According to the Revised Uniform Limited Partnership Act (RULPA), what liability
does a corporation have if it is a general partner in a limited partnership?
A) unlimited personal liability
B) liability restricted to the extent of its capital contribution
C) liability of termination as partner
D) unlimited organizational capital liability
Which of the following is true of creating a sole proprietorship?
A) No state government approval is required.
B) A sole proprietorship is subject to double-taxation.
C) No licenses are required to do business within a city or state.
D) Special permission must be obtained to receive sole proprietorship status.
Which of the following elements must be established for a contract to be deemed
unconscionable?
A) The weaker party did not enter the contract under duress.
B) The parties had equal bargaining power.
C) The dominant party justly used its bargaining power.
D) The adhering party had no reasonable alternative.
Which of the following is true of the Equal Pay Act?
A) It protects both sexes from pay discrimination based on gender.
B) Federal workers are covered under the Equal Pay Act.
C) Employees cannot bring a private cause of action against an employer for violating
the Equal Pay Act.
D) An employer who has violated the Equal Pay Act must lower the wages of
employees whose wages had been increased.
How does the doctrine of stare decisis help in creating stability in a legal system?
A) by ensuring that witnesses of a case will be protected by the state
B) by ensuring that the legal rights of a defendant are preserved
C) by allowing the use of precedence in deciding future cases
D) by allowing the use of writs
If a contract is required to be in writing under the Statute of Frauds but is not, the
contract is ________.
A) executed
B) unilateral
C) unenforceable
D) formal
Marcus employs a real estate broker, Dean, to sell his house. Dean’s express powers are
to advertise and market the house for sale, show the house to prospective buyers, and
accept offers from persons who want to purchase the house. He is not allowed to
complete a deal without Marcus’s consent. Marcus goes away on a month-long trip
where he cannot be contacted. During this time, a short circuit in the house causes a
power outage. Dean uses his authority to hire an electrician to repair the circuits and
restore electricity in the house. Marcus then comes back and pays Dean for the
electricity repair. What is the nature of the agency that Dean used to fix the electricity
problem in the house?
A) implied agency
B) agency by ratification
C) power of attorney
D) express agency
Which of the following shares have the right to vote?
A) unissued shares
B) treasury shares
C) outstanding shares
D) liquidated shares
Which of the following is a function of the state supreme courts?
A) conducting trials related to misdemeanor criminal law
B) hearing appeals from intermediate appellate state courts and certain trial courts
C) conducting trials related to felonies and civil disputes
D) reviewing the judgments and records of the lower courts and ratifying them
The Americans with Disabilities Act Amendments Act (ADAAA) is a federal statute
that makes it illegal for an employer to discriminate against job applicants and
employees based on genetic information.
A(n) ________ is an estate in which the owner has a present possessory interest in the
real property.
A) servient estate
B) freehold estate
C) future interest
D) easement
Standards for the preparation and presentation of financial statements are known as
________.
A) engagements and agreements
B) auditors’ opinions
C) generally accepted accounting principles
D) generally accepted auditing standards
The Americans with Disabilities Act (ADA) is a federal statute that imposes obligations
on employers and providers of public transportation, telecommunications, and public
accommodations to accommodate physically challenged individuals.
The ________ doctrine states that judges of one country cannot question the validity of
an act committed by another country within that other country’s borders.
A) sovereign immunity
B) act of state
C) Colgate
D) Noerr
Richard Bell, an organized crime boss and casino owner, has made a lot of money with
his illegal drug operations and illegal gambling. In order to make it look like he earned
the drug money legitimately, Richard has hired crooks to take the illegal money and
spend it in Richard’s casinos in discreet amounts. The crooks are supposed to lose the
money on purpose so that the casino can claim this as winnings. If he were caught,
under which federal law would Richard be tried for his mob activities?
A) Counterfeit Access Device and Computer Fraud and Abuse Act
B) Identity Theft and Assumption Deterrence Act
C) Racketeer Influenced and Corrupt Organizations Act
D) Information Infrastructure Protection Act
The ________ Act of 1976 specifically imposes penalties and fines on accountants and
others who prepare federal tax returns for the willful understatement of a client’s tax
liability.
A) Tax Reform
B) Racketeer Influenced and Corrupt Organizations
C) Private Taxation Litigation Reform
D) Uniform Securities
When is a criminal said to be judgment proof?
A) when the criminal has not been read his Fifth Amendment rights prior to his arrest
B) when the criminal does not have the money to pay a civil judgment
C) when the criminal is found to be unfit to go to prison
D) when the criminal has been deemed to be insane
Which of the following constitutional amendments protects criminal defendants from
cruel and unusual punishment?
A) Fifth Amendment
B) Eighth Amendment
C) Fourth Amendment
D) Fourteenth Amendment
In 1935, John L. Lewis formed the ________, which permitted semiskilled and
unskilled workers to be its members.
