If there is no consideration between the parties, there is no valid and binding contract.
Title VII prohibits discrimination on the basis of sexual orientation.
In right to work states, employees are free to join unions or not and do not have to pay
union dues or their equivalent.
Acid rain, also called acid deposition, refers to a mixture of wet and dry deposited
material from the atmosphere that contains higher than normal amounts of carbon
dioxide (CO2) and nitrogen oxides (NOx).
Each federal agency’s own internal rules and regulations are set forth in its
administrative regulations published in the Congressional Directory.
In the context of insider trading liability, section 16 applies to all securities, registered
or nonregistered, debt or equity.
The Congressional directory is the official daily publication for rules, proposed rules,
and notices of Federal agencies and organizations, as well as executive orders and other
presidential documents.
Title and ownership to the property do not pass to the tenant; only possession does.
The symbol indicates a nonregistered trademark.
Intentional torts are civil wrongs which occur because the tortfeasor does an intentional
act that results in harm to the victim.
For a tort to be considered as an assault it must involve an intent to do harm.
If only limited review of administrative decisions is permitted upon judicial review then
it means the claimant can apply for a judicial review of the administrative decision as a
new trial at the trial court level.
The Endangered Species Act (ESP) is administered by the National Marine Fisheries
Service (NMFS).
Price sharing activities by trade associations are per se violations of the antitrust laws.
The consideration requirement of a valid contract ensures that those who enter into
agreements understand the nature and effect of their agreements.
The defense of business necessity can be used against discrimination claims that are
based on disparate impact.
Resolving a dispute with the help of an alternative dispute resolution mechanism is
more expensive and time-consuming than resolving it with the help of litigation.
Race and color can be the subject of a bona fide occupational qualification (BFOQ).
The Environmental Protection Agency through the Clean Air Act establishes maximum
permissible pollution emissions.
In order for a statement to be actionable under defamation, it must be untrue.
The grantor can have the transferee hold the land for a period less than the grantee’s life.
In such a case, it is called a remainder.
While defendants have a right to bail, that right is not absolute.
Monopsony power falls within §2 of the Sherman Act and has been examined in courts
much like monopoly power.
The judicial branch of government is primarily responsible for executing the laws of the
land.
A guaranty for collection puts the guarantor in the same position as a surety.
If Congress grants an agency the authority to issue regulations, the agency is said to
have quasi-legislative authority.
Courts of original jurisdiction have the power to review decisions of the courts of
limited jurisdiction and of general jurisdiction over claims arising under state law.
An agreement to sell to buyer trees cut from your property is an agreement for personal
property
The state level courts of appeal conduct trials.
In the context of defining collateral, goods is used as a catchall phase for interests not
otherwise covered unless they are specifically excluded.
Standing refers to the ability of a plaintiff to convince the court that he has sufficient
connection to the law challenged.
Administrative agencies are generally created by way passing executive orders.
Oligopolies are not free to interact independently outside the reach of the Sherman Act
and the FTC §5.
In order for negligence liability to attach to the tortfeasor, plaintiffs must prove all of
the following requirements EXCEPT:
A.damages.
B.actual and proximate cause.
C.breach of duty.
D.intent to harm.
Which of the following statements is true regarding equitable remedies?
A.It is used in contract law to specify the predetermined amount of damages for which
a defendant will be liable in case of breach of contract.
B.It represents indirect damages also known as consequential damages.
C.They take the form of court orders called decrees.
D.These are intended to pay for the actual harm caused to the injured party.
The _____ Amendment provides the defendant the right to a speedy trial, the right to
subpoena witnesses to speak on his or her behalf, the right to confront witnesses, and
the right to a jury of his or her peers.
A.First
B.Sixth
C.Second
D.Third
Which of the following branches of the government has the president as the chief
executive?
A.Legislative
B.Executive
C.Judicial
D.Civil
Which of the following terms best represents a paper that evidences a right to payment
of money that is not itself a security agreement?
A.License
B.Instrument
C.Lien
D.Document
The SEC alone cannot enforce all aspects of the securities market so Congress
empowers _____ as an enforcement agency.
A.a self-regulatory organization (SRO)
B.Department of Commerce (DOC)
C.Comptroller of the Currency Office
D.Chief Financial Officers Council
Who can claim a mislaid property?
A.Only the true owner can claim the mislaid property.
B.The finder of the mislaid property can claim the property irrespective of the true
owner.
C.Possession of the mislaid property automatically goes to the government.
D.The owner of the premises where the property is found is entitled to claim the mislaid
property if the true owner is not found.
Which of the following is true regarding the State Environmental Laws?
A.Under federal preemption rules, even where the federal law does not occupy the
entire field, a state law on the same topic is still preempted if the state law conflicts.
B.The Safe Drinking Water Act authorizes states to implement and enforce its
provisions subject to Council on Environmental Quality (CEQ) approval of each state’s
program.
C.The Resource Conservation and Recovery Act continues the approach of requiring
state plans subject to CEQ’s approval in the area of solid waste regulation.
D.States are not free to issue more stringent controls than the Environmental Protection
Agency guidelines.
Which of the following statements is true regarding shareholders?
A.The shareholders have fiduciary duties to the board of directors.
