reply in which each counterclaim allegation is specifically admitted or denied.

True

If the capture rule is applied to subsurface rights, a property owner of Parcel A would be allowed to drill and extract oil that flows underneath Parcel B, which is owned by his neighbor.

True

If the contracting parties fail to write clear instructions on delivery of the equipment, the Uniform Commercial Code controls.

True

Implied-in-fact contracts become a concern for businesses when an unsolicited external idea is submitted to the business.

True

In a number of states, courts have made merchants in mutual benefit bailments liable for any defect in a bailed object that causes personal injury.

True

A conflict exists between a state law and a federal law if the state statute would prevent or interfere with the accomplishment and execution of the full purposes and objectives of Congress.

True

A contracting party has no duty to perform prior to a condition precedent being satisfied.

True

A decision made by the Ninth Circuit Court of Appeals is more likely to be reviewed by the Supreme Court and to be reversed.

True

To enter another's land without consent or to remain there after being asked to leave constitutes the tort of ______.

Trespass

A condition precedent is something that must take place in the future before the duty to perform is established.

True

An exception to the parol evidence rule allows A.) evidence of oral agreement that merely explains the meaning of written terms without changing the terms. B.) evidence of oral agreements made on contracts that qualify for mandatory arbitration. C.) evidence of oral agreements made on contracts that qualify for court-annexed mediation. D.) evidence of oral agreements made at the time of or prior to a written contract that changes the meaning of written terms. E.) evidence of oral agreements that are designed to favor the party that drafts a contract.

A

Fred takes Betty to dinner at a very expensive and exclusive restaurant. The menu does not mention the prices. The server takes their order and both Fred and Betty enjoy the meal immensely. When the bill arrives, Fred refuses to pay because the menu had no prices and because he and the server never engaged in language indicating an offer and acceptance. The server said, "Are you ready to order?" and when Fred said "Yes," the server merely asked, "What may I get you tonight?" In the context of this scenario, which of the following statements is true? A.) Fred must pay based on an implied-in-fact contract theory. B.) Fred must pay based on an express contract theory. C.) Fred is correct because no contract was formed. D.) Fred must pay based on a promissory estoppel theory. E.) Fred is correct because he and the server entered into an agreement without a written document.

A

If a contract contains a condition precedent it means that A.) something must take place in the future before a contracting party has a duty to perform. B.) courts will award the nonbreaching party with consequential damages for failure to perform by the breaching party. C.) performance must be completely achieved according to contract specifications or the contract is breached. D.) impossibility of performance will not be an acceptable excuse for nonperformance. E.) both the contracting parties have a simultaneous duty to perform.

A

If the parties to a contact add handwritten notes to a form contract, the handwritten notes will A.) be interpreted to control the printed notes. B.) be replaced with the typed terms. C.) be disregarded. D.) be physically removed from the document. E.) be disregarded until evidence is presented that they are correct.

A

If there is evidence that a word used in a contract has a particular trade usage, courts will A.) give it that meaning. B.) ask the contracting parties to remove that word from the contract. C.) ask the contracting parties to add it as a comment to the contract. D.) ask the contracting parties to add it to the nolo contendere section of the contract. E.) replace the word with its legal equivalent.

A

Most of our everyday purchases involve ______ of performance. A.) implied concurrent conditions B.) subsequent conditions C.) express conditions D.) implied conditions precedent E.) explicit conditions

A

Which of the following is the key difference between conditions subsequent and conditions precedent? A.) timing of the duty to perform B.) number of parties involved in a contract C.) duration of performance D.) quality of performance E.) divisibility of contract

A

Which of the following statements is true about the consideration in a contract? A.) The consideration must be contemporaneous and a part of both parties' understanding of the contract terms. B.) Performance made before parties discuss their agreement counts as a consideration. C.) Courts usually enforce contractual promises in the absence of consideration. D.) The amount of the consideration is the most important and relevant part of a contract for a legal action. E.) The consideration in any unilateral contract is usually absent.

A (consideration = Receipt of a legal benefit or the suffering of a legal detriment)

Corporations and other business entities that violate the Foreign Corrupt Practices Act are subject to a fine of up to ______. $2,000,000 $5,000,000 $100,000 $500,000 $10,000,000

A - $2,000,000

Which of the following is true when determining the taxation of a business organization? a.)A single tax is not always better than a double tax. b.)Double taxation cannot be avoided by selecting a different form of organization. c.)There are no advantages when an organization is subject to the single tax. d.)Taxation is never a critical factor when selecting the form of a business organization. e.)There are no advantages when an organization is subject to the double tax.

A - A single tax is not always better than a double tax

Which of the following General Agreement on Tariffs and Trade principles refers to reducing tariffs and other restrictions in foreign products? Elimination of trade barriers National treatment Nondiscrimination Extradition Expropriation of burdens

A - Elimination of trade barriers

Wayside Academy is a private school in Mountain State. Wayside employs 50 teachers and 5 aides who all lived locally to run the school and the associated programs all year. Emile worked as a full-time aide in 2015 from January to March, but lived over 100 miles away so he quit. He moved to the local area and was rehired in October 2015. In August 2016 Emile requests to take paternity leave, starting immediately, under the Family and Medical Leave Act. Is Emile an eligible employee and is Wayside a covered employer under the FMLA? a.) Emile is an eligible employee but Wayside is not a covered employer. b.) Emile is not an eligible employee and Wayside is not a covered employer. c.) Emile is not an eligible employee but Wayside is a covered employer. d.) Emile will be an eligible employee in October 2016, but Wayside is a covered employer. e.) Emile is an eligible employee and Wayside is a covered employer.

A - Emile is an eligible employee but Wayside is not a covered employer.

Lily has been working at Fasching and Co. for six years. Her pension plan will vest at her seven-year work anniversary. She has had great performance evaluations and has received regular raises and promotions. The Chief Financial Officer (CFO) has determined that cost-cutting is needed to keep the company profitable. He recommends that Lily be fired before her pension vests and becomes a permanent liability against the corporation. According to the ______ the company cannot fire her to prevent her from getting vested pension rights. a.) Employee Retirement Income Security Act (ERISA) b.) Consolidated Omnibus Budget Reconciliation Act (COBRA) c.) Immigration Reform and Control Act (IRCA) d.) Fair Labor Standards Act (FLSA) e.) Health Insurance Portability and Accountability Act (HIPPA)

A - Employee Retirement Income Security Act (ERISA)

The __________ provides the right to dispute information on credit reports and allows consumers to obtain a free credit report each year. Fair and Accurate Credit Transactions Act Data Protection Directive Fair Debt Collection Practices Act Electronic Communications Privacy Act Consumer Financial Protection Act

A - Fair and Accurate Credit Transactions Act

The World Trade Organization was created by the ______. General Agreement on Tariffs and Trade North American Free Trade Agreement Convention on the International Sale of Goods World Bank International Court of Justice

A - General Agreement on Tariffs and Trade

______ is a complete defense to fraud as it is inconsistent with the defendant's intent to defraud or willfulness, purposes essential to the charges. a.)Good faith b.)Negligence c.)Reasonableness d.)Credibility e.)Probable cause

A - Good faith

With regards to an S corporation which of the following statements if true? a.)It does not pay any taxes. b.)It must have more than 100 shareholders. c.)It need not file an information return with the Internal Revenue Services since it does not pay any taxes. d.)It is the official designation for a corporation with less than 500 employees. e.)It is the least expensive form of organization to create.

A - It does not pay any taxes.

Which of the following statements is true of tort law? a.) It establishes rules for compensation when an owner's legal boundaries are wrongfully crossed by another. b.) It involves the recognition of exclusive right in both tangible and intangible resources such as copyrights, patents, trademarks, etc. c.) It covers the rules of how owners transfer resources by exchanging them. d.) It specifies various offenses against the proper order of the state.

A - It establishes rules for compensation when an owner's legal boundaries are wrongfully crossed by another

Which of the following statements is true of a consent order? a.)It requires that the accused individual admit to the jurisdiction of an agency and waive all rights to seek a judicial review. b.)It is extremely expensive in comparison to other types of orders. c.)It excludes organizations and nonprofit organizations in its scope. d.)It is commonly known as a commission order. e.)It orders that a violator stop the objectionable activity and refrain from any further similar violations.

A - It requires that the accused individual admit to the jurisdiction of an agency and waive all rights to seek a judicial review.

Which of the following statements is true of monopoly power? a.)Proof of monopoly power alone is insufficient to qualify as a violation of the Sherman Act. b.)If a firm engages in conduct that has the effect of extending its monopoly power, it does not violate the Sherman Act. c.)Monopoly power, which exists because of a patent or franchise, violates the Clayton Act. d.)If monopoly power is thrust upon a firm, there is a violation Section 2 of the Sherman Act. e.)Mere possession of monopoly power violates Section 1 of the Sherman Act.

A - Proof of monopoly power alone is insufficient to qualify as a violation of the Sherman Act.

Which of the following statements is true of short-swing profits? Short-swing profits refer to those profits that have been made within a six-month time period. Short-swing profits refer to any profits made by insiders who buy and sell company stock within a three-month time period. The short-swing profits rule of Section 16 depends on misuse of information. The short-swing profits policy takes into consideration order of purchase and sale in determining its legality. Short-swing profits are calculated on the highest price in and the lowest price out during any fiscal period.

A - Short-swing profits refer to those profits that have been made within a six-month time period.

__________, one of the major institutions of the European Union (EU), plays an active role in drafting legislation that impacts the daily lives of its citizens such as environmental protections, consumer rights, and equal opportunities. The Parliament The Court of Justice The Council of Ministers The Commission The Council of Intervention

A - The Parliament

Which of the following statements is true of the Resource Conservation and Recovery Act (RCRA)? The RCRA moves the handling of toxic wastes away from burial on land to treatments that destroy or permanently detoxify wastes. The RCRA is exempted from the Environmental Protection Agency (EPA) from maintaining any records or a penalty system for failure to comply with the provisions of the act. The RCRA was created primarily to provide financial assistance to local governments. The RCRA accomplishes proper disposal of hazardous wastes through the point-source system. The RCRA lacks investigatory powers but maintains executory powers.

A - The RCRA moves the handling of toxic wastes away from burial on land to treatments that destroy or permanently detoxify wastes.

Which of the following statements is true of the supremacy clause? a.) Under this clause, it is immaterial that a state did not intend to frustrate the federal law if the state law in fact does so. b.) Under this clause, state laws decide the validity of the laws passed by Congress. c.) This clause gives priority to U.S. laws when various laws are not consistent. d.) The application of this clause is traditionally limited by the district courts.

A - Under this clause, it is immaterial that a state did not intend to frustrate the federal law if the state law in fact does so.

Which of the following is a taxable entity? a.)a corporation b.)a sole proprietorship c.)a limited liability partnership d.)a partnership e.)a limited liability company

A - a corporation

In an international sales transaction, _____________is used to ensure payment and in addition to a seller and a buyer, involve ____ in the buyer's country. an irrevocable letter of credit, an issuing bank a bill of exchange, a domestic sale a bill of lading, a confirming bank an identity note, a shipment of goods a promissory note, a receipt of goods

A - an irrevocable letter of credit, an issuing bank

Steve has been trying hard to get a certain building contract for his company. He talks to the government official who is managing the building contract allotment. Rico promises the official a 'treat' if he directs the contract to Rico's company. Rico can be found guilty of ______. a.)bribery b.)embezzlement c.)money laundering d.)aiding and abetting e.)larceny

A - bribery

The Federal Reserve Board (FRB) found that Parson Inc., a newly established financial company, had violated banking laws. The company was involved in transactions that were prohibited by the United States government. Along with imposing a hefty fine, the FRB issued an order on Parson to stop the nature of such objectionable transactions and ordered the firm to refrain from indulging in such transactions in the future. This order is an example of a(n) ______. a.)cease and desist order b.)consent order c.)commission order d.)assignment order e.)preliminary order

A - cease and desist order

Opinion research indicates that the public's highest concern regarding regulation of industry is a.) control of toxic and hazardous chemicals. b.) expansion of industry into protected areas. c.) the transfer of toxic materials to developing countries. d.) land encroachment in national parks.

A - control of toxic and hazardous chemicals.

Under the Employee Polygraph Protection Act, ______. a.) current employees may not be tested randomly but may be tested as a result of a specific activity that causes an economic loss to the employer b.) employers cannot be sued by employees for violating the act c.) current employees are refrained from being tested even in cases involving distinct incidents that cause loss to an employer's business d.) private security companies are prevented from using lie detector tests while screening job applicants e.) private employers are permitted to use lie detector tests while screening job applicants

A - current employees may not be tested randomly but may be tested as a result of a specific activity that causes an economic loss to the employer

Under the Resource Conservation and Recovery Act, a generator of wastes is obligated to determine whether its wastes qualify as hazardous. determine if a nonlisted waste is hazardous in terms of the chemical characteristics specified by the Solid Waste Disposal Act. provide on-site disposal of the waste. reduce production of new chemicals. pay punitive and speculative damages to the aggrieved party.

A - determine whether its wastes qualify as hazardous.

The court may prevent a debtor from discharging any debts if it finds that the debtor engaged in any of the following except __________ discharging debt in bankruptcy more than ten years ago. receiving money, often because of a good job, that will enable the debtor to pay off the debt. concealing property. refusing to obey court orders. falsifying books of record.

A - discharging debt in bankruptcy more than ten years ago.

Administrative agencies are needed to provide all of the following except_______. a.)discretion b.)services c.)protection d.)expertise e.)specificity

A - discretion

Most international contracts contain choice of law and forum provisions to eliminate the uncertainty in determining which nation's court may hear a case if there is a contract dispute. avoid prosecution by the World Court. abide by the new amendments of the Foreign Corrupt Practices Act. eliminate the possibility of being inspected by the United Nations Commission on International Trade Law. reduce the possibility of a contract breach due to international trade disputes.

