According to the work-for-hire doctrine, an employer is entitled to any ownership of
property created by an independent contractor.
Arbitration involves the intervention of a disinterested third party into a dispute.
If an agency is granted quasi-judicial authority in its enabling statute then it gets the
right to enact statutory laws.
The Fifth Amendment provides constitutional protection against self-incrimination.
In the case of binding arbitration, parties can decide to use the courts as another chance
to resolve the dispute if they do not like the award.
The Federal Trade Commission has both criminal and civil jurisdiction.
Intentionally making false statements about the quality or ownership of someone’s
goods is known as passing off.
Probate Courts hear suits against the state government.
Conspiracy is the willful and corrupt false swearing or affirming, under oath, as to a
material matter in question.
Which of the following methods of dispute resolution is most likely to be used by a
regulatory agency to negotiate the provisions of the regulations with the interested
groups so that there is less likelihood of a challenge once the regulations are
promulgated?
A.Mock trials
B.Minitrials
C.Regulatory Negotiation
D.Summary jury trial
Executive Order _____, dated April 22, 2000, required federal facilities covered by
environmental regulations to implement Environmental Management Systems by
specific deadlines, with final implementation by 2005.
A.13423
B.13148
C.12898
D.11514
In the context of insider trading liability, Section 16 applies to transactions involving
_____ securities.
A.nonregistered debt
B.nonregistered equity
C.registered debt
D.registered equity
This fraudulent scheme in bankruptcy occurs when a failing company moves its assets
to a new business which is thriving after convincing the creditors that they should
accept what the new buyer is offering for its debts. After the creditors accept pennies on
the dollar for the sold company, they learn that the “new” company was a straw
company set up by the principal of the failed business. Identify the fraudulent
bankruptcy scheme in discussion.
A.Skimming
B.Looting
C.Bleedout
D.Bustout
A bank teller takes funds from the cash drawer in the bank. This is an example of
_____.
A.embezzlement
B.perjury
C.collusion
D.misappropriation
Which of the following is an advantage of resolving disputes, between the union and
management, through arbitration?
A.The management does not need to run to court for every dispute an employee may
have.
B.It helps the shop steward to effectively perform his duties as the union representative.
C.It increases the costs of dispute settlement for the employees of the union.
D.The management can take greater interest in the welfare of its employees.
Which of the following is the largest arbitration organization in the U.S?
A.Federal Mediation & Conciliation Service
B.Chicago International Dispute Resolution Association
C.American Arbitration Association
D.Commercial Arbitration and Mediation Centre for the Americas (CAMCA)
The _____ is the final appellate court.
A.United States Supreme Court
B.Claims Court
C.Federal Circuit Court of Appeal
D.Tax Court
Which of the following statements is true regarding the trespass to personal property
tort?
A.To establish the tort, the tortfeasor should have harmed the property.
B.It involves accidentally interfering with the possession and control of another’s
personal property.
C.The trespass to personal property tort is more severe than conversion.
D.Taking the property out of the owner or possessor’s control is enough for the tort to
be committed.
Which of the following statements is true regarding the warranty of merchantability?
A.A tortfeasor then he/she can use the warranty of merchantability as a defense against
a product liability case.
B.It indicates that the goods will be of at least average quality for such goods.
C.It indicates that the goods will be fit for the particular purpose for which they are sold
if the buyer tells the seller the purpose and the seller provides the goods in response.
D.It is an express warranty.
Section 2 of the _____ was enforceable against unjustified discounts offered to buyers
for the sole purpose of running other suppliers out of the market.
A.Federal Trade Commission Act
B.Robinson-Patman Act
C.Clayton Act
D.Sherman Antitrust Act
Which of the following acts prohibits U.S. companies and citizens from bribing public
officials to keep or obtain business?
A.Workforce Investment Act
B.The Foreign Corrupt Practices Act (FCPA)
C.North American Free Trade Agreement Implementation Act
D.American Recovery and Reinvestment Act
Which of the following statements is definitely true regarding an option contract?
A.It is also known as a quasi contract.
B.It is created when the parties enter into the agreement by their actions rather than
because they have actually discussed the matter.
C.It lacks mutual assent.
D.An option contract only buys the offeree time to accept or reject the offer.
A(n) _____ is any shareholder with sufficient voting shares to determine the outcome of
a shareholder vote.
A.promoter
B.director
C.controlling shareholder
D.executive
Which of the following statements is true regarding white collar crime?
A.White collar crimes usually target specific victims.
B.It usually involves the threat of physical force.
C.Many white collar crimes are violent.
D.It uses deceit and concealment.
Government employees are generally not permitted to strike or to bargain over wages,
hours, and benefits because:
A.it is against the tenets of the Taft-Hartley Act of 1947.
B.it is in violation of the right to work laws.
C.it is against public health and safety.
D.the Landrum-Griffin Act of 1959 doesn’t allow them to do so.
Which of the following statements is true regarding the Foreign Corrupt Practices Act?
A.The FCPA cannot be violated only by making an offer for corruption.
B.The FCPA applies to foreign officials.
