- Which corporate law doctrines are designed to give the shareholders some indirect control of the corporation?
a. Voting for the board of directors b. Cumulative voting c. Voting trusts and pooling agreements d. All of the above.
0.5 points
Question 15
- To be convicted of a crime under U.S. laws, the prosecution typically must prove the case against the defendant:
a. By a preponderance of the evidence. b. By clear and convincing evidence. c. Beyond a reasonable doubt. d. None of the above.
0.5 points
Question 16
- A contract for the sale of land:
Must be in writing if the value of the land exceeds $100. Requires at least two promisors. Must be in writing in order to be enforceable. Is governed exclusively by the Uniform Commercial Code.
0.5 points
Question 17
- The seller can recover the purchase price for the goods only under certain circumstances, including when:
The buyer accepts, but fails to pay for the goods. The goods are destroyed after risk of loss passes to the buyer. The buyer rejects specially manufactured goods that cannot be resold. A, B and C.
0.5 points
Question 18
- Which is FALSE about a Limited Liability Company (LLC)?
a. No formalities are required by state statute in the forming of an LLC; rather, a simple LLC agreement will suffice to establish legally the LLC. b. An LLC can be a member-managed or a manager-managed LLC. c. The name of the LLC must include the term “limited liability company” or “LLC.” d. The members of an LLC are not personally liable for the debts and obligations of the LLC (beyond their original contributions to the LLC).
0.5 points
Question 19
- In order to have an investment contract which is regulated by the SEC, which of the following is required?
An investment of money. A common enterprise. The expectation that profit from the enterprise will result from the efforts of others. A, B and C.
0.5 points
Question 20
- Which of the following is a true statement?
A. The “police power” of a state does not give the state any general authority to regulate business. B. Garbage that is transported across state lines can be considered to be interstate commerce regardless of economic value. C. The Commerce Clause of the Constitution gives Congress the power to regulate commerce with foreign nations and Indian tribes only. D. Congress can only regulate activities that are actually interstate commerce but not activities that affect interstate commerce.
0.5 points
Question 21
- Which of the following is true regarding Title VII of the federal Civil Rights Act in the workplace?
a. The plaintiff employee must always prove a malicious, wrongful intent to discriminate on the part of the defendant employer against the employee to prevail in a Title VII civil rights lawsuit. b. Only “big” employers with 2000 or more employees are covered by the federal Title VII Civil Rights Act due to the voluminous record-keeping requirements. c. The employer must make an accommodation to an employee’s religious beliefs, observances, and practices regardless of the expense, cost, or burden since freedom of religion is a very important civil right in the United States. d. As a general rule, an employer can discriminate on the basis of appearance by selecting only “good-looking” and attractive male and female applicants for its sales force.
0.5 points
Question 22
- The bargained-for element of a contract is best legally construed as
The price The offer The consideration The intent
0.5 points
Question 23
- Which of the following generally does not need to be included with the articles of incorporation?
The period duration of the corporation. The classes and preferences of stock. Whether preemption rights are given to the stockholders. A copy of the bylaws.
0.5 points
Question 24
- In determining the lawfulness of a merger, which of the following factors need not be shown?
An actual lessening of competition. The relevant product market. The relevant geographic market. The likelihood of a substantially lessening of competition or the tendency to create a monopoly.
0.5 points
Question 25
- Which of the following is true about restraints of trade?
Under the per se rules, all restraints of trade are illegal. Under the rule of reason, all restraints of trade are illegal. Some acts are illegal per se, but other actions must be judged by the rule of reason. Price fixing is always judged by the rule of reason.
0.5 points
Question 26
- Countervailing Duties can be assessed on imports coming into the United States if:
a. There is an unfair subsidy found in the creation of these products. b. The products are being “dumped” into the United States. c. A. and B. d. None of the above.
0.5 points
Question 27
- Which of the following is a false statement?