A - eliminate the uncertainty in determining which nation's court may hear a case if there is a contract dispute.

Which of the following is not a major provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010? encouraging investment in start-up business by easing federal regulations limiting U.S. loans to foreign governments unlikely to repay providing financial assistance to overcome the mortgage crisis enhancing consumer protection regulating hedge funds

A - encouraging investment in start-up business by easing federal regulations

Bosh, an American corporation, acquires and merges with KnightD, a Belgian corporation, in a multibillion-dollar merger. Bosh, prior to the merger, sold beer only in the United States. After the merger, Bosh sells beer to most of the EU countries. The merger between Bosh and KnightD is an example of a ______. a.) geographic extension merger b.) horizontal merger c.) freeze-out merger d.) vertical merger

A - geographic extension merger

Which of the following holds true for the Internal Revenue Service (IRS) Whistleblowers Rewards Program? a.) The whistleblower may receive compensation only from monies actually collected based on the information provided. b.) Under no circumstances does the IRS have the right to lower the amount of the reward given to the whistleblower. c.) The total collected proceeds based on which the reward is calculated exclude penalties, interest, additions to tax, and additional amounts. d.) To be eligible to recover compensation from the IRS, a person must bring information to the Department of Justice. e.) The reward to the whistleblower is independent of his contribution to the prosecution of the action.

A - he whistleblower may receive compensation only from monies actually collected based on the information provided.

The president of a bottling company agreed with a competitor to stop discounts to retailers, which earned him a jail sentence. Which of the following is indicated in this scenario? a.)horizontal price fixing b.)mixed-leader bundling c.)variable pricing d.)product bundling e.)predatory conduct

A - horizontal price fixing

The use of sole proprietorships is very limited because a.)multiple owners cannot create a proprietorship. b.)it gives limited control to the proprietor. c.)it is the hardest business organization to create. d.)there is no formal documentation process for its creation. e.)it is the most expensive business organization to create.

A - multiple owners cannot create a proprietorship.

Pretending to be a financial institution in order to get individuals to reveal their personal information is called ______. a.)phishing b.)hacking c.)skimming d.)spamming e.)infringing

A - phishing

The __________appoints members of the National Labor Relations Board with the consent of the _____________. a.) president, Senate b.) general counsel, Department of Justice c.) Department of Justice, Department of Transportation d.) Department of Transportation, president e.) Senate, general counsel

A - president, Senate

Business often fails to regulate itself, and the lack of self-regulation is contrary to the public interest. To counterbalance, administrative agencies exist to a.) protect the public, especially from the business community. b.) replace competition with regulation. c.) develop detailed rules and regulations to carry out the legislative policy. d.) refer the problem or area to experts for solution and management.

A - protect the public, especially from the business community.

The Health Insurance Portability and Accountability Act (HIPAA) has four main components, one of them is that it a.) provides that employees may continue to purchase health insurance even after their employment is terminated. b.) ensures that elderly and needy individuals receive proper medical care. c.) calls for the creation of a universal single-payer health care system in the United States. d.) exempts health insurance companies from the federal anti-trust legislation that applies to most businesses.

A - provides that employees may continue to purchase health insurance even after their employment is terminated.

One party offers to buy the other's goods but only if the second party buys other goods from the first party. This is known as a(n) ______. a.)reciprocal dealing arrangement b.)requirements arrangement c.)franchise arrangement d.)tying arrangement e.)exclusive dealing arrangement

A - reciprocal dealing arrangement

According to the Securities Act of 1933, an issuer of securities who complies with the federal law must prepare a(n) registration statement. statute of limitations. issuer's statement. secured promissory note. licensing agreement.

A - registration statement.

The ______, announced by the Supreme Court in Standard Oil Co. v. United States, holds that contracts or conspiracies in restraint of trade are illegal only if they constituted undue or unreasonable restraints of trade and that only unreasonable attempts to monopolize are covered by the Sherman Act. a.)rule of reason b.)rule of per se illegality c.)Parker v. Brown doctrine d.)Ker-Frisbie doctrine e.)duty-to-deal doctrine

A - rule of reason

Because corporations cannot be jailed, a federal sentencing commission developed special ______ for organizations convicted of federal crimes. a.)sentencing guidelines b.)federal legislation c.)state laws d.)codes of Analytical Thinking e.)corporate mandates

A - sentencing guidelines

Which of the following is essential if limited partners are to be assured of their limited liability? a.)substantial compliance with all the technical requirements of the limited partnership law b.)signing an agreement according to the limited liability law to dissolve a partnership whenever a member withdraws c.)participation in an organization's management d.)inclusion of a limited commerce clause in the partnership agreement e.)using a limited partner's surname in a partnership's name

A - substantial compliance with all the technical requirements of the limited partnership law

The Securities and Exchange Commission (SEC) primarily functions as a(n) ______ body, which oversees the issue and sale of investment securities. a.) supervising b.) adjudicating c.) investigating d.) rule-making

A - supervising

Han Solo promises Chewy $10 if Chewy collects his dry cleaning (and blaster) for him. This is an example of a(n) ______ contract. a.) unilateral b.) voidable c.) void d.) bilateral

A - unilateral

The __________begins once the registration statement is filed. waiting period regulation period prefiling period deferring period posteffective period

A - waiting period

A farmer uses his airplane to dust his crops with pesticides. His farm lies next to a large public playground. One day, the farmer is flying over his farm, dusting his crops and the wind carries the poisonous pesticide over to the playground, which causes injuries to the parents and children playing at the park. If it is shown that the farmer exercised reasonable care in dusting his crops that day and he had no fault in the pesticides blowing over to the playground, then the farmer's actions_______________. will result in strict liability will be considered negligent will be considered a public nuisance will be considered a private nuisance will result in no liability

A - will result in strict liability

Brooke walks up to Kevin, a complete stranger, and demands that Kevin pay her $1,000 or she will hurt him. In this case, Brooke commits a(n) ______. A.) battery B.) assault C.) disparagement D.) fraud E.) conversion

B

Claude finds out that Gina is responsible for his being fired. In a fit of rage, Claude attacks Gina when she walks home. In this case, Gina can sue Claude for ______. A.) assault B.) battery C.) duress D.) libel E.) invasion of privacy

B

Morgan signs a contract with Shane agreeing to work with him for a movie. Halfway through the production of the movie, Shane decides to quit as he gets another job as a marketing executive. The printed terms in the contract state that when a breach of contract occurs, the breaching party has to pay $20,000 to the non-breaching party. The contract also has additional handwritten terms that state that in the event of a party being unable to complete the performance required due to unforeseen, unnatural causes, the breaching party does not have to pay any money to the non-breaching party. Which of the following statements is true in this situation? A.) Shane has to pay Morgan $20,000 as consequential damages. B.) Shane has to pay $20,000 to Morgan for breach of contract. C.) Shane does not have to pay any amount to Morgan because his breach was excused by the contractual terms. D.) Morgan cannot sue Shane for the breach as the liquidated damage is meant to penalize the nonbreaching party. E.) Shane can sue Morgan for compensatory damages.

B

Neil has admired Allison all semester, but he has never talked to her. One day, Neil walks up to Allison after class and gives her a hug. Allison is angry and decides to sue Neil. Allison would sue Neil for the tort of __________. A.) slander B.) battery C.) negligence D.) invasion of privacy E.) libel

B

Which of the following statements is true about the acceptance of an offer? A.) The language of an offer is optional in determining the nature of contract and its acceptance. B.) Acceptance must follow the mirror image rule to create a binding contract. C.) Bilateral contracts are predominantly accepted by the offeree performing the act. D.) Unilateral contracts are accepted by making a promise. E.) Counteroffer usually means an acceptance of an offer.

B

Which of the following statements is true of the legal system? A.) It sets moral standards but does not legally prosecute in instances of breach. B.) The state enforces legal rules through civil and criminal sanctions. C.) It involves a broader-based commitment to proper behavior than does the ethical system. D.) It sets the highest ethical standards acceptable to a society. E.) The motivation to observe moral values in a legal system comes from within an individual.

B

________ is personal property that becomes real property by attaching to land or its buildings. a.) An easement b.) A fixture c.) A deed d.) A life estate

B -

The ______, passed by the European Parliament in 1995, mandates that companies may collect personal information only with consent, keep it only as long as necessary, and transfer to third parties only with permission. Encryption Networks Directive Data Protection Directive Safe Harbor Directive Information Transfer Safety Directive Information Network Directive

B - Data Protection Directive

______ occurs when an employee appropriates funds of his employer to his own use. a.)Racketeering b.)Embezzlement c.)Burglary d.)Robbery e.)Conspiracy

B - Embezzlement

The _________________is the primary federal agency that protects consumers. Bureau of Consumer Protection Federal Trade Commission Federal Consumer Protection Agency United States Consumer Product Safety Commission Financial Protection Bureau

B - Federal Trade Commission

Ellen received health insurance through her employer. One year later she was diagnosed with cancer and underwent treatment. The insurance company believed it would be too expensive to insure her and rescinded her coverage. She may bring a claim against the insurance company because of the provisions of the ____________ a.) Fair Labor Standards Act (FLSA). b.) Health Insurance Portability and Accountability Act (HIPAA). C.) Uniformed Services Employment and Reemployment Rights Act (USERRA). d.) Family Medical Leave Act (FMLA). e.) Occupational Safety and Health Act (OSHA).

B - Health Insurance Portability and Accountability Act (HIPAA).

Which of the following holds true for the Fair Labor Standards Act? a.) It forbids discharge of employees for service on federal grand or petit juries. b.) It forbids discharge for exercising rights guaranteed by minimum wage and overtime provisions of the act. c.) It prohibits discharge of employees due to garnishment of wages for any one indebtedness. d.) It forbids age-based discharge of employees over age 40. e.) It prohibits discharge to prevent employees from getting vested pension rights.

B - It forbids discharge for exercising rights guaranteed by minimum wage and overtime provisions of the act.

Which of the following statements is true of the Foreign Corrupt Practices Act of 1977? a.) It is designed to restrict excessive import of goods. b.) It is designed to stop bribery of foreign officials. c.) It prohibits American citizens from doing business with countries that have a high level of corruption. d.) It prosecutes any foreign official body that bribes American officials.

B - It is designed to stop bribery of foreign officials.

Which of the following statements is true of a white-collar crime? a.) It predominantly involves heavy use of violence and physical force. b.) It is usually committed for personal financial gain. c.) It is based on personal revenge rather than material or property gains. d.) It excludes criminals of high socioeconomic status.

B - It is usually committed for personal financial gain.

Which of the following statements is true of the Foreign Corrupt Practices Act of 1977? It does not require the business to devise internal accounting controls. It must be followed by any company trading on a U.S. stock exchange. It encourages American citizens to account for bribes as commission payments, payments for services, or other than normal business expenses. It is designed to impose U.S. standards of morality in other parts of the world. It has no chilling effect on U.S. companies.

B - It must be followed by any company trading on a U.S. stock exchange.

Which of the following statements holds true for the manifest system of hazardous waste disposal? It assesses penalties for failure to comply with the provisions of the Resource Conservation and Recovery Act (RCRA). It requires the generator to prepare a manifest document that designates a licensed facility for disposal purposes. It refers to the software packages used for aggregating data for optimization of operations for waste collection. It obligates the generator to determine whether its wastes qualify as hazardous under the manifest system. It prescribes various record-keeping requirements that manifest waste disposal.

B - It requires the generator to prepare a manifest document that designates a licensed facility for disposal purposes.

Which of the following statements is true of the Truth-in-Lending Simplification Act? a.) It eliminates the need for model disclosure forms issued by the government. b.) It restricts statutory penalties to failures to disclose credit terms that are of material importance in credit comparisons. c.) It requires statutory penalties to be based purely on technical violations of the act. d.) It restricts state laws from allowing private lawsuits against deceptive advertisements.

B - It restricts statutory penalties to failures to disclose credit terms that are of material importance in credit comparisons.

Environmental impact statements became a requirement based on the a.) Department of the Environment Act. b.) National Environmental Policy Act. c.) Clean Water Act. d.) Marine Protection, Research, and Sanctuaries Act.

B - National Environmental Policy Act.

Which of the following General Agreement on Tariffs and Trade principles refers to countries not favoring their domestic products over imported products? Elimination of trade barriers National treatment Nondiscrimination Extradition Expropriation of burdens

B - National treatment

The ______, passed in 1993, provides for a dispute settlement mechanism that makes it easier to resolve trade disputes between the United States, Mexico, and Canada. Convention on the International Sale of Goods North American Free Trade Agreement Central America-Dominican Republic Free Trade Agreement Foreign Corrupt Practices Act General Agreement on Tariffs and Trade

B - North American Free Trade Agreement

Which of the following statements is true of sources of international law? Public international law uses rules that are binding only on specific countries in the international community. Public international law examines relationships between nations. Private international law examines relationships between private individuals. Private international law utilizes U.S. law to resolve international business disputes. Public international law determines the type of goods sold in every country.

B - Public international law examines relationships between nations.

Which of the following statements is true of the Sarbanes-Oxley Act? The act focuses on lessening the responsibilities of the auditors. The act mandates the certification of internal financial controls. The act is inapplicable to public companies. The act requires the auditors to have a close working relationship with the company's CFO, accounting staff, and other company officials.

B - The act mandates the certification of internal financial controls.

Regarding the internship programs under the Fair Labor Standards Act (FLSA), which of the following statements is true? a.) The intern generally displaces regular employees. b.) The internship is similar to training given in an educational environment. c.) The employer that provides the training derives an immediate advantage from the activities of the intern. d.) The intern is entitled to wages for the time spent in the internship. e.) The intern is entitled to a job at the conclusion of the internship.

B - The internship is similar to training given in an educational environment.