B.The board is an agent for the shareholders.
C.The shareholders elect the board of directors.
D.The shareholders are delegated the day-to-day management of the corporation.
Trees are most likely to be an example of _____ property.
A.tangible personal
B.real
C.intangible personal
D.intellectual
If a tort is committed by an employee working for the business owner and the tort is
committed within the scope of the employee’s employment then it is the employer who
generally pays for the tort. This is known as the _____ theory.
A.legal realism
B.utilitarianism
C.legal positivism
D.deep pockets
_____ is a form of holding property that is specific to married couples.
A.Sole ownership
B.Joint tenants with right of survivorship
C.Tenants by the entirety
D.Tenants in common
Which of the following is the principal document used by most public companies to
disclose corporate information to their shareholders?
A.Red herring prospectus
B.Annual report
C.Proxy solicitation
D.Registration statement
A contract that is required to be in writing and is not or part of an agreement reached
orally before or at the time of contracting is not included in the final written agreement
then the contract will be _____.
A.void
B.voidable
C.unenforceable
D.unilateral
Which of the following theories of jurisprudence is based on law as issued by a
governing figure or sovereign?
A.Legal realism
B.Natural law
C.Sociological theory
D.Legal positivism
Once a crime has been reported or sufficiently investigated to establish that the person
has committed the crime, the person is taken into custody by the police either on the
scene of the crime, or through the use of a(n) _____.
A.deed
B.summons
C.arrest warrant
D.circular
Which of the following terms best represents the authority that is communicated to an
agent in writing or orally?
A.Apparent authority
B.Implied authority
C.Express authority
D.Inherited authority
Discuss briefly the Foreign Corrupt Practices Act (FCPA).
The _____ branch of government is primarily responsible for interpreting the law by
deciding cases in federal courts.
A.executive
B.legislative
C.judicial
D.civil
Which of the following is a trade association?
A.National Labor Relations Board
B.Wage and Hour Division
C.American Bar Association
D.Federal Trade Commission
(p.404-405)Which of the following is true regarding the Safe Drinking Water Act?
A.It was enacted in 1984.
B.It focuses on all waters actually designed for drinking use and not the potential ones.
C.It authorizes the Environmental Protection Agency to establish minimum standards to
protect tap water.
D.It specifically deals with the protection of surface sources of drinking water.
Which of the following best represents a legal mechanism used to allow legal
responsibility only for consequences of our actions if the consequences were
foreseeable?
A.Passing off
B.Outrageous conduct
C.Proximate cause
D.Injurious falsehood
Using old bicycle innertubes for wallets, old wooden pallets for lawn furniture, and
backpacks made of juice boxes are examples of:
A.appropriating.
B.upcycling.
C.scoping.
D.capping.
A partnership is dissolved by court order if:
A.the partnership agreement expires in accordance with the time provided in the
agreement.
B.a partner is guilty of conduct prejudicial to the business.
C.a partner dies.
D.the partnership goes bankrupt.
All of the following statements are true regarding torts EXCEPT:
A.tort liability generally results in financial liability on the part of the tortfeasor.
B.negligent infliction of emotional distress would be an example of tort.
C.torts are noncontract violations of civil law.
D.tort cases are brought by the state.
Which of the following information is most likely to be included in a proxy statement?
A.Share prices for the past one year
B.Background information about the company’s nominated directors
C.A description of the company’s property
D.Financial statements certified by independent accountants
What is an acceptance with varied terms?
A.An acceptance that is not definite or seasonable
B.An acceptance after a prior rejection
C.An acceptance in the form of silence
D.An acceptance that makes changes to the offer
Michel deeds his house to Robert for the life of his wife. Once his wife dies, the
property goes to a church. This is an example of the _____ type of property interest.
A.reversion
B.fee simple
C.life estate
D.tenant
Which of the following statements is true for price discrimination?
A.The Robinson-Patman Act doesn’t provide any defenses to price discrimination.
B.It is permitted on discounts or gifts given in connection with the sale of a product.
C.It refers to charging different prices to buyers of the same product at different times.
D.It is a violation under section 2 of the Robinson-Patman Act.
Which of the following types of torts, related to intrusion of privacy, involves the
tortfeasor widely disseminating information about someone which, though true, is
highly private and need not be publicized?
A.Appropriation of name or likeness
B.False light
C.Intrusion upon seclusion
D.Publication of private facts
If it is illegal to do an act, then it is illegal to contract to have the act done. Which of the
following terms best describes this concept?
A.Consideration
B.Capacity to enter into a contract
C.Legality
D.Mutual assent
What are equitable remedies?
Discuss the sociological theory of jurisprudence.
Discuss briefly the Americans with Disabilities Act of 1990.
What is bid rigging?
Explain the defenses to price discrimination.
Discuss copyright infringement.
Discuss judicial review.
What are the various factors that are taken into consideration while evaluating undue
hardship?
Discuss the importance of trade organizations in the context of administrative agencies.
Discuss the various functions performed by the Bureau of Industry and Security (BIS).
What are the defenses to intentional torts?
Give brief information on the Toxic Substances Control Act?
What is meant by bargaining in good faith?
What are the three necessary requirements that must be fulfilled so that the security
interest can said to be attached?