C.Foreign corporations are not directly subject to the FCPA.
D.The FCPA applies to private sector bribery.
The shares of a _____ are traded on a stock exchange.
A.closely held corporation
B.government corporation
C.professional association
D.public corporation
Which of the following statements is definitely true regarding transactions that are
called short swing profits?
A.These transactions involve buying and selling of those securities that are exempt
from registration under “Regulation D.”
B.These transactions take place when the securities are being offered to the accredited
investors.
C.These are in-and-out transactions that might be used to manipulate securities.
D.These transactions involve buying and selling of securities by the directors of the
company.
A buyer has a receipt for goods that are being stored in a warehouse. He uses that
receipt as collateral in another transaction. With reference to the various categories of
indispensable paper, the receipt is most likely to be an example of a(n) ___.
A.document
B.license
C.chattel paper
D.instrument
Sustainable business practices can include:
A.designing for the environment which is the process of using waste materials to
provide new products.
B.recycling waste and using alternative (to fossil fuels) energy sources, such as solar
power.
C.upcycling which means an organization gives back to the community through
employee volunteering.
D.social sustainability which requires businesses to consider the potential
environmental impact of a product and the process used to make that product.
Which of the following statements is true about a Chapter 7 bankruptcy?
A.Chapter 7 bankruptcy is frequently referred to as the Wage earner’s plan.’
B.The debtor can remain “in possession of the assets” while undergoing the bankruptcy
process under Chapter 7, without the appointment of a trustee.
C.Individuals must undergo a means test to determine if they qualify for Chapter 7
bankruptcy.
D.In Chapter 7 bankruptcy, the debtor is placed in a fiduciary relationship with the
powers and rights of a trustee.
The Sixth Amendment:
A.establishes our constitutional right to an attorney through the important phases of the
criminal process.
B.provides constitutional protection against self-incrimination.
C.prohibits the making of any law infringing on the freedom of speech and freedom of
press.
D.protects the right of the people to keep and bear arms.
The one who receives a life estate interest is called a _____.
A.plaintiff
B.donee
C.grantee
D.testator
_____ was the outcome of discrimination by the unions against blacks.
A.The Colored National Labor Union
B.The Taft-Hartley Act of 1947
C.The Coalition of Labor Union Women
D.The Landrum-Griffin Act of 1959
According to the Sarbanes-Oxley Act, an attorney has the duty to “report up” any
evidence of material violation by an issuer, its officer, director, employee or agent. Here
reporting up means:
A.filing suit against the directors for the violation.
B.reporting the violations to a chief legal officer or qualified legal compliance
committee.
C.publishing the violation in the media.
D.informing the shareholders about the violation.
Which of the following statements is true regarding an export management company
(EMC)?
A.An EMC is generally larger in size than an export trading company.
B.An EMC takes titles to the goods while the goods are in the producers country.
C.The sellers are provided with revenue once they sell the products to the EMC.
D.An EMC generally handles only one product or one type of a product.
Which of the following statements is true for the Taft-Hartley Act of 1947?
A.It was enacted as an amendment to the NLRA to curb excesses by managements.
B.An important concept in relation to the Taft-Hartley Act is right to work laws.
C.The Taft-Hartley Act outlawed closed shops and union shops.
D.In right to work states, collective bargaining agreements contain union security
clauses.
The financial statements file by an organization at the time of going public must be
certified for the past _____ years.
A.three
B.four
C.five
D.six
The requirements of the National Environmental Policy Act are invoked under which of
the following circumstances?
A.When the doctrine of riparian right is involved
B.When conservation of a threatened species is involved
C.When federal funding is involved
D.When a state government action is involved
Which of the following crimes is most likely to occur if you leave your magnetic hotel
entry card in your room at the end of your stay, thinking you didn’t need it anymore?
A.Embezzlement
B.Insider trading
C.Copyright violation
D.Identity theft
If a party is below the legal age for contracting, his or her contracts are:
A.the contracts implied in law.
B.voidable at their option.
C.quasi contracts.
D.option contracts.
Mike deeds his house to his daughter Samantha for her life and once Samantha dies the
house goes to a charitable trust. This is an example of the _____ type of property
interest.
A.reversion
B.life estate
C.remainder
D.tenant
The Americans with Disabilities Act addresses three types of barriers to those who are
disabled. What are these three barriers?
Discuss the functions performed by the state supreme courts.
Discuss with an example legal positivism.
What are the two types of intangible collateral?
What is an environmental impact statement?
Describe a will.
What is the major difference between arbitration and mediation?
Discuss Chapter 11 bankruptcy.
Describe the significance of the authorities granted to quasi-legislative agencies.
Discuss sentencing guidelines.
Describe any three unfair labor practices engaged in by unions.
Explain following terms: registered stock and nonregistered stock.
What are the three types of federally protected intellectual property?
What is the Global Reporting Initiative?
Discuss the following statement: While defendants have a right to bail, that right is not
absolute.
What are grey market goods?
In the context of insider trading liability, discuss the differences between Rule 10b-5
and Section 16.
What is disparagement?
Discuss the work-for-hire doctrine.