Which of the following is the basic difficulty of owning a minority interest in a closely held corporation? a.)Minority shareholders risk losing more than their investment amount. b.)There is no ready market for the minority stock should a shareholder desire to dispose of it. c.)Buy and sell agreements to own a minority interest are not allowed in a closely held corporation. d.)Minority shareholders have unlimited personal liability for the obligations of a closely held corporation. e.)Stockholders with a minority interest have no rights in a closely held corporation.

B - There is no ready market for the minority stock should a shareholder desire to dispose of it.

The ______ requires that a lender disclose the finance charge, expressing it as an annual percentage rate, and specifies the methods for making this computation. Fair Credit Reporting Act Truth-in-Lending Act Fair Debt Collection Practices Act Magnuson-Moss Warranty Act Equal Credit Opportunity Act

B - Truth-in-Lending Act

Which of the following statements is true of patent enforcement? a.)Beyond the duration of a patent, the owner can sue those who infringe on it. b.)Usually multiple intellectual property rights can cover the same article. c.)Upon the expiration of a patent, an invention is removed from the public domain. d.)Patent laws include the right to use the invention.

B - Usually multiple intellectual property rights can cover the same article.

The ______ is an international organization that primarily seeks to resolve trade disputes between member nations. International Monetary Fund World Trade Organization Convention on International Sale of Goods United Nations Commission on International Trade Law World Bank

B - World Trade Organization

The registration statement to be filed with the Securities and Exchange Commission (SEC) includes statements which allow the holder to buy securities at a specified price within a designated time limit. a detailed disclosure of financial information about the issuer and the controlling individuals involved in the offering of securities for sale to the public. statements that show ownership of a bond, stock or other security. a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise. an annual report on the activities of an organization distributed among its stakeholders.

B - a detailed disclosure of financial information about the issuer and the controlling individuals involved in the offering of securities for sale to the public.

Registration by notification refers to documents filed with the Securities & Exchange Commission (SEC) by a privately held company, declaring its intent to offer shares of its stock to the general public. allows issuers to offer securities for sale automatically after a stated time period expire unless the administrative agency takes action to prevent the offering. is required by those issuers who lack a proven record and who are beyond the scope of Securities Act of 1933. refers to the quality certification process in which an independent and accredited quality auditor conducts an on-site audit of a firm. is required for those issuers of securities who must register with the Securities and Exchange Commission (SEC) and the duplicate documents are filed with the state's administrative agency.

B - allows issuers to offer securities for sale automatically after a stated time period expire unless the administrative agency takes action to prevent the offering.

What is the definition of a trade secret? a.)a statutorily created property in a mark, word, picture, or design that attaches to goods and indicates their source. b.)any formula, pattern, machine, or process of manufacturing used in one's business that may give the user to obtain an advantage over its competitors. c.)a legal doctrine giving someone of a distinctive overall appearance or look and feel of a product or service. d.)a statutorily created property right in inventions and discoveries.

B - any formula, pattern, machine, or process of manufacturing used in one's business that may give the user to obtain an advantage over its competitors.

In a closely held corporation, the majority shareholders a.)cannot be employed by the corporation. b.)can control election of a board of directors. c.)bring derivative suits on behalf of the corporation. d.)have no influence on management. e.)have the same impact on policy as minority stockholders.

B - can control election of a board of directors.

Opinion research indicates that the public's highest concern regarding regulation of industry is the transfer of toxic materials to developing countries. control of toxic and hazardous chemicals. land encroachment in national parks. expansion of industry into protected areas. movement of industry to less-regulated countries.

B - control of toxic and hazardous chemicals.

Scoping, a regulatory guideline to aid the environmental impact statement, involves ____________________________. designating specific geographic areas that a contemplated action will affect designating which environmental issues of a contemplated action are most significant estimating the specific population that a contemplated action will affect preparing informal impact statements that will address environmental issues regarded as most important specifying a backup plan should a contemplated action cause unforeseeable damage

B - designating which environmental issues of a contemplated action are most significant

Most international contracts contain choice of law and forum provisions to a.) abide by the new amendments of the Foreign Corrupt Practices Act. b.) eliminate the uncertainty in determining which nation's court may hear a case if there is a contract dispute. c.) avoid prosecution by the World Court. d.) eliminate the possibility of being inspected by the United Nations Commission on International Trade Law.

B - eliminate the uncertainty in determining which nation's court may hear a case if there is a contract dispute.

Administrative law judges are a.)excluded from hearing cases of alleged law violations. b.)employed by the agency that is in charge of hearing the initial presentations. c.)intermediaries between regulators and those being regulated. d.)organizationally integrated with the rest of the agency. e.)responsible for the minutes of agency meetings and are legal custodians of its records.

B - employed by the agency that is in charge of hearing the initial presentations.

Under common law, if an injury occurred because of the negligence of another employee, the employer would escape liability because of the ______ defense. a.) contributory negligence b.) fellow-servant rule c.) shelter rule d.) assumption of the risk e.) exclusive remedy rule

B - fellow-servant rule

Increases in atmospheric carbon dioxide, which lead to changing climatic patterns, are the result of Bohr effect. greenhouse effect. boomerang effect. polar effect. butterfly effect.

B - greenhouse effect.

he judges who make up the U.S. Supreme Court are known as _____. a.) advocates b.) justices c.) chancellors d.) barristers

B - justices

Despite the advantages, there is some concern that the overuse of deferred prosecution agreements could a.)reduce the number of sole proprietorships formed in the country. b.)lead to an overly lenient environment for addressing corporate malfeasance. c.)lead to an environment where corporations are treated unfairly. d.)restrict the rights of minority shareholders in limited liability companies. e.)reduce the attractiveness of forming a limited liability partnership.

B - lead to an overly lenient environment for addressing corporate malfeasance.

Albert falsely reports his income obtained from betting on racehorses as income obtained from his job at Good Life Supermarket. Albert is guilty of ______. a.)embezzlement b.)money laundering c.)burglary d.)larceny e.)robbery

B - money laundering

In the United States, the counterpart of expropriation is called the ______. a.) procedural due process b.) power of eminent domain c.) due process clause d.) power of judicial restraint

B - power of eminent domain

Kate Ace is a luxury purse brand that has its own distinctive logo . The company recently discovered that another retailer has been selling counterfeit Kate Ace bags. The legal dispute that will arise here is most likely to be governed by _____. a.) environmental law b.) property law c.) tort law d.) securities law

B - property law

Which of the following type of regulatory authority issues rules that have the impact of laws? a.)in personam b.)quasi-executive c.)quasi in rem d.)quasi-legislative e.)quasi-regulatory

B - quasi-executive ************

Thelma and Louise are out bar hopping on a Friday night. Thelma is driving to the next bar when Louise asks her to stop at a convenience store so she can "make a withdrawal." Thelma thinks that Louise is using an ATM when Louise pulls out a gun from her purse and holds up the store. Louise walks out of the store without firing any shots. The police arrest both at their next bar stop. Louise is guilty of a.)conspiracy. b.)robbery. c.)fraud. d.)aiding and abetting. e.)burglary.

B - robbery.

The main purpose of the Clayton Act of 1914 was to_______________. a.) establish the National Labor Relations Board b.) strengthen the antitrust laws c.) force employers to pay a minimum wage d.) enable management control over workers e.) ensure shorter work weeks

B - strengthen the antitrust laws

A plaintiff must demonstrate to the court that it has_________in order for the court to hear the case. a.) res judicata b.) subject matter jurisdiction c.) a counterclaim d.) a counterdefendant e.) a class action

B - subject matter jurisdiction

Which federal agency promotes dependable, affordable energy through sustained competitive markets? a.)the Federal Reserve Board (FRB) b.)the Federal Energy Regulatory Commission (FERC) c.)the Equal Employment Opportunity Commission (EEOC) d.)the Federal Trade Commission (FTC) e.)the Federal Communications Commission (FCC)

B - the Federal Energy Regulatory Commission (FERC)

In determining whether a particular use is a fair one, a court will consider ______. a.) the distinctiveness of the copyright b.) the amount and substantiality of the portion used in relation to the copyrighted work as a whole c.) the royalties awarded to the inventor before using the copyright since copyright laws protect inventors d.) the amount of profit expected by the user claiming the fair use

B - the amount and substantiality of the portion used in relation to the copyrighted work as a whole

If an employee's tips combined with the cash wage is inconsistent with the minimum hourly wage, ______. a.) the employer is not liable to pay the difference if he or she reduces the number of working hours for the employee b.) the employer must make up the difference with certain conditions c.) the employee is entitled to work for a reduced number of hours d.) the federal government must make up the difference e.) the employee is entitled to be paid for the inconvenience caused along with the difference, with certain conditions

B - the employer must make up the difference with certain conditions

When you purchase an item from Globus Corp., they place the item in a paper bag with handles and vertical yellow, blue, and white stripes. Even without seeing the words "Globus Corp." on the bag, many people recognize that the purchase is from Globus. The bag's coloring and design is considered its ______. a.)trademark b.)trade dress c.)service mark d.)certification mark e.)collective mark

B - trade dress

______ ensures fair competition by preventing those who would deceive consumers from diverting trade from those who compete honestly. restraint of trade trade practice regulation resale price maintenance redlining procedure

B - trade practice regulation

______ ensures fair competition by preventing those who would deceive consumers from diverting trade from those who compete honestly. a.) redlining procedure b.) trade practice regulation c.) resale price maintenance d.) restraint of trade

B - trade practice regulation

To prove a pattern of racketeering under various specified federal statutes, the statute says that it requires at least a.)one act of racketeering in a five-year period. b.)two acts of racketeering in a ten-year period. c.)five acts of racketeering in a ten-year period. d.)five acts of racketeering in a five-year period. e.)two acts of racketeering in a five-year period.

B - two acts of racketeering in a ten-year period.

A ______ is one in which a product is sold or leased only on the condition that a buyer or lessee purchase a different product or service from a seller or lessor. a.)exclusive dealing contract b.)tying contract c.)executory contract d.)licensing agreement e.)reciprocal dealing arrangement

B - tying contract

Attempts by manufacturers to control the ultimate retail prices are known as ______. a.) congestion price fixing b.) vertical price fixing c.) lateral price fixing d.) transfer price fixing

B - vertical price fixing

Attempts by manufacturers to control the ultimate retail prices are known as ______. a.)transfer price fixing b.)vertical price fixing c.)congestion price fixing d.)rational price fixing e.)lateral price fixing

B - vertical price fixing

The discharge of an employee for reporting the employer's alleged violations of law is known as ______. a.) accommodation b.) whistleblowing c.) affirmative action d.) benchmarking e.) ratification

B - whistleblowing

What protects the news media from invasion of privacy claims when publishing information about public figures and officials? A.) the Second Amendment B.) mitigation of damages C.) the First Amendment D.) if the figure or official consents to the publication E.) the exculpatory clause

C

Which of the following is a difference between ethical and legal systems? A.) An ethical system consists of rules to guide conduct, whereas the legal system consists only of rules to foster social cooperation. B.) The legal system involves a broader-based commitment to proper behavior than an ethical system. C.) The legal system is an institution of state, whereas an ethical system is not an institution of state. D.) The moral values are observed from within the legal system, whereas the moral values are observed in the form of state transaction in an ethical system. E.) An ethical system primarily deals with what is wrong, whereas the legal system primarily deals with what is right.

C

William, a physician, reveals private medical information about Ryan, his patient, on social media. As a result, Ryan is subject to discrimination at work. He decides to sue William. Which of the following statements is true in this case? A.) William has assaulted Ryan. B.) William has intentionally interfered with Ryan's employment. C.) William can be sued for invasion of privacy. D.) William can be sued for fraud. E.) William has not committed any tort and will not have to pay any damages to Ryan.

C

A municipality zoning ordinance attempts to regulate the placement of satellite dish antennas in residential areas by specifying the size and location requirements. The Supreme Court rules that the zoning ordinance is unconstitutional as it violates the Federal Communications Commission Regulation law. In this case, the ruling of the Supreme Court illustrates the concept of ______. A.) defamation B.) minimum rationality C.) preemption D.) the exclusion clause E.) the contract clause

C (preemption = higher authority of law will displace the law of a lower authority of law when the two authorities come into conflict)

______ is the wrongful exercise of dominion and control over the personal resources that belong to another. A.) Libel B.) Garnishment C.) Conversion D.) Rescission E.) Injunction

C (stealing or buying stolen items)

Which of the following is a similarity between ethical and legal systems? a.) In both systems, ethical behavior is based on just meeting minimum legal requirements. b.) Both systems are institutions of the state. c.) Both systems consist of rules to guide conduct and foster social cooperation. d.) In both systems, the motivation to observe moral values comes from within an individual.

C - Both systems consist of rules to guide conduct and foster social cooperation.

Which of the following is an advantage of the corporate form of organization? a.) License fees and franchise taxes are not assessed against corporations. b.) A corporation need not be qualified in all states where it is conducting local or intrastate business. c.) Control of a corporation may be held by those with a minority of the investment. d.) The cost of forming and maintaining a corporation is minimal.

C - Control of a corporation may be held by those with a minority of the investment.

Which of the following is an advantage of the corporate form of organization? a.)License fees and franchise taxes are not assessed against corporations. b.)The cost of forming and maintaining a corporation is minimal. c.)Control of a corporation may be held by those with a minority of the investment. d.)A corporation need not be qualified in all states where it is conducting local or intrastate business. e.)Corporate income is not subject to double taxation.

C - Control of a corporation may be held by those with a minority of the investment.

Environmental laws at the federal level are mainly administered by the Intergovernmental Panel on Climate Change (IPCC). Toxic Substances Control Act (TSCA). Environmental Protection Agency (EPA). Pollution Control Board. World Commission on Environment and Development (WCED).

