Penalties for corporate officers under Sarbanes-Oxley include:
a. 5-20 years for mail and wire fraud.
b. 1-10 years for violation of fiduciary duties.
c. a maximum penalty of $5,000.
d.both a and b
Galley, Inc.has a contract for operating the kitchen at the Palm Crest Hotel in Miami,
Florida. Mealco has approached Palm Crest’s director of operations and stated, “Look,
sign with us. We’ll take care of whatever damages you owe Galley.” Mealco’s
statements:
a. are defamatory.
b. constitute the tort of contract interference.
c.constitute the tort of negligence.
d.none of the above
Categories protected against discrimination under Title VII include race, color, sex and
sexual orientation.
a. True
b. False
Independent contractors are:
a. not covered under workers’ compensation.
b. defined under workers’ compensation laws the same way as they are defined under
agency law.
c.not employees.
d.all of the above
Bernie Madoff was sentenced to 50 years in prison for his fraud convictions.
a. True
b. False
A preliminary hearing requires that the defendant take the stan
d.
a. True
b. False
The LESCANT factors are a means of understanding various issues in cultures prior to
beginning contract negotiations.
a. True.
b. False
Decisions of the U.S. Courts of Appeal are reported in theFederalSupplement.
a. True
b. False
Administrative agencies can exist at any level of government.
a. True
b. False
What is the effect of trade sanctions?
a. businesses are prohibited from dealing with certain countries
b. businesses are prohibited from selling certain items in countries subject to the
sanctions
c. there is no effect; they are strictly voluntary
d. either a or b
e. none of the above
Gray market goods are properly trademarked goods that have entered the country
without authorization from the manufacturer.
a. True
b. False
The MegaBorghad an oil spill in the Gulf of Mexico. What is the potential liability of
the corporate owners of the ship under the OPA?
a. $25,000/day or $1,000/barrel spilled.
b. There is no corporate liability under the OPA; only individual liability.
c.$250,000/day.
d.none of the above
Predatory lending involves high interest rates and title loans.
a. True
b. False
Nike and Reebok, the number-one and number-two athletic shoe companies in the
United States, could combine to do business:
a. but they would violate U.S. antitrust laws.
b. outside the U.S. under the Export Trading Company Act.
c. but would risk charges of monopolization.
d. none of the above
The Noerr-Penningtondoctrine is an antitrust exception that originates in the First
Amendment.
a. True
b. False
In which of the following cases would there be federal subject matter jurisdiction?
a. a case in which the Justice Department is prosecuting for criminal violations of the
Sherman Act
b. a case in which a Texas resident is suing a Wisconsin company for a refund of
$1,000.00
c.a case in which two Arizona partners are suing each other
d.a case in which the state attorney general is prosecuting a corporation for violation of
state antitrust laws
An NPDES permit is issued only with EPA approval.
a. True
b. False
The parties select the arbitrator for arbitration.
a. True
b. False
Erica has worked the following hours at her job as a waiter at a local restaurant:
Week One – 28 hours
Week Two – 47 hours
Week Three – 40 Hours
Week Four – 39 hours
Which of the following statements is correct?
a. Erica is owed 7 hours of overtime pay.
b. Erica is owed no money for overtime pay because her average hours per week are
below 40.
c.Wait staff are not entitled to overtime compensation because of their tips.
d.Erica is owed compensation for the failure of her employer to give her the agreed-for
40 hours per week.
Jury instructions:
a. are not given in all cases.
b. explain the application of law to juries.
c.are developed unilaterally by the judge.
d.explain how a foreman is elected.
A limited liability partnership (LLP):
a. is a statutory creature.
b. is the same as a limited partnership.
c.is the same as a LLC.
d.all of the above
Jason Friedman developed software that allows his fellow students to use the university
server for purposes of downloading movies, songs, et
c.(all copyrighted), without being detected by the university, which monitors its users
for purposes of avoiding vicarious copyright infringement charges and suits. Jason does
not sell the software to his fellow students; he simply distributes it to them when they
ask. Applying the decisions from the Groksterand Viacomdecisions, which of the
following statements is correct?
a. Because Jason is not making any money from the software, he has done nothing to
violate copyright laws.
b. Because Jason’s software does not involve the ability for the actual downloading of
copyrighted materials, he has done nothing to violate copyright laws.
c.Because Jason’s software is not copyrighted, he has done nothing to violate copyright
laws.
d.Because Jason’s software facilitates copyright infringement, he could be liable for that
infringement.
Expartecontacts are:
a. contacts with a member of a different political party during rule making.
b. contacts with an individual who has not made comments on a proposed rule.
c. unilateral contacts with an ALJ.
d. none of the above
Patents are a 20-year legal monopoly.
a. True
b. False
Which of the following is not included in a complaint?
a. statement of subject matter jurisdiction
b. request for damages
c.statement of venue
d.a counterclaim
e. none of the above
The U.S. antitrust laws apply only to U.S. firms.
a. True.
b. False
A shareholder who was buying additional shares in Wayport, Inc., told the shareholder
seller “he was not aware of any bluebirds of happiness in the corporation’s world.”
However, at the time the buyer made the statement he was aware that the CEO had
informed the board via e-mail of a patent sale by Wayport that meant that the
corporation would receive net proceeds of $7.6 million and would increase its year-end
cash position by 22%. Which of the following statements is correct?
a. The statement was too general to constitute a basis for a 10(b) claim.
b. The statement would need to contain numbers to be a material misrepresentation.
c.The buyer has done nothing wrong unless he was the CEO or a member of the board.
d.The seller has a 10(b) claim against the seller.
The ability of a clerk in a store to accept payment for goods is an example of implied
authority.
a. True
b. False
The state of Arizona has just passed a law requiring that oranges shipped into the state
from growers located outside of the state meet certain minimum size requirements. The
size requirements do not apply to oranges grown in Arizona. The new Arizona statute
is:
a. a permissible regulation of commerce.
b. permissible so long as the statute promotes the health and welfare of the state’s
residents.
c. an impermissible regulation of interstate commerce.
d. constitutional if there is a regulatory protest means available.
U.S. Supreme Court opinions are reported in three different reporter series.
a. True
b. False
Palming off is a tort in which one company sells its imitation product by leading buyers
to believe it is a different product or the “real thing.”
a. True
b. False
A director who usurps a corporate opportunity:
a. will owe his/her corporation the profits from the opportunity.
b. will not owe the profits to the corporation so long as the venture was disclosed in
advance.
c.has violated the business judgment rule.
d.none of the above
There are 13 federal judicial circuits.
a. True
b. False