A) International Labor Organization (ILO)
B) Congress of Industrial Organizations (CIO)
C) National Labor Relations Board (NLRB)
D) American Federation of Labor (AFL)
What is jury deliberation?
A) jurors re-questioning a particular witness from one of the parties
B) jurors considering the evidence and attempting to reach a decision
C) jury and the judge disagreeing on the outcome of the case
D) jurors being replaced in case of illness or disqualification
________ is a situation in which a creditor agrees to extend credit only if the purchaser
pledges some personal property as collateral for the loan.
A) A floating lien
B) Attachment
C) A mortgage
D) Secured credit
Indonesia, Vietnam, Thailand, and the Philippines are members of the ________.
A) Organization of the Petroleum Exporting Countries (OPEC)
B) Association of Southeast Asian Nations (ASEAN)
C) Dominican Republic-Central America Free Trade Agreement (DR-CAFTA)
D) North American Free Trade Agreement (NAFTA)
An ________ visa allows U.S. employers to employ in the United States foreign
nationals who are skilled in specialty occupations.
A) H1
B) H4
C) H-1C
D) H-1B
The ________ is a federal statute that prohibits age discrimination practices against
employees who are 40 years and older.
A) FEPA
B) OWBPA
C) ADEA
D) EEOC
Which of the following is true of the management of an LLC?
A) Members cannot become managers of an LLC.
B) A manager-managed LLC shares management powers between members and
managers.
C) A nonmember can become a manager of an LLC.
D) An LLC can be both member-managed and manager-managed simultaneously.
The General Assembly of the United Nations (UN) is ________.
A) a special task committee that addresses the socioeconomic problems of the United
States
B) the legislative body of the UN that is composed of all UN member nations
C) a group of 15 member nations that is primarily responsible for maintaining
international peace and security
D) an autonomous committee that administers the day-to-day operations of the UN
James hires Franco for a painting job. Their contract explicitly states that Franco’s
employment can be terminated if he is employed by another party during the contract
period. Two weeks into the job, James finds out that Franco is also working for a
painting agency two blocks away and terminates his employment. This is an instance of
a(n) ________.
A) condition precedent
B) condition subsequent
C) concurrent condition
D) implied condition
Which of the following is true of the government’s exercise of eminent domain?
A) It does not allow the owner of the property to make a case for keeping the property.
B) It requires the government to compensate the property owner.
C) It does not apply to state and local governments.
D) It allows the government to set up zoning areas.
The Clean Water Act forbids the filling or dredging of navigable waters and qualified
wetlands unless a permit has been obtained from the ________.
A) Ministry of Environmental Protection (MEP)
B) U.S. Army Corps of Engineers (USACE)
C) Environmental Protection Agency (EPA)
D) Nuclear Regulatory Commission (NRC)
The SEC has the independent power to criminally prosecute and imprison an offending
party for violations of Section 32(a) of the Securities Exchange Act of 1934.
Exempt securities include ________.
A) stock dividends and stock splits
B) IPOs made by multinational corporations
C) securities that have been held by a single investor for longer than a year
D) securities worth $1 million or more
Registering a domain name of another party’s trademarked name or famous person’s
name in bad faith is called ________.
Title XIV of the Dodd-Frank Act, called the ________ Act, is designed to eliminate
many abusive loan practices and mandates new duties and disclosure requirements for
mortgage lenders.
Federal ________ law comprises several major statutes that prohibit certain
anticompetitive and monopolistic practices.
Distinguish between secured and unsecured credit.
What are the requirements for obtaining a patent?
The ________ rule states that the offeree must accept the terms of an offer as stated in
the offer.
Explain the two principles on which the universal rules of Kantian ethics are based.
The ________ expressly prohibits debt collectors from using certain practices like
harassing, abusing, or intimidating debtors.
The first ten amendments to the U.S. Constitution are commonly known as the
________.
The term ________ refers to a document required to be filed by a creditor that states the
amount of his or her claim against the debtor.
The ________ Amendment to the U.S. Constitution guarantees that a criminal
defendant has the right to a public jury trial.
Discrimination based on protected classes, other than race or color, is permitted if it is
shown to be a(n) ________.
A person of a specific religion is protected from credit extension discrimination by the
________ Act.
The ________ is a federal statute that requires creditors to make certain disclosures to
debtors in consumer transactions and real estate loans on the debtor’s principal dwelling
and covers only creditors that regularly extend credit for goods or services to
consumers.
The ________ Act permits consumers to place fraud alerts in their credit files.
A(n) ________ refers to a warranty that arises where a seller or lessor warrants that the
goods will meet the buyer’s or lessee’s expressed needs.
The ________ School of jurisprudence states that promoting market efficiency should
be the central goal of legal decision making.
What is the difference between a full warranty and a limited warranty?