C - Environmental Protection Agency (EPA).

______, as used in the context of international law, is a foreign government's seizure of privately-owned property. Export control Eminent Domain Expropriation Nationalization Mandatory arbitration

C - Expropriation

Which of the following statements is true of the criminal penalties imposed for violations of the Foreign Corrupt Practices Act? They are only imposed on foreign officials. They are only imposed on foreign companies. Fines imposed on individuals may not be paid by their employer. Fines imposed on individuals do not exceed $10,000.

C - Fines imposed on individuals may not be paid by their employer.

Which of the following statements is true of corporations? a.)Corporations do not have to pay income taxes on their profits. b.)A corporation's organizational structure changes whenever a shareholder sells his or her stock. c.)In contrast to a partnership, corporations are usually formed to have perpetual existence. d.)The law treats a corporation's existence in tandem with its owners' status as shareholders. e.)In comparison with proprietorships, corporations are easier to form.

C - In contrast to a partnership, corporations are usually formed to have perpetual existence.

Which of the following statements is true of embezzlement? a.)It refers to making payments to a person who has facilitated a criminal transaction. b.)It can increase the chances of more similar frauds if cosigned checks are used. c.)It is a crime easily committed when there is a lack of internal control over funds. d.)It excludes the appropriation of funds for personal use by an employee from an employer. e.)It is hardly committed by highly trusted employees with access to cash or to the check-writing process.

C - It is a crime easily committed when there is a lack of internal control over funds.

Which of the following is the limitation of the Electronic Communications Privacy Act? a.) It severely limits all business communications. b.) It allows the interception of emails by another without authorization. c.) It permits the interception of broadcast radio communications. d.) It protects all personally identifiable information, which limits business activities.

C - It permits the interception of broadcast radio communications.

The following statement is true of an underwriter: It refers to anyone who prepares the registration statement and prospectus for securities involved in a sale. It refers to the individual or business organization offering a security for sale to the public. It refers to a person who participates in the original distribution of securities by selling such securities or guaranteeing their sale. It refers to anyone who controls or is controlled by the issuer, such as a major stockholder of a corporation. It refers to anyone who contracts with a purchaser or who is a motivating influence that causes the purchase transaction to occur.

C - It refers to a person who participates in the original distribution of securities by selling such securities or guaranteeing their sale.

The goals of the_______ are to ease federal regulations by relaxing rules for some initial public offerings to promote investment in startup companies. Congressional Smart Start Business Act of 2016 Securities Exchange Act of 1934 Jumpstart Our Business Startups Act of 2012 Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 Sarbanes-Oxley Act of 2002

C - Jumpstart Our Business Startups Act of 2012

Which of the following statements is true of the problem of solid wastes? Residential waste is the highest contributor of solid wastes in the U.S. Half of all solid waste produced in the U.S is industrial waste. Landfills are the primary disposal sites for most household and business solid wastes. The Clean Air Act is inapplicable in cases where solid wastes have been burned. Solid waste pollution problems have decreased during the last 25 years.

C - Landfills are the primary disposal sites for most household and business solid wastes.

The largest union in the United States is the ______. a.) Industrial Workers of the World b.) Teamsters Union c.) National Education Association d.) United Auto Workers e.) American Federation of Labor and Congress of Industrial Organizations

C - National Education Association

Which of the following statements is true of the International Court of Justice? Private parties and corporations that have access to the court may directly present their claims. Using legal devices, firms and individuals can compel the U.S. government to press claims on their behalf before the Court. Only countries that have submitted to the Court's jurisdiction may be parties. The Court has enforcement authority and does not rely on diplomacy or economic sanctions against countries. It is compulsory for all countries to accept the Court's jurisdiction, whether or not the use of the Court suits their interests.

C - Only countries that have submitted to the Court's jurisdiction may be parties.

Which of the following statements is true of the Uniformed Services Employment and Reemployment Rights Act (USERRA)? a.) For individuals who elect to continue existing employer-based health plan coverage, they have the right to be reinstated in the employer's health plan when reemployed. b.) It applies to all individuals released from service irrespective of whether it was under "honorable conditions" or "dishonorable conditions." c.) The USERRA also contains health insurance provisions. d.) Employers may retaliate against anyone assisting in the enforcement of USERRA rights, provided that person has no service connection. e.) Covered individuals who leave a job to perform military service are barred from continuing any existing employer-based health plan coverage.

C - The USERRA also contains health insurance provisions.

In regards to blue sky laws the following statement is true: The laws only apply to securities subject to federal law, not to those securities exempt from the federal statutes. The laws were established as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The federal laws do not preempt the existence of state blue sky laws. The laws are commonly known as the antifraud laws as per the Securities Act of 1934. The method of regulation is uniform and same across all the states.

C - The federal laws do not preempt the existence of state blue sky laws.

Which of the following is a defense to a charge of trademark infringement? a.)There is a good chance of the public being confused. b.)The statutory period protecting the trademark has expired. c.)The use is a "fair use." d.)The mark is distinctive. e.)The mark or symbol is considerably different.

C - The use is a "fair use."

Which of the following statements is true of private citizens? They can report violations of environmental law to the Environmental Protection Agency (EPA), but cannot act directly. They cannot sue offending polluters under tort theories of strict liability and negligence as these theories are not established. They can sue public agencies, like the Environmental Protection Agency (EPA), to force the adoption of regulations. They cannot sue polluters directly to force them to cease violating environmental laws. They can sue businesses, but not the government, to enforce rules under environmental statutes like the Clean Air Act and the Clean Water Act.

C - They can sue public agencies, like the Environmental Protection Agency (EPA), to force the adoption of regulations.

The ______ function of an administrative agency involves both fact-finding and applying law to the facts. a.)policy making b.)investigating c.)adjudicating d.)advising e.)rule-making

C - adjudicating

Isla, a manager at a casino, assists a group of people to rob the place by drawing a floor plan of the casino. Isla did not take part in the actual robbery. Isla could be most likely found guilty of ______. a.)bankruptcy fraud b.)counterfeiting c.)aiding and abetting d.)money laundering e.)forgery

C - aiding and abetting

A(n) ______ is one in which the businesses involved neither compete nor are related as customer and supplier in any given line of commerce. a.)vertical merger b.)vertical pricing arrangement c.)conglomerate merger d.)arbitration merger e.)horizontal pricing arrangement

C - conglomerate merger

Opinion research indicates that the public's highest concern regarding the regulation of industry is a.) land encroachment in national parks. b.) the transfer of toxic materials to developing countries. c.) control of toxic and hazardous chemicals. d.) expansion of industry into protected areas.

C - control of toxic and hazardous chemicals.

The division of powers between federal and state levels of government is known as ______. a.) imperialism b.) feudalism c.) federalism d.) monarchism

C - federalism

Civil violation of a trademark or a patent is termed ______. a.)copy b.)repudiation c.)infringement d.)breach e.)injunction

C - infringement

One limitation of the Electronic Communications Privacy Act is that ___________ it does not apply to the privacy of communications stored on a server. it permits the interception of unsecured wi-fi communications. it allows for the interception of business communications on an employer's equipment. it protects all personally identifiable information, which limits business activities. it allows the interception of emails by another without authorization.

C - it allows for the interception of business communications on an employer's equipment.

According to the Securities and Exchange Commission (SEC), a person should be considered to be a temporary insider if that person conveys nonpublic information that was to have been kept confidential. This philosophy has become known as the quasi-insider theory. implied-insider theory. misappropriation theory. temporary insider theory. mosaic theory.

C - misappropriation theory.

Which of the following refers to nolo contendere? a.)double jeopardy b.)not guilty c.)no contest d.)guilty e.)larceny

C - no contest

In a bankruptcy proceeding, which of the following classes of bankruptcy creditors will receive the lowest priority? creditors with claims that occur in the ordinary course of the debtor's business after a bankruptcy petition has been filed creditors with claims that arise from the costs of preserving and administering the debtor's estate one who is injured from a motor vehicle operated by a debtor while he was intoxicated consumers who have paid deposits or prepayments for undelivered goods or services employees who are owed wages earned within 180 days of the bankruptcy petition

C - one who is injured from a motor vehicle operated by a debtor while he was intoxicated

When courts find that a corporate organization is being misused, the corporate entity can be disregarded. This has been called a.)breaking the corporate shield. b.)rupturing the corporate law. c.)piercing the corporate veil. d.)cracking the corporate shell. e.)breaching the corporate defense.

C - piercing the corporate veil.

The primary function of the Federal Trade Commission is to a.) prevent the formation of conglomerate mergers. b.) award punitive damages for violations of the Sherman Act. c.) prevent illegal business practices. d.) award punitive damages for violations of the Clayton Act.

C - prevent illegal business practices.

Under the Solid Waste Disposal Act, the federal role in nontoxic waste management is to provide strict guidelines to landfill composition. waive standards regarding other pollution that arises as a result of solid waste management. promote research and provide technical and financial assistance to the states. grant tax breaks for industries using recycled materials. provide for the storage, transfer, and disposal of non-toxic waste material.

C - promote research and provide technical and financial assistance to the states.

The classification of crimes as felonies or misdemeanors is based on the a.)jury's indictment. b.)prior record of the defendant. c.)punishment imposed if convicted. d.)location. e.)judge's prerogative.

C - punishment imposed if convicted.

The Local Bar was a pub that used a special storage device that steals card numbers when processing its customers' credit and debit cards. Many such customers who visited the establishment later found that they were charged for goods and services they did not purchase. This scenario is an example of ______. a.)"old-fashioned" stealing b.)dumpster diving c.)skimming d.)phishing e.)wire fraud

C - skimming

In a bankruptcy proceeding, which of the following classes of bankruptcy creditors will receive highest priority? general creditors employees who are owed wages earned within 180 days of the bankruptcy petition spouse, former spouse, child, or guardian with claims for domestic support government tax claims consumers who have paid deposits or prepayments for undelivered goods or services

C - spouse, former spouse, child, or guardian with claims for domestic support

If laws are inconsistent, which level of legislation will be given the lowest priority in determining which law to follow? a.) U.S. Constitution b.) federal regulations c.) state and local laws d.) federal laws e.) Constitutional law

C - state and local laws

The Securities and Exchange Commission (SEC) primarily functions as a(n) ______ body, which oversees the issue and sale of investment securities. a.)investigating b.)emergency c.)supervising d.)adjudicating e.)rulemaking

C - supervising

When a business summarizes specific steps it is taking or lays out goals it has regarding its environmental impact, this is called_________. the boomerang effect compliance reporting sustainability reporting corporate governance environmental governance

C - sustainability reporting

Which of the following acts is directed at protecting employees' health care? a.) the Employment Retirement Income Security Act (ERISA) b.) the Fair Labor Standards Act (FLSA) c.) the Consolidated Omnibus Budget Reconciliation Act (COBRA) d.) the Worker Adjustment and Retraining Notification (WARN) Act e.) the Family Medical Leave Act (FMLA)

C - the Consolidated Omnibus Budget Reconciliation Act (COBRA)

Which of the following federal agencies protects the public from anticompetitive behavior and unfair and deceptive business practices? a.)the Equal Employment Opportunity Commission (EEOC) b.)the Federal Reserve Board (FRB) c.)the Federal Trade Commission (FTC) d.)the National Labor Relations Board (NLRB) e.)the Consumer Product Safety Commission (CPSC)

C - the Federal Trade Commission (FTC)

The federal law that establishes rules for federal trademark registration and enforcement and also prohibits false or misleading advertising is ______________. the Fair Credit Reporting Act the Truth-in-Lending Act the Lanham Act the Federal Trade Commission Act the Equal Credit Opportunity Act

C - the Lanham Act

To convict a person of a conspiracy, ______. a.)the victim must prove damages suffered due to the act of two or more individuals b.)one person must plan and commit the crime c.)two or more people must be involved in the accomplishment of a common and unlawful plan d.)all members must plan all details of the scheme e.)a formal agreement must exist between all members

C - two or more people must be involved in the accomplishment of a common and unlawful plan

Louise Bouton, a designer and manufacturer, sells luxury shoes to stores across the nation including Lordstorms. Louise entered a contract with Lordstorms to price her shoes higher than any other shoes in the store and forced Lordstorms to lower the prices of similar luxury shoes. If a competitor files suit they would most likely allege Louise and Lordstorms engaged in a a.)reciprocal dealing agreement violating the Clayton Act. b.)horizontal agreement in violation of the Sherman Act. c.)vertical agreement in violation of the Sherman Act. d.)tying agreement in violation of the Clayton Act. e.)licensing agreement violating the Clayton Act.

C - vertical agreement in violation of the Sherman Act.

The Age Discrimination in Employment Act forbids age-based discharge of employees over age a.) 60. b.) 35. c.) 40. d.) 50. e.) 45.

C- 40

Elaine, the manager at Slurpee Heaven, warns Kelly who performs poorly throughout the year that she will lose her job if she does not perform better. Later, Kelly sends Elaine text messages from an anonymous phone number in anger, threatening to harm her. In this case, Elaine can sue Kelly for ______. A.) battery B.) defamation C.) false imprisonment D.) assault E.) trespass

D

Many advertisers have been required to pay damages to individuals when pictures of them have been used without authorization to promote products. In such situations, which of the following torts has been committed by the advertisers? A.) assault B.) defamation C.) battery D.) invasion of privacy E.) malicious prosecution

D

Which of the following illustrates the tort of conversion? A.) Lori borrowing a book from the city library B.) David returning Lucy's coat in the same condition as it was when he borrowed it C.) Billy publishing false statements about Jane in their school newspaper D.) Cristina purchasing a notebook computer from Sabrina without knowing that Sabrina had stolen it E.) Daniel, a doctor, revealing private patient information without obtaining the patient's consent

D

Which of the following statements is true about the role and effect of profits on ethical corporate behavior? A.) Profit earning is the least important goal in the contemporary business environment. B.) Making a profit usually deteriorates the common good. C.) A decline in the Protestant ethic reduces the emphasis on corporate profit. D.) In many modern business corporations, the responsibility for profit making is decentralized. E.) In many situations, focusing on profits hinders managers from engaging in any unethical behavior.

