The USA Patriot Act:
a. has been declared unconstitutional.
b. expanded the Money Laundering Control Act.
c. applies only to banks.
d.none of the above
Conscious parallelism negates market forces.
a. True
b. False
The Rehabilitation Act of 1973 applies to all employers.
a. True
b. False
Federal regulation of the Internet is unconstitutional under the commerce clause.
a. True
b. False
An agency’s withdrawal of a rule without factual support for its need for withdrawal has
acted arbitrarily and capriciously.
a. True
b. False
Under Sarbanes-Oxley, when must a company file an 8-K?
a. every quarter
b. annually
c.only when selling stock
d.within one day of any changes listed in the statute
The Family Medical and Leave Act applies only to women.
a. True
b. False
Venture Capital, Inc.needs to raise $10 million in capital and has been able to obtain the
agreements of ten insurance companies to invest $1 million each. If Venture wishes to
avoid the cost of full SEC registration, it should:
a. simply register under the state blue sky laws.
b. use a Rule 504 exemption.
c.use Regulation A.
d.none of the above
Privity is required for recovery on the basis of warranty.
a. True
b. False
Once a legal loophole has been used to the advantage of business and the disadvantage
of a customer, the number of options for self-regulation declines.
a. True
b. False
A registration approved by the SEC need not be registered at the state level.
a. True
b. False
Close corporations are generally publicly traded.
a. True
b. False
The Government in the Sunshine Act is often referred to as an open-meeting law.
a. True
b. False
It is possible that those who write letters of recommendation could have liability for the
content of those letters.
a. True
b. False
The Health Insurance Portability and Accountability Act applies to all health providers,
plans, facilities and clearing houses.
a. True
b. False
A personnel manual is an example of private law.
a. True
b. False
The duty of a reasonable person extends beyond statutory duties.
a. True
b. False
Contract interference is remedied by a suit for breach of contract.
a. True
b. False
Rule 505 carries a 35-purchaser maximum (excluding accredited investors).
a. True
b. False
A sunset law creates an agency for a limited time period.
a. True
b. False
Tim Donaghy was a referee for the NBA. Mr. Donaghy began betting in 2003 on NBA
games. He also provided tips to other gamblers on who would win games in which he
was serving as a referee. Mr. Donaghy’s actions:
a. were illegal under federal law, but not an ethical breach.
b. were a conflict of interest.
c.were not a breach of ethics because he used the money he made for a summer camp
for underprivileged children.
d.none of the above
There are three invasion of privacy torts.
a. True
b. False
Which of the following is not required to be disclosed in the solicitation of a credit card
customer?
a. fees for issuing the card
b. what your credit limit will be
c.APR for the card
d.All of the above must be disclosed.
Which of these is an example of a bank’s commitment to pay?
a. Bill of lading
b. Fee arbitration agreement
c.Letter of credit
d.A warrant
Brian Weyland was an agent for Clothes Horse, Inc., a clothing manufacturer.
Weyland’s job was to find new designs and bring them to Clothes Horse for production.
Weyland found a new style in women’s tops that he felt would be a top seller. Weyland
obtained licenses from the designer and began producing the tops through a company of
his own, Wey-Out Designs. Weyland:
a. is free to compete because he was an independent contractor.
b. has breached his duty of loyalty to Clothes Horse.
c.has done nothing wrong as long as he obtained the proper licenses.
d.both a and c
A credit card applicant can be solicited without disclosure of the card’s terms.
a. True
b. False
There can be no recovery on the basis of a breach of a UCC warranty by anyone other
than the actual buyer.
a. True
b. False
The Riccicase held that the fear of litigation alone can justify an employer’s reliance on
race to discriminate
against other qualified employees.
a. True
b. False
A reverse FOIA suit is:
a. one brought by an administrative agency.
b. a suit to stop disclosure of information.
c. not available at the federal level.
d. a suit brought by an agency against another agency.
A traffic court:
a. is a court of federal jurisdiction.
b. is a court of limited jurisdiction.
c.is an appellate court from small claims.
d.both a and b