Monopoly power is characterized by ________.
A) market share above 50 percent in the relevant market
B) market share above 60 percent in the non-relevant market
C) market share above 70 percent in the relevant market
D) market share above 80 percent in the non-relevant market
The ________ is a federal act that requires employers with one hundred or more
employees to give their employees sixty days’ notice before engaging in certain plant
closings or layoffs.
A) Norris-LaGuardia Act
B) Labor Management Relations Act
C) Worker Adjustment and Retraining Notification Act
D) Labor Management Reporting and Disclosure Act
Which of the following is true of the Endangered Species Act?
A) It is the only federal law that currently protects wildlife.
B) It empowers the U.S. secretary of the interior to declare a form of wildlife as
endangered.
C) It does not include marine species and amphibian life.
D) It applies only to the government taking of any endangered species.
Which of the following is true of a fee simple absolute?
A) It cannot be inherited.
B) It terminates based on the occurrence or nonoccurrence of a specified event.
C) It is infinite in duration.
D) It cannot be transferred at will.
Blue Rorschach Inc. has an immediate requirement for 80 laptops and contracts with
Zenzo Electronics for 80 OSN laptops at $550 each. But Zenzo Electronics breaches the
contract and fails to deliver the laptops. Blue Rorschach then immediately contracts
Dell Computers, buys 100 laptops at $600 per laptop, and then sues Zenzo Electronics
for the breach of contract. What remedy did Blue Rorschach exercise when contracting
Dell Computers and suing Zenzo for failure of delivery of goods?
A) remedy to replevy goods
B) remedy to cover
C) remedy to recover damages for accepted nonconforming goods
D) remedy to obtain specific performance
The ________ hears cases brought against the United States.
A) U.S. Supreme Court
B) U.S. Tax Court
C) U.S. Court of Federal Claims
D) U.S. District Court
Which of the following is true of the ULLCA?
A) It provides comprehensive laws for the formation of corporations.
B) It provides uniform laws for the dissolution of LLCs.
C) It is a state law that is uniform across the United States.
D) It governs the operation of proprietorships and LLPs.
The ________ Act is a federal statute that prohibits discrimination in the extension of
credit based on sex, marital status, race, color, national origin, religion, age, or receipt
of income from public assistance programs.
A) Fair Debt Collection Practices
B) Equal Credit Opportunity
C) Fair Credit Billing
D) Truth-in-Lending
The fraudulent making or alteration of a written document that affects the legal liability
of another person is called ________.
A) larceny
B) extortion
C) forgery
D) embezzlement
Which of the following must be included in the articles of incorporation?
A) the minutes of the first organizational meeting of the board of directors
B) the number of shares the corporation is authorized to issue
C) the terms warranting corporate dissolution
D) the corporate seal used in the articles of incorporation
A(n) ________ is a third party who is not in privity of contract but who has rights under
the contract and can enforce the contract against the promisor.
A) third-party contractor
B) assignor
C) sub-assignor
D) intended third-party beneficiary
Which of the following must be proven by a claimant pursuing