D

Which of the following statements is true of the effect of the group on ethics in a corporate organization? A.) Individuals feel more responsible for what happens in a group than in their individual lives. B.) Individuals hardly do unethical things when they are part of a group. C.) Coupled with an overemphasis on profit, the group effect reduces the difficulty of achieving an ethical business corporation. D.) Individuals in groups may feel a diminished sense of responsibility for actions taken, which invites ethical compromise. E.) In corporate life, it is difficult to overlook the unethical behavior of a superior when many fellow employees are also overlooking it.

D

Which of the following statements is true regarding the hierarchy of terms that a court uses in order to determine which contradictory terms control the contract? A.) Typed terms control handwritten terms, which control printed terms. B.) Printed terms control typed terms, which control handwritten terms. C.) There is no hierarchy of terms in a contract. D.) Handwritten terms control typed terms, which control printed terms. E.) Printed terms control handwritten terms, which control typed terms.

D

The following example is a result of a trade regulation rule: "Money Back" guarantee Child safety seats "Gluten Free" stamp "Do Not Call" list "Patent Pending" mark

D - "Do Not Call" list

For violations of the Fair Debt Collection Practices Act, in the absence of actual damages, the court may still order a collector to pay a debtor up to ______. $10,000 $100,000 $5,000 $1,000 $50,000

D - $1,000

The Video Privacy Protection Act prevents the disclosure of personally identifiable information concerning video rentals and includes a right of civil action with a minimum liquidated damages provision of ______. $20,000 $12,500 $10,000 $2,500 $5,500

D - $2,500

Arrow, Inc.'s steelworkers are unionized. The steelworkers want increased wages. When Arrow refuses to bargain on wages, they vote to strike. This strike has the potential to paralyze the entire steel industry. Which of the following statements is true under the Taft-Hartley Act? a.) The steelworkers have violated the Taft-Hartley Act by striking for an increase in wages. b.) The steelworkers would be held guilty of precipitating a state of national emergency. c.) A cooling-off period would not be applicable in this situation. d.) An 80-day cooling-off period may apply in this situation. e.) The steelworkers union cannot strike if Arrow gives them a reason for not increasing their wages.

D - An 80-day cooling-off period may apply in this situation.

Which of the following statements about corporate codes of conduct is false? They address topics such as child labor, working conditions and environmental issues. They establish a foundation for a company's standards in international business. They are policy statements companies develop to define ethical standards for their conduct. Companies and organizations that do business around the world are required, under the UN Global Compact, to have a corporate code of conduct. Major companies that use corporate codes of conduct may also have supplier and vendor codes of conduct.

D - Companies and organizations that do business around the world are required, under the UN Global Compact, to have a corporate code of conduct.

What type of damages are designed to place a plaintiff in the same position as if there had been no breach of the contract? a.) Exact damages b.) Punitive damages c.) Specific damages d.) Compensatory damages

D - Compensatory damages

The ______ encourages international trade by maintaining stable foreign exchange rates and works closely with commercial banks to promote orderly exchange policies with members. World Bank World Trade Organization United Nations Commission on International Trade Law International Monetary Fund Convention on International Sale of Goods

D - International Monetary Fund

Which of the following statements is true of the Comprehensive Environmental Response, Compensation, and Liability Act? It supersedes international pollution control laws. It mandates notification for authorized release of hazardous substances. It provides a statement of revenues generated from organizations making healthy use of natural resources. It imposes strict liability on those responsible for unauthorized discharges of hazardous wastes. It levies punitive damages up to five times of the cleanup costs.

D - It imposes strict liability on those responsible for unauthorized discharges of hazardous wastes.

Which of the following is true in case a patent expires? a.)It will be reviewed and reassigned to the same owner. b.)It comes under the purview of the Supreme Court to restrict its use in public. c.)It is put aside for someone else to acquire. d.)It is in the public domain and others may use it without limitations. e.)It will be declared as null and void and the invention will be declared useless.

D - It is in the public domain and others may use it without limitations.

Which of the following statements is true of a seller? It refers to the individual or business organization offering a security for sale to the public. It refers to a person who is in possession of an article and is responsible for returning the article safely to the owner once the contract is fulfilled. It refers to anyone who prepares the registration statement and prospectus for securities involved in a sale. It refers to anyone who contracts with a purchaser or who is a motivating influence that causes the purchase transaction to occur. It refers to anyone who controls or is controlled by the issuer, such as a major stockholder of a corporation.

D - It refers to anyone who contracts with a purchaser or who is a motivating influence that causes the purchase transaction to occur.

Which of the following statements is true of a consent order? a.) It is commonly known as a commission order. b.) It is extremely expensive in comparison to other types of orders. c.) It excludes organizations and nonprofit organizations in its scope. d.) It requires that the accused individual admit to the jurisdiction of an agency and waive all rights to seek a judicial review.

D - It requires that the accused individual admit to the jurisdiction of an agency and waive all rights to seek a judicial review.

Which of the following statements is true of private international law? It is often predictable and certain. It examines relationships between nations. It examines relationships created by noncommercial transactions. It utilizes international agreements to resolve business disputes. It restricts the types of businesses that individuals can conduct.

D - It utilizes international agreements to resolve business disputes.

The ______ of 1974 places constraints on how certain kinds of information collected by the federal government can be used and limits those to whom the information may be released. Sherman Act Clayton Act Sarbanes-Oxley Act Privacy Act Fair Credit Reporting Act

D - Privacy Act

Which of the following statements is true of sources of international law? a.) Private international law utilizes U.S. law to resolve international business disputes. b.) Public international law uses rules that are binding only on specific countries in the international community. c.) Private international law examines relationships between private individuals. d.) Public international law examines relationships between nations.

D - Public international law examines relationships between nations.

In a(n) ______, the shareholders are taxed only on income distributed. a.) corporation b.) limited liability company c.) sole proprietorship d.) S corporation

D - S corporation

Morgan signs a contract with Shane agreeing to work with him for a movie. Halfway through the production of the movie, Shane decides to quit as he gets another job as a marketing executive. The printed terms in the contract state that when a breach of contract occurs, the breaching party has to pay $20,000 to the non-breaching party. The contract also has additional handwritten terms that state that in the event of a party being unable to complete the performance required due to unforeseen, unnatural causes, the breaching party does not have to pay any money to the non-breaching party. Which of the following statements is true in this situation? a.) Shane has to pay Morgan $20,000 as consequential damages. b.) Morgan cannot sue Shane for the breach as the liquidated damage is meant to penalize the nonbreaching party. c.) Shane does not have to pay any amount to Morgan because his breach was excused by the contractual terms. d.) Shane has to pay $20,000 to Morgan for breach of contract.

D - Shane has to pay $20,000 to Morgan for breach of contract.

Which of the following statements is true of short-swing profits? a.) The short-swing profits rule of Section 16 depends on misuse of information. b.) Short-swing profits refer to any profits made by insiders who buy and sell company stock within a three-month time period. c.) The short-swing profits policy takes into consideration order of purchase and sale in determining its legality. d.) Short-swing profits refer to those profits that have been made within a six-month time period.

D - Short-swing profits refer to those profits that have been made within a six-month time period.

Which of the following accurately describes patents? a.)An original and ornamental design for article of manufacture will be governed by a utility patent. b.)Non-obvious and useful processes and machines will be governed by design patents. c.)Patents are created for an indefinite period of time. d.)The Venetian Patent Act of 1474 is a source for many principles of modern patent law.

D - The Venetian Patent Act of 1474 is a source for many principles of modern patent law.

Which of the following statements is true of an employer in case an employee is on family medical leave? a.) The employer should ensure that the employee is supposed to be disadvantaged by the fact that the leave was taken. b.) The employer should refrain from awarding bonus to employees for perfect attendance who were granted leaves under the Family and Medical Leave Act (FMLA). c.) The employer is entitled to review the actual medical records of the employee. d.) The employer may request a medical certification that a qualifying event has occurred in the employee's life. e.) The employer can rescind the employee's job contract when the employee returns to work.

D - The employer may request a medical certification that a qualifying event has occurred in the employee's life.

Which of the following statements is true of punitive damages? a.) Punitive damages are awarded depending on the degree of suffering endured by a plaintiff. b.) Punitive damages are awarded if a defendant agrees to a rescission. c.) Juries award punitive damages to all cases tried and proven for negligence. d.) The key to the award of punitive damages is a defendant's motive.

D - The key to the award of punitive damages is a defendant's motive.

Which of the following statements is true of the Toxic Substances Control Act (TSCA)? The TSCA was passed in the year 1950 with the guidelines given by the Federal Environmental Pesticide Control Act. The TSCA demands that the EPA is not given advance notice of manufacture of new chemicals. The primary purpose of the TSCA is to provide technical and financial assistance to all states in implementation of the Act. The law authorizes the Environmental Protection Agency (EPA) to require manufacturers to test their chemicals for possible harmful effects. The TSCA is like the Clean Air Act, which requires that certain pollution standards be met without regard for economic factors.

D - The law authorizes the Environmental Protection Agency (EPA) to require manufacturers to test their chemicals for possible harmful effects.

Which of the following is true of the Occupational Safety and Health Administration (OSHA)? a.) An employee can sue an employer for damages based on an OSHA violation. b.) OSHA boycotts the principles of the Severe Violator Enforcement Program (SVEP). c.) Employees are refrained from having the right to request an OSHA inspection. d.) The private cause of action is absent under OSHA. e.) Employees making complaints who are subjected to discrimination are prohibited from filing a complaint with OSHA.

D - The private cause of action is absent under OSHA

__________is an important element of the Fair Labor Standards Act. a.) Guaranteed employment b.) A private pension plan c.) The disability benefit d.) The record keeping requirement e.) Permanent employment

D - The record keeping requirement

Which of the following statements is true of benefit corporations? a.)They are the only type of corporation not treated as individuals. b.)They combine the positive aspects of a limited liability company and a partnership to form an organization that is designed to give the maximum profits to the owners of the organization. c.)They are not treated as taxable entities even though they have shareholders. d.)They combine aspects of non-profit and profit organizations in a way intended to permit a business to make a profit while pursuing explicit, socially oriented goals. e.)They are formed through the use of deferred prosecution agreements.

D - They combine aspects of non-profit and profit organizations in a way intended to permit a business to make a profit while pursuing explicit, socially oriented goals.

A defendant may enter a nolo contendere plea for which of the following reasons? a.)To allow the defendant to simultaneously defend a civil and a criminal suit. b.)Because it is a plea of absolute contest. c.)So the defendant may be excused from a jail sentence. d.)To give the defendant the advantage of avoiding the cost of trial. e.)It allows sentencing as if the defendant pleaded not guilty.

D - To give the defendant the advantage of avoiding the cost of trial.

The ______ establishes the legislative, executive, and judicial branches of the federal government. a.) Declaration of Independence b.) Magna Carta c.) Bill of Rights d.) United States Constitution

D - United States Constitution

International sales transactions use _______________ which is a document issued by a carrier indicating that goods to be shipped have been received by the carrier. an irrevocable promissory note a negotiable instrument an irrevocable letter of credit a bill of lading a bill of exchange

D - a bill of lading

The ______ function of an administrative agency involves both fact-finding and applying law to the facts. a.) advising b.) investigating c.) rule-making d.) adjudicating

D - adjudicating

The ______, by which the corporate veil can be pierced, may also be used to impose personal liability upon corporate officers, directors, and stockholders. a.)negligent conduct theory b.)corporate doppelganger theory c.)Med-Arb theory d.)alter-ego theory e.)corporate envelopment theory

D - alter-ego theory

The damages of a defrauded purchaser of securities___________________________ are measured at the time when the fraud is discovered. include speculative damages. are considered sunk costs and irrecoverable. are actual out-of-pocket losses. include a punitive amount to discourage further fraud.

D - are actual out-of-pocket losses.

A polygraph test may be legally used_____________________________. a.) when all public employers are screening job applicants b.) by public security companies to test both job applicants and current employees c.) by most public employers to screen job applicants d.) by most private employers to check current employees because of a specific incident that caused economic injury to the employer's business e.) when senior employees are being transferred to a different department within a firm

D - by most private employers to check current employees because of a specific incident that caused economic injury to the employer's business

According to the Lanham Act of 1946, which of the following is a mark representing membership in a certain organization or association? a.)certification mark b.)secondary mark c.)product mark d.)collective mark e.)service mark

D - collective mark

White-collar crime can be detrimental to a business so some major corporations have ______________ in order to combat the effects of criminal activity. a.)sold trade secrets b.)made electronic advances to fictitious employees c.)increased prices on goods and supplies d.)developed ethical codes and compliance programs e.)falsified inventories to prevent theft

D - developed ethical codes and compliance programs

A trademark becomes ______ when through the owner's actions or another's inappropriate use, the mark becomes synonymous in the consumers' mind with the name of the goods or services. a.) copied b.) infringed c.) distinctive d.) generic

D - generic

The Bike Shop and Road Warriors are fierce competitors in the national bike market. They compete in everything from parts to clothing to bicycles. Due to decreasing sales, the companies make an agreement to share product information and pricing to ensure that the market contains similar items at similar prices lower than their competitors. This action is most likely to be considered a a.)tying agreement in violation of the Clayton Act. b.)vertical agreement in violation of the Sherman Act. c.)reciprocal dealing agreement violating the Clayton Act. d.)horizontal agreement in violation of the Sherman Act. e.)licensing agreement violating the Clayton Act.

D - horizontal agreement in violation of the Sherman Act.