If a contract for the sale of goods does not include a price term, it nonetheless may still be enforceable pursuant to the Uniform Commercial Code. If a contract for the sales of goods does not include the exact terms for payment, it normally will be unenforceable since it is impermissibly vague. When an offer for the sale of goods does not specify a means of acceptance, the offer usually can be accepted by any manner reasonable under the circumstances. A warranty is an assurance by the buyer to the seller that he or she will pay valid and good consideration for a product.
0.5 points
Question 28
- If the buyer breaches the contract before the goods are completed, the seller can:
Complete the goods and resell them. Stop work on the goods and resell them as scrap. Recover damages from the buyer. A, B and C.
0.5 points
Question 29
- An example of an equitable remedy is
Exemplary damages Speculative damages Consequential damages An injunction
0.5 points
Question 30
- Nora signs a contract to provide routine lawn-mowing services to Owen. Nora delegates her duty under the contract to Pat. Owen can compel performance from
neither Nora not Pat. Nora only. Pat only. Pat or, if Pat does not perform, Nora.
0.5 points
Question 31
- Common law consists of:
Laws which all nations have in common. Laws which affect everyone, including ordinary persons. Rulings and opinions which have been issued by judges when deciding previous cases. Laws which more people are aware of.
0.5 points
Question 32
- Investors Property, Inc., sells an office building to Jill with a deed that makes the greatest number of warranties and provides the most extensive protection against defects of title. This deed is
a grand deed. a quitclaim deed. a special warranty deed. a warranty deed.
0.5 points
Question 33
- Which of the following is a true statement?
The Bill of Rights in the U.S. Constitution confers absolute rights on citizens of the U.S, not subject to interpretation by the U.S. Supreme Court, and not capable of being infringed on by government. Political speech that would otherwise be protected by the U.S. Constitution’s First Amendment loses that protection if its source is a corporation. The Federal Trade Commission is an example of an independent federal level regulatory agency in the United States. Administrative rules and regulations are not binding like the laws of the U.S. Congress since the heads of administrative agencies are not elected.
0.5 points
Question 34
- Which of the following statements is not correct?
Common law is a term for law that is common throughout the world in all major legal systems. Money damages is the normal remedy at law today in common law legal systems. Equitable remedies include injunctions and decrees of specific performance. Generally, a state court can exercise jurisdiction over anyone within the boundaries of the state.
0.5 points
Question 35
- “Stare decisis” is the doctrine of:
Separation of powers so that decisions are not made by a single branch of government. Following precedent so that legal principles in earlier similar cases are followed in later cases. Constitutional principles applied when making any decision. Spending long periods of time looking at facts before making a decision.
0.5 points
Question 36
- Which of the following is a true statement?
An invitation to negotiate usually will be construed as constituting an offer to enter into a contract. Under the common law, an offer ordinarily does not need to be communicated to the offeree to be effective. An agreement under the common law of contracts usually consists of an offer and an acceptance. In most states in the U.S., the revocation of a contract is not legally effective until it is actually received by the offeree.
0.5 points
Question 37
- Which of the following is true?
Offers may not be legally revoked before they are accepted under U.S. law since it would be unethical to do so. An express contract must be in a formal writing prepared by an attorney. Parties cannot form a contract without putting the terms in writing. An executed contract is one that has been fully performed by all the parties to the contract.
0.5 points
Question 38
- Digital Company plans to consolidate with Software Corporation to form DS, Inc. This requires the approval of
neither their boards of directors nor their shareholders. their boards and their shareholders. their boards only. their shareholders only.
0.5 points
Question 39
- As a U.S. judge, the judge normally
very actively participates in a trial. does not actively participate in a trial. is expected to question witnesses in a trial. is influence by politics.
0.5 points
Question 40
- Which of the following is a false statement?
A. The United States Supreme Court was created by the U.S. Constitution. B. The United States District Court is the general jurisdiction trail court in the federal system. C. Supreme Court decisions form legal precedents. D. The minimum amount in controversy for a federal court to hear a case involving a federal question is $75,000.
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