One advantage of a partnership is that a.)each partner's liability is unlimited. b.)it is dissolved anytime a partner ceases to be a partner, regardless of whether the reason is withdrawal or death. c.)only a limited number of persons can be partners. d.)it may operate in more than one state without obtaining a license to do business. e.)partners are taxed on their share of the partnership's profits, whether the profits are distributed or not.

D - it may operate in more than one state without obtaining a license to do business.

An environmental impact statement must include technical jargon for better understanding of the statement. must include economic profits that can be guaranteed from the organization's action. must include a statement of any reversible use of resources. must include available alternatives to the proposed action. must be included in most recommendations or reports on proposals for legislation affecting the environment.

D - must include available alternatives to the proposed action.

When courts find that a corporate organization is being misused, the corporate entity can be disregarded. This has been called a.) cracking the corporate shell. b.) breaking the corporate shield. c.) breaching the corporate defense. d.) piercing the corporate veil.

D - piercing the corporate veil.

John has written a book, Battlefield, and was talking to some interested parties from Broadway about making a musical based on it. However, he turned down an offer due to conflicting opinions of who should play the lead roles. A year later, Battlefield was made into a musical but it did not acknowledge the author. This scenario best reflects a violation of _____. a.) common law b.) tort law c.) administrative law d.) property law

D - property law

Under the Superfund law, a purchaser of land may escape the liability to clean up hazardous wastes by informing the government of any hazardous wastes in the land. suing the land seller for the hazardous wastes left by the seller. fixing responsibility on the previous owner of the land. proving the use of due diligence in checking the land for toxic hazards. pleading ignorance to the knowledge of the act.

D - proving the use of due diligence in checking the land for toxic hazards.

A school's seal and logo are examples of which type of intellectual property? a.)certification marks b.)collective marks c.)brand marks d.)service marks e.)patents

D - service marks

If a bank assumes ownership of a piece of contaminated land the future owner will be solely responsible for the cleanup upon its sale to the future owner. the bank can re-sell the property without any liability for cleanup. the bank is withheld from selling the land due to its contaminated status. the bank becomes a responsible party. the previous owner will be solely responsible for the cleanup.

D - the bank becomes a responsible party.

In the context of antitrust sanctions, liability for triple-damages suits is based on _______law and is said to be joint and several. a.)civil b.)corporate c.)criminal d.)tort e.)antitrust

D - tort

The familiar telemarketing sales rule that established the national "Do Not Call" list is an example of a(n) ______. a.) executive order of the president b.) Uniform Commercial Code rule c.) Congressional statute d.) trade regulation rule

D - trade regulation rule

Lois has applied for a job at OneStop Everyday Market, a grocery store chain. She is told that after thirty days she is required to join the union representing the employees of OneStop. In this case, OneStop Everyday Market is a(n) ______. a.) right-to-work shop b.) agency shop c.) sweatshop d.) union shop e.) open shop

D - union shop

Resale price maintenance is also called ______. a.)express price fixing b.)resale price maintenance c.)horizontal price fixing d.)vertical price fixing e.)linear price fixing

D - vertical price fixing

Public employees are protected from some drug testing by the ______ Amendment's prohibition against unreasonable searches. a.) Tenth b.) Fifth c.) First d.) Fourth e.) Seventeenth

D -fourth

Which of the following statements is true in cases where only one party drafts a contract that contains terms that appear vague and ambiguous to the other party? A.) The court will give the terms the meaning as per trade usage. B.) The court will reject the non-drafting party's attempt to reinterpret the terms after the contract has been signed. C.) The court will declare the drafting party's behavior as a tort due to intentional ambiguity of terms. D.) The court will interpret the terms as they mean in the common language. E.) The court will interpret the ambiguous and vague terms against the party that drafts them.

E

Which of the following statements is true of tort law? A.) It deals with criminal cases rather than civil cases. B.) It typically deals with breach of contract. C.) It exists to protect people from being tried twice for the same crime. D.) It requires an agreement between the parties involved to resolve a wrong. E.) It sets limits on how people can act and use their resources.

E

An employee is eligible to qualify for the Family and Medical Leave Act benefits if the employee has worked at least a.) 3,000 hours during the previous 24 months. b.) 2,500 hours during the previous 12 months. c.) 2,250 hours during the previous 24 months. d.) 1,500 hours during the previous 12 months. e.) 1,250 hours during the previous 12 months.

E - 1,250 hours during the previous 12 months

Aaron enters Stevenson's Supermarket and takes a loaf of bread from the shelf. He walks out of the store without paying for it. Which of the following is true of this situation? a.)Aaron is guilty of robbery. b.)Aaron is guilty of theft by deception. c.)Aaron is guilty of burglary. d.)Aaron is guilty of embezzlement. e.)Aaron is guilty of larceny.

E - Aaron is guilty of larceny.

Aaron works as a manager at Chuy's, a restaurant in Austin, Texas with 70 other employees. He has been working there full time for 22 months. One day his wife calls with some bad news. His father-in-law has been severely injured in a car accident while returning from work. Aaron asks his employer for leave under the Family Medical Leave Act (FMLA). In this scenario, which of the following statements is true? a.) Aaron is entitled to take leave to care for his father-in-law. b.) Granting the leave is entirely at the discretion of the employer, who can deny the leave request if it would disrupt business. c.) Aaron is not entitled to the leave because the provisions of the FMLA Act apply only to females. d.) Aaron is not entitled to the leave because the number of hours he has worked during the preceding 12 months is less than what is required by the act. e.) Aaron is not entitled to the leave because his father-in-law does not qualify as an immediate family member.

E - Aaron is not entitled to the leave because his father-in-law does not qualify as an immediate family member.

Which of the following statements is true of a general partnership? a.)A general partnership must have at least one controlling partner. b.)Unlike proprietorships, partnerships are taxable entities. c.)All partners in a general partnership have only limited liability for their organization's debts. d.)A general partnership is not dissolved if there is a change in the partners. e.)Each partner in a general partnership has an equal voice in the firm's affairs.

E - Each partner in a general partnership has an equal voice in the firm's affairs

The concept of hiring employees for an indefinite period of time and discharging them without cause at anytime is called the __________. a.) Workers Termination Policy b.) Worker Adjustment and Retraining Notification (WARN) Act c.) Fair Labor Standards Act d.) Labor-Management Relations Act e.) Employment-At-Will Doctrine

E - Employment-At-Will Doctrine

DrakeAuto Corp. is an automobile dealer that offers flexible payment plans for its customers. However, DrakeAuto requires its customers over 60 years of age to make the payment in full because "These people could die at any time." In this case, DrakeAuto violates the ______. Truth-in-Lending Act Fair Debt Collection Practices Act Federal Trade Commission Act Fair Credit Reporting Act Equal Credit Opportunity Act

E - Equal Credit Opportunity Act

Which of the following statements best defines ethics? a.) Ethics is an irrational method used specifically in examining the morality of lives. b.) Ethics is a legal system for evaluating who profits in a business transaction. c.) Ethics is a simplified term given to the momentary decisions one makes regarding which answer will lead to the most personally successful solution. d.) Ethics is merely a different term for the laws and regulations created by a government. e.) Ethics is a formal system for deciding what is right and wrong and for justifying moral decisions.

E - Ethics is a formal system for deciding what is right and wrong and for justifying moral decisions.

Infro Inc. is a major lender. It plans to include the zip codes of its customers as a major factor when offering loans. This allows Infro to reduce the amount of risk it takes by not providing loans in certain areas where property values are low. In this case, which of the following statements is true? The decision of Infro is legal under the provisions of the Equal Credit Opportunity Act. If Infro goes through with its decision, it is engaging in inclusionary zoning which is legal. Before Infro implements its decision, it must specify the minimum average property value a person must have before applying for a loan. Before Infro implements its decision, it must obtain permission from the Federal Trade Commission to do so. If Infro goes through with its decision, it is engaging in redlining.

E - If Infro goes through with its decision, it is engaging in redlining.

Which of the following is true of the Occupational Safety and Health Administration (OSHA)? a.)It protects the public against unreasonable risks of injury associated with consumer products. b.)It administers laws to prohibit distribution of adulterated, misbranded, or unsafe food and drugs. c.)It regulates civil aviation to provide safe and efficient use of airspace. d.)It administers all laws relating to water pollution, air pollution, solid wastes, pesticides, and toxic substances. e.)It ensures all workers a safe and healthy work environment.

E - It ensures all workers a safe and healthy work environment.

Which of the following statements is true of the Federal Insecticide, Fungicide, and Rodenticide Act? It applies to pesticides that U.S. manufacturers ship to foreign countries. It takes into account the economic and environmental costs and benefits of the use of any pesticide, but neglects the social impact. It requires the licensing of operators using pesticides. It prohibits the use of pesticides near schools. It requires the registration and labeling of agricultural pesticides.

E - It requires the registration and labeling of agricultural pesticides.

Which of the following statements is true of the Truth-in-Lending Simplification Act? It eliminates the need for model disclosure forms issued by the government. It restricts state laws from allowing private lawsuits against deceptive advertisements. It prohibits companies from the practice of redlining. It requires statutory penalties to be based purely on technical violations of the act. It restricts statutory penalties to failures to disclose credit terms that are of material importance in credit comparisons.

E - It restricts statutory penalties to failures to disclose credit terms that are of material importance in credit comparisons.

Employers were prohibited from firing employees for union activities under the a.) Fair Labor Standards Act. b.) Worker Adjustment and Retraining Notification (WARN) Act. c.) common law. d.) Labor Rights Act. e.) Labor-Management Relations Act.

E - Labor-Management Relations Act.

The fair use of a registered trademark defense was established in the ______. a.)Consumer Protection Act b.)Federal Trademark Dilution Act c.)Economic Espionage Act d.)Sarbanes-Oxley Act e.)Lanham Act

E - Lanham Act

Which of the following statements is true of the functionality of agencies providing services? a.)Agencies that function to provide services are created out of sheer manpower rather than necessity. b.)Welfare programs are run easily without being administered by the government. c.)The mere existence of most government programs hardly creates any new agency or expands the functions of an existing one. d.)Government agencies often stand as a substitution for competition. e.)Social Security programs necessitate that there be a federal agency to determine eligibility and pay benefits.

E - Social Security programs necessitate that there be a federal agency to determine eligibility and pay benefits.

Choose the statement below that is true of administrative agencies? a.)Administrative agencies that issue rules having the impact of laws are called quasi-judicial agencies. b.)State and local governments do not have administrative agencies. c.)Administrative agencies license and regulate intrastate transportation. d.)Administrative agencies with quasi-executive authority make decisions like a court. e.)They are organizations created by the legislature to serve a specific purpose.

E - They are organizations created by the legislature to serve a specific purpose.

Which of the following is not a responsibility of the Environmental Protection Agency? advise the Council on Environmental Quality on new policies assist state governments in controlling pollution gather information on present pollution problems conduct research on the harmful impact of pollution administer state pollution laws

E - administer state pollution laws

If a person acts under the direction of someone accused of criminal activities, this person might be guilty of ______. a.)endangerment to others involved b.)conspiracy to commit a crime c.)embezzlement of company funds d.)being an accessory before the crime e.)aiding and abetting others

E - aiding and abetting others

A corporation created under the authority of a foreign country may be called a(n) ______. a.)offshore corporation b.)external corporation c.)imported corporation d.)distant corporation e.)alien corporation

E - alien corporation

Secrecy of the grand jury system protects a.)the number of accused in a case from increasing based on grand jury testimony. b.)the members of the jury from retribution by the accused. c.)the socioeconomic status of the criminals in a case. d.)a reiteration of the facts before the petit jury. e.)an innocent accused from disclosure of the accusations made against him or her.

E - an innocent accused from disclosure of the accusations made against him or her.

Which of the following terms denotes the rights that protect individuals from the power of the government, including individuals accused of crimes? a.)presumption of innocence b.)nolo contendere c.)probable cause d.)novation e.)civil liberties

E - civil liberties

A place of employment that requires a person to be a union member before applying for a job is said to be a(n) ______. a.) open shop b.) agency shop c.) mandatory membership shop d.) limited access shop e.) closed shop

E - closed shop

The government relies on administrative agencies for ________, which is/are necessary to develop sound policies and provide solutions and management for problems. a.)regulation b.)services c.)protection d.)specificity e.)expertise

E - expertise

Fields Tech School decides to expand and open a new campus in another state. Rather than acquiring land and building new buildings, the school board decides to merge with an existing school, Fennelstate, which has similar programs in the other state. Fennelstate is a small commuter school with the majority of the students from the same state. The merger between Fields Tech School and Fennelstate is best described as a ______. a.)freeze-out merger b.)product extension merger c.)horizontal merger d.)vertical merger e.)geographic extension merger

E - geographic extension merger

In the context of false advertising laws, state law ignores express claims made in deceptive advertising unlike the Federal Trade Commission Act. only prosecutes violators who make implied claims in their advertising unlike the Federal Trade Commission Act. ignores material claims in deceptive advertising unlike the Federal Trade Commission Act. uses remedies such as corrective advertising to accompany some of its orders, which is an option not available under the Federal Trade Commission Act. may allow for private lawsuits in addition to government enforcement, which is an option not available under the Federal Trade Commission Act.

E - may allow for private lawsuits in addition to government enforcement, which is an option not available under the Federal Trade Commission Act.

In the context of patentable subject matter, which of the following characteristics about an invention indicates that something is new and different from the prior art? a.)tarnishment b.)nonobviousness c.)preemption d.)utility e.)novelty

E - novelty

Lutite, a lighting corporation, acquires and merges with Castelle, a kitchen company in a billion-dollar merger. Lutite, prior to the merger, sold only lighting products. After the merger, Lutite sells lighting and kitchen products. The merger between Lutite and Castelle is an example of a ______. a.)geographic extension merger b.)freeze-out merger c.)vertical merger d.)horizontal merger e.)product extension merger

E - product extension merger

Business often fails to regulate itself, and the lack of self-regulation is contrary to the public interest. To counterbalance, administrative agencies exist to a.)provide services that have arisen out of necessity. b.)replace competition with regulation. c.)refer the problem or area to experts for solution and management. d.)develop detailed rules and regulations to carry out the legislative policy. e.)protect the public, especially from the business community.

E - protect the public, especially from the business community.

The Securities and Exchange Commission's (SEC's) adoption of rules and regulations relating to financial and other information furnished to the Commission comes under its ______ power. quasi-judicial bargaining quasi-executive federal quasi-legislative

E - quasi-legislative

A factory's failure to use pollution-control equipment may be evidence of its failure to exercise ______ resulting in evidence of negligence. prudence standard of care best practices good faith reasonable care

E - reasonable care

The _________elect members of the board of _________, who set the objectives and goals of the corporation. a.)proxies, shareholders b.)arbitrators, proxies c.)officers, shareholders d.)directors, officers e.)shareholders, directors

E - shareholders, directors

Regarding an environmental impact statement (EIS), which of the following statements is true? an EIS can be in any language as long as it is clear and to the point. an EIS should include technical jargon to clearly explain all the points mentioned in the statement. the National Environmental Policy Act requires federal agencies to follow the conclusions of the EIS. an EIS is optional for recommendations or reports on proposals for legislation and other major federal actions significantly affecting the quality of the human environment. the EIS is a detailed statement that makes an estimate of the environmental impact of the proposed action.

E - the EIS is a detailed statement that makes an estimate of the environmental impact of the proposed action.

Ana offers Corey her vacuum cleaner for $300. Corey rejects the offer, so Ana promises to sell the vacuum cleaner to Abey. However, a day later, Corey decides to buy the vacuum cleaner and informs Ana of his acceptance. Ana must sell the vacuum cleaner to Corey.

False

Freedom of speech allows for the freedom to express only ideas that are non-controversial and represent the majority view.

False

In the United States, there is only a federal court system to hear and decide legal issues.

False

T/F - A limited partnership is solely made up of limited partners.

False

T/F - A party involved in arbitration can withdraw from the arbitration process and resort to litigation if the members of that party think the process is not going well.

False

T/F - A plaintiff would have less flexibility making a claim under false and deceptive than she would making a claim under common law.

False

T/F - Administrative agencies have either quasi-legislative regulatory authority or quasi-judicial regulatory authority, but they cannot have both.

False

T/F - An assault is never followed by a battery.

False

T/F - Proof of negligence leading to corporate mismanagement is enough to prove a case of seller's fraud under Rule 10b-5.

False

T/F - Public international law examines relationships created by commercial transactions.

False

T/F - The Fair Credit Reporting Act regulates credit reports on both consumers and businesses.

False

T/F - The Fair Labor Standards Act (FLSA) requires employers to provide a functional space for nursing mothers to express breast milk, which can include a private bathroom.

False

T/F - The Fair Labor Standards Act (FLSA) sets 16 years of age as the minimum age for employment.

False

T/F - The Federal Trade Commission determines what is a deceptive ad using the point of view of an "experienced consumer".

False

T/F - The Fifth Amendment protects the accused from being compelled to produce real or physical evidence.

False

T/F - The Privacy Act of 1974 limits the collection and release of certain kinds of information by state governments.

False

T/F - When firing employees the law requires an employer to discharge non-union members before it discharges union members.

False

T/F - White-collar crimes are largely dependent on the threat of physical force or violence.

False

If an activity is considered "local" or "intrastate," Congress will be unable to regulate it under the commerce clause.

False (1905 case held that Congress had authority to regulate local commerce, though still usually done by state govts)

A state statute that permits indirect purchasers to collect damages for overcharges resulting from price-fixing conspiracies is preempted by the National Labor Relations Act.

False (???)

Isla mails Taylor offering to sell her house at a "reasonable price." Taylor mails his acceptance. Isla and Taylor are bound by a valid contract.

False (???)

Mike repaired Rosie's car, and Rosie refused to pay the bill. Mike was still in possession of the car and therefore could claim a mechanic's lien on the car.

False (A mechanic's lien (a security interest in the title to property for the benefit of those who have supplied labor or materials) can only arise against real property i.e., land or buildings)

The supremacy of federal law, meaning federal law is supreme over state law, is outlined in Article VIII of the U.S. Constitution.

False (Article 6)

If printed form contracts have additional typed terms that contradict the printed terms, courts interpret printed terms to control typed terms.

False (Courts interpret handwritten terms to control typed terms and typed terms to control printed ones)

Personal jurisdiction over a defendant is established only when a defendant is personally served with a summons.

False (OR a service of process)

Common property applies to public resources owned by the government (or "state") like roads, public buildings, public lands, and monuments.

False (Public)

Legislation passed by the Congress is called an ordinance.

False (act or statute)

Judicial restraint jurists view the role of a lawyer and the practice of law as that of social reform.

False (activists)

The legal requirement of honoring confidentiality contains only formalist ethical values.

False (both)

Property is infinite, and its boundaries are free from any ambiguity

False (boundaries are ambiguous)

Business ethics reflect elements of both formalism and consequentialism, but tend to focus more heavily on the former.

False (business ethics focuses more on consequentialism)

In deciding cases, courts cannot refuse to apply existing case law or declare a statute to be void as unconstitutional.

False (can)

The common law relies more on legislation than judicial decisions to determine what the law says.

False (civil)

Judges in civil law courts find themselves obligated to follow precedents.

False (common)

Those countries that were colonized by England, such as The United Kingdom, Canada, the United States, and India, follow the civil law.

False (common)

A formalist is most likely to conclude that a business's secret monitoring of employees is ethical if the monitoring reveals a significant number of crimes or malfeasance, providing a net good for the business.

False (consequentialist)

A unilateral contract is defined as an agreement in which mutual promises are made, and both parties are committed to perform.

False (contract formed by performance of action, but offeree can refuse action and no contract is formed)

Only individuals can sue for defamation, not corporations.

False (corps can sue)

In tort law, a government official represents society, or "the people," and it is the responsibility of the official to seek justice to achieve the ends of society.

False (criminal)

The news media are liable for the defamatory untruths they print about public officials and public figures even if the defendants prove that they were published without malice or without any disregard for the truth.

False (defamation is an intentional tort)

A primary difference between assignment and delegation of contract rights and duties is that an assignee becomes liable under the contract whereas a delegator does not remain liable.

False (delegate means contract duties have been transferred and now liable while assignment cannot increase another party's obligations)

Standing to sue depends upon the merits of a plaintiff's contention that particular conduct is illegal.

False (depends on if they have a personal stake in the resolution of the controversy)

To have success in international operations, businesses must ignore dissimilarities in moral values.

False (do not have to)

Constitutional rights remain constant and do not vary from time to time.

False (do vary)

The contract clause restricts the federal government's power to impact contractual relationships.

False (does not - contract clause doesn't apply to federal govt)

When negotiating, the chances of a negotiated settlement through positional bargaining are high because positional bargaining focuses on the underlying conflicts.

False (does not focus on underlying problem)

An executory contract is one in which performance by all parties has been completed.

False (executed, executory is when parties have not yet performed their agreement)

A dispute involving a person's right to freedom of religion would not qualify as a federal question case and, therefore, would not be able to be heard in the federal court system.

False (federal constitution)

According to utilitarianism, actions are judged by their morality and not by their usefulness.

False (formalism)

Several studies have found a discernible difference between results reached by a six-person jury and those reached by a 12-person jury.

False (found no difference)

The Second Amendment to the Constitution holds that "No State shall . . . deprive any person of life, liberty or property without due process of law."

False (fourteenth)

The federal government recognizes that states have no sovereignty.

False (have sovereignty)

The basis of sociological jurisprudence is that contemporary law should focus on legal principles that have survived the test of time in a nation.

False (historical)

Susan asks Alice, a lawyer, for advice about her pending divorce. Susan is not obligated to pay Alice since she does not express a promise to pay for Alice's advice.

False (implied-in-fact contract formed)

An agreement to submit an issue to arbitration is revocable.

False (irrevocable)

Arbitration may function as a precursor to litigation.

False (is not a precursor)

A party involved in arbitration can withdraw from the arbitration process and resort to litigation if the members of that party think the process is not going well.

False (it is irrevocable)

In cases heard before a jury, the jury functions to decide questions of law, while the judge is still present to decide questions of fact.

False (judge = law, jury = facts)

The verdict is always the final decision of a case entered by a judge.

False (judge can decide to accept or deny a verdict)

A court's ability to hear and decide a case can only be limited to subject matter, not to the amount in controversy or area in which the parties live.

False (jurisdiction includes area and amount in controversy ($$))

Cases involving juvenile crime and children who are wards of the state would be heard in probate courts.

False (juvenile/domestic, probate = property and debt cases of deceased)

Individuals are prohibited from representing themselves without a lawyer in U.S. courts.

False (not prohibited)

A panel of three arbitrators is required to decide on any dispute regardless of any prior agreement by the parties concerning the number of arbitrators to be used.

False (panel of 3 commonly only used in large cases)

Oral revisions made after a written contract is completed are governed by the parol evidence rule.

False (parol evidence rule is only applicable for oral revisions made prior to contract completion)

State authority to regulate business comes from the commerce clause, whereas federal authority comes from police powers.

False (police power is a state capacity, commerce clause gives fed govt authority to regulate business)

Property law involves the recognition of an exclusive right in only tangible resources.

False (tangible and intangible resources)

The property interest is divided equally in both joint tenancy and tenancy in common.

False (tenancy in common = different shares owned by tenants)

In the property system, the state plans what people should do, and acquires and redistributes resources to them.

False (that's communism??)

Every court, whether in the state or federal system, has rules that mandate a 12 person jury in both criminal and civil cases.

False (there are no juries is civil or 6-person juries exist)

In a common law legal system, a judge would not use stare decisis to make current judicial decisions.

False (they would)

A statute of limitations determines the maximum amount of money for which a plaintiff can sue.

False (time before can no longer sue)

False imprisonment is a tort of negligence

False (tort of intention)

Ownership by confusion arises when non-fungible goods are mixed together.

False (when fungible (easily exchanged) goods are mixed)

The legal power created in the offeree to bind the offeror in a contract lasts forever.

False (within a year is the statute of frauds)

House-sitting would be an example of a bailment because you are in temporary possession of someone's house with the intention to return full possession to the owners upon their return.

False (you aren't in legal possession)

Contract law often but not always requires actual injury to the owner's resources.

False(maybe tort?)

T/F - A patent is a legal monopoly in copying and marketing a new invention.

False****** patent: specific legal monopoly in the intangible resource of copying and marketing a new invention

Regulatory law forbids owners from monopolizing classes of resources and sets rules for how businesses can compete to acquire ownership in new resources.

Fasle (antitrust)

______________examines relationships between nations and uses rules that are binding on all countries in the international community. __________ examines relationships created by commercial transactions and utilizes international agreements, as well as the laws of nations to resolve business disputes International business law, International property law International tort law, International contract law Public international law, Private international law International common law, International tort law Criminal international law, Civil international law

Public international law, Private international law

A key aspect of Article I is the commerce clause, the constitutional provision that gives the power to the government to regulate business

True

A party to a contract is discharged when that party is relieved from all further responsibility of performance.

True

A trial before a jury makes up only a small portion of the cases heard in the U.S. court system.

True

A voidable contract is an agreement when at least one party has the right to withdraw from the promise made without incurring any legal liability.

True

Activist jurists believe that constitutional issues must be decided within the context of contemporary society and that the meaning of the U.S. Constitution is relative to the times in which it is being interpreted.

True

After the conclusion of closing arguments, the judge provides the jury with the jury instructions, which inform the jury of the law applicable to the case.

True

An affidavit is a sworn statement that may be used as evidence.

True

An arbitrator does not have to satisfy any licensing requirements.

True

An interest in property that is defined as a fee simple estate will have no limitations or conditions attached.

True

Andrew, a professor, makes a promise to pay $3.00 to Lily, his student, if Lily gets him a reference book from the library. This is an example of a unilateral contract.

True

Arbitration enables the disputing parties to avoid the formalities of a courtroom.

True

As a general rule, the law does not permit a lawyer to reveal confidential communications and testify against a client, even if called to do so at a trial.

True

Attorney-client privilege can be applied to communications made to an attorney's employees in certain cases.

True

Because people can keep and benefit from what they produce, property is said to generate prosperity by creating incentive.

True

Both corporations and individuals can exercise the right to freedom of speech.

True

Class-action suits in federal courts are most likely to be settled on a classwide basis only if the settlement's terms are fair and equitable and only if all of the class certification requirements for trial have been met.

True

Compromising is the most difficult negotiating style to demonstrate despite being a common response during a negotiation.

True

Concentrating on the seven elements of interest-based negotiation proposed by Roger Fisher, William Ury, and Bruce Patton can help remove some of the barriers created by positional negotiation.

True

Constitutional guarantees exist in order to remove certain issues from the political process and the ballot box.

True

Contract law enables private agreements to be legally enforceable.

True

Contracts are legally enforceable promises.

True

Corporate governance can fail even when corporate managers do nothing illegal.

True

Courts have examined due care in negligence cases in terms of a balancing test.

True

Defendants usually bring in third-party defendants when there is someone who may have liability to a defendant if the defendant has liability to a plaintiff.

True

Failure to satisfy a condition precedent excuses the performance of a contracting party even if the condition is a minor part of the transaction.

True

If a debtor overpays a creditor by $5,000, the debtor can force the creditor to return that amount by suing under quasi-contract.

True

If a donor transfers something to a donee without a mutual exchange of resources, the donor has given a gift to the donee.

True

In negligence law, failure to exercise due (or reasonable) care is the principal element that triggers liability against a defendant.

True

In order for federal preemption to invalidate a state law, Congress must have shown that it intended for federal law to control that issue.

True

In order to have a valid class-action lawsuit, each plaintiff in the class must have a claim that exceeds the jurisdictional amount of $75,000.

True

In society, the sharing of morals promotes social cooperation and is a means of social control.

True

In terms of contract law, the meaning of complete performance is that a party has performed all of its obligations under a contract.

True

In terms of contract law, to delegate means that one party to a contract has transferred his or her contract duties.

True

In the United States, the most significant power of the courts is judicial review, which is the ultimate power to invalidate actions by the president or the Congress.

True

Increasing coverage of business decisions by the news media and the Internet has made it harder for large organizations to hide their questionable behavior.

True

Instinctively, most people use positional bargaining as a negotiation method.

True

Juries often decide close questions of liability, as well as size of the verdict, against business organizations.

True

Jurisprudence is the philosophy of law.

True

Jurisprudence refers to the general body of law interpretations by judges as different from legislation passed by legislators.

True

Law is considered to be a formal social force.

True

Louisiana is the only U.S. state that follows a partial civil law system due to its historical ties with France, a civil law nation

True

Many states have eliminated the requirement of unanimity in their courts in civil cases and two states have done so in criminal cases.

True

Natural law theory asserts that law contains universal moral principles.

True

One is not liable for another's injury unless he or she has a duty toward the person injured.

True

One of the incentives to settle a lawsuit without going to litigation is that a losing party in litigation will usually have to pay court costs.

True

Paying for the items purchased at a store and the store delivering the purchased items simultaneously is an example of implied concurrent conditions of performance.

True

Personal jurisdiction over a plaintiff is created when a plaintiff files a lawsuit.

True

Private property is a system of law under which the state recognizes and enforces an individual's rights to acquire, possess, use, and transfer scarce resources.

True

Property is the legal right to exclude others from resources that are originally possessed or are acquired without force, theft, or fraud.

True

Purchasing, even innocently, something that has been stolen is considered conversion.

True

Quasi-contracts are usually applied by courts in cases where the contract is unenforceable for some reason, such as a lack of capacity of a party in a contract.

True

Questions of fact, questions of law, or a mixture of questions of fact and law can be submitted to arbitration in any state.

True

Reviewing courts exercising judicial restraint often engage in a balancing approach to their decisions.

True

Sam wants to sell his couch. He accepts Lisa's offer and sells the couch at $200.00. In this scenario, Lisa is the offeror and Sam is the offeree.

True

Statutes that provide for the service of process beyond state boundaries are referred to as long-arm statutes.

True

Storing something in a storage warehouse or renting appliances from a rental store are examples of bailments

True

T/F - A business is likely to shift away from the proprietorship form as it becomes more successful.

True

T/F - A condition precedent is something that must take place in the future before the duty to perform is established.

True

T/F - A country may choose to accept the International Court of Justice's jurisdiction only when the use of the Court may suit its own interests.

True

T/F - A plaintiff in a Rule 10b-5 suit is required to prove damages in order to prevail.

True

T/F - According to the doctrine of the exhaustion of remedies, judicial review is available only for final actions by an agency.

True

T/F - All levels of government have grown larger and more complex in the twenty-first century.

True

T/F - All partners in a general partnership have unlimited liability for their organization's debts.

True

T/F - Although various state laws make intentional trade secret misappropriation a crime, most criminal prosecutions today take place under the federal Economic Espionage Act (EEA).

True

T/F - An advantage of mediation is that the parties maintain full control over the resolution of their controversy.

True

T/F - Andrew, a professor, makes a promise to pay $3.00 to Lily, his student, if Lily gets him a reference book from the library. This is an example of a unilateral contract.

True

T/F - Any director or officer of the issuer of a security who owns at least 10 percent of that security is considered an insider under the Securities Exchange Act of 1934.

True

T/F - Both corporations and individuals can exercise the right to freedom of speech.

True

T/F - Both employers and employees must see a matter as important in order to have successful collective bargaining.

True

T/F - Breaks or meal periods are not required to be given to workers under the Fair Labor Standards Act (FLSA) but may be required by state or local laws.

True

T/F - Companies can be considered authors under copyright law.

True

T/F - Contract law enables private agreements to be legally enforceable.

True

T/F - Courts develop the distinction between rule of reason and per se illegality on a case-by-case basis.

True

T/F - Defense counsel is not allowed to accompany a witness before a grand jury.

True

T/F - Due process of law requires that before a rule or regulation may be adopted by an agency, interested parties must be given notice of the proposed rules and an opportunity to express their views on them.

True

T/F - Enforcement of the Clean Water Act revolves around its permit discharge system.

True

T/F - Even if the original acquisition was proper, misappropriation can occur if information is disclosed by someone who was under a duty to keep it secret.

True

T/F - Expertise beyond Congress is required to develop sound policies and proper decisions in response to problems in different areas regulated by the law.

True

T/F - Federal law does not require lunch or coffee breaks. However, when employers do offer short breaks (usually lasting about 5 to 20 minutes), federal law considers the breaks as compensable work hours that would be included in the sum of hours worked during the work week and considered in determining if overtime was worked.

True

T/F - Felonies are punishable by fine or imprisonment in a penitentiary for a period of one year or more.

True

T/F - For ethical corporate values to make their most significant effect on decision making, corporate employees must be willing to talk with each other about ethical issues.

True

T/F - For the courts to exercise their function of limited review, an agency must provide a record that sets forth the reasons and basis for its decision.

True

T/F - Grand jurors may subpoena business records.

True

T/F - Horizontal price fixing is illegal per se and it is no defense that the prices fixed are fair or reasonable.

True

T/F - Household and domestic workers are exempt from the National Labor Relations Board's authority.

True

T/F - If a judge or regulator were to make a ruling or regulation concerning a company in which he or she is a stockholder, they would be creating a conflict of interest.

True

T/F - In a bankruptcy proceeding, an involuntary petition is one filed by one or more creditors of the debtor.

True

T/F - In a limited liability company (LLC), members act as agents of the LLC but are not personally liable to third parties.

True

T/F - In civil law, the doctrine of res judicata bars subsequent civil actions involving the same parties, claims, demands, or causes of action.

True

T/F - In most states, the courts impose strict liability in tort for types of activities they call ultrahazardous.

True

T/F - Margaret and her family, along with 200 other individuals, own Corporate Consulting, a consulting firm whose stock is traded on a public stock exchange. This is an example of a publicly held organization.

True

T/F - Members of a limited liability company (LLC) who dissent with respect to decisions made on behalf of the LLC may not bring a derivative lawsuit or sell their shares.

True

T/F - One of the incentives to settle a lawsuit without going to litigation is that a losing party in litigation will usually have to pay court costs.

True

T/F - Part-time workers have the right to receive a notification of a mass layoff under the Worker Adjustment and Retraining Notification (WARN).

True

T/F - Paying for the items purchased at a store and the store delivering the purchased items simultaneously is an example of implied concurrent conditions of performance.

True

T/F - Private property is a system of law under which the state recognizes and enforces an individual's rights to acquire, possess, use, and transfer scarce resources.

True

T/F - Property helps generate prosperity by establishing the conditions necessary for capital formation.

True

T/F - Registering the initial sale of securities involves three time periods, which are the prefiling period, the waiting period, and the post-effective period.

True

T/F - Requiring job applicants to state on a questionnaire whether they would cross a picket line in a strike is illegal.

True

T/F - Securities laws are designed to give potential investors sufficient information so that they can make intelligent investment decisions based on factual information.

True

T/F - The Central America-Dominican Republic Free Trade Agreement (CAFTA) is designed to eliminate the barriers on products trades between its member countries.

True

T/F - The Clean Air Act unambiguously bars cost considerations from the air quality standards-setting process.

True

T/F - The Federal Trade Commission enforces the Clayton Act.

True

T/F - The Federal Trade Commission is the primary federal agency that protects consumers.

True

T/F - The Federal Trade Commission promotes free and fair competition by enforcing antitrust laws.

True

T/F - The Securities Act of 1933 is a disclosure law with respect to the initial sale of securities to the public.

True

T/F - The U.S. federal government is the largest landholder in the country, controlling one-third of the nation's land.

True

T/F - The U.S. government cannot be compelled to press a claim on behalf of a firm or individual before the International Court of Justice.

True

T/F - The Worker Adjustment and Retraining Notification (WARN) Act requires that covered employers give employees prior notice of plant closings or mass layoffs.

True

T/F - The conduct that violates the antibribery provisions of the Foreign Corrupt Practices Act may also give rise to a private cause of action for treble damages under the Racketeer Influenced and Corrupt Organizations Act.

True

T/F - The courts can declare a trademark invalid even if the U.S. Patent and Trademark Office has accepted registration.

True

T/F - The discovery process narrows the issues disputed by the parties involved in a lawsuit.

True

T/F - The exclusive remedy rule has some exceptions because worker's compensation laws do not adequately compensate badly injured workers.

True

T/F - The judicial review of an arbitrator's award in a voluntary arbitration procedure is quite restricted and is more limited than the appellate review of a trial court's decision.

True

T/F - The justification for intellectual property is the same as for the private property system.

True

T/F - The only business protected by the Fifth Amendment privilege against compulsory self-incrimination is a sole proprietorship.

True

T/F - The philosophy of judicial restraint is often termed strict constructionism or judicial abstention (restraint).

True

T/F - The preponderance of the evidence standard is used most frequently in civil cases.

True

T/F - The prevention of significant deterioration policy is criticized on the grounds that it attempts to prevent industries from moving into southern and western states where air quality is cleaner than standards require.

True

T/F - The primary focus of policymaking by way of regulation has been on balancing the costs of regulatory programs with their potential benefits.

True

T/F - The protections of property often do not apply automatically to ownership of intangible knowledge resources that are created.

True

T/F - The trustee in bankruptcy has broad powers over the estate of a debtor.

True

T/F - There are three groups who control an organization in corporate form; the shareholders, the board of directors, and the officers.

True

T/F - To protect patents and copyrights, countries are required by the World Trade Organization to upgrade their intellectual property laws.

True

T/F - Typed or handwritten additions to the terms of a form contract are permissible.

True

T/F - Under traditional U.S. law it is harder to disclaim warranties on goods than under the Convention on the International Sale of Goods, because international transactions typically involve sophisticated parties.

True

T/F - When the federal government enforces antitrust laws it uses both the Department of Justice and the Federal Trade Commission.

True

T/F - White-collar crimes usually occur in a business or professional setting and are generally committed for personal financial gain.

True

The Bill of Rights is the name given to the first ten amendments of the U.S. Constitution.

True

The Fourteenth Amendment to the Constitution recognizes that the law is enforced by taking a person's life, freedom, or the resources that he or she owns.

True

The U.S. court system is an adversarial system.

True

The bailee in a bailment for the sole benefit of the bailor owes a slight duty of care while the object is in the bailee's possession.

True

The common law arose in the eleventh and twelfth centuries as the English monarchy appointed royal judges to ride circuits around the countryside and to resolve conflicts in the name of the king (or queen).

True

The contract clause does not apply to the federal government.

True

The discovery process can impose a heavy burden on judges.

True

The discovery process narrows the issues disputed by the parties involved in a lawsuit.

True

The establishment clause and the free exercise clause guarantee freedom of religion through the separation of church and state.

True

The establishment clause of the First Amendment prohibits the government from creating any government supported religion or church.

True

The extent of any limitation on a basic constitutional guarantee depends upon the nature of the competing public policy.

True

The first known written set of laws was the Code of King Solomon.

True

The meaning of a contract is a question of law, which means that a judge makes the final determination.

True

The right of redemption allows a mortgagor, before foreclosure, to get back land upon payment of the full amount of the debt.

True

The special reviewing court, located in Washington, D.C., hears appeals from special courts such as the U.S. Claims Court and Contract Appeals as well as from administrative decisions such as those made by the Patent and Trademark Office.

True

The three capacities that a lawyer serves are counselor, advocate, and public servant.

True

The tort of invasion of privacy actually encompasses three principal invasions: misappropriation of one's name or likeness, intrusion upon physical solitude, and public disclosure of objectionable and private information.

True

The trial judge renders decisions that deal directly with people in conflict.

True

The way to understand the ethical-legal relationship is to realize that in a society ethical values frequently become law and that legal regulation can reflect the society's ethical values.

True

Those who believe in judicial restraint believe that social, political, and economic change in society should result from the political process rather than from court action.

True

Through the standing-to-sue requirements, courts are able to insist that there be an adversarial relationship between plaintiff and defendant.

True

To avoid the various expenses of litigation, disputing parties can agree to have a third party decide the merits of their dispute.

True

Under the contract clause, states cannot enact laws that impact rights and duties under existing contracts.

True

When a defendant wants to sue a plaintiff, the defendant files a counterclaim.

True

Whether standing to sue exists is determined by the nature and source of a plaintiff's allegations.

True

With greater diversity comes greater concern over ethical values.

True

A purchase money security interest is perfected by attachment alone.

True (Attachment: Occurs when: Secured party holds given value, Debtor owns the collateral, or Security agreement is. Perfected = all necessary legal steps taken)

If one of the joint tenants in a joint tenancy dies, the remaining tenant becomes the sole owner of the entire resource.

True (Right of Survivorship)

The preponderance of the evidence standard is used most frequently in civil cases.

True (different from beyond a reasonable doubt in criminal cases)

In a deposition, a lawyer orally asks questions of the possible witness and an oral response is given.

True (interrogation is written)

Sarah is driving while intoxicated, and she hits Matthew's car. This makes Sarah a tortfeasor.

True (tortfeasor = someone who commits a tort)

Written defamation, or defamation published over radio or television, is termed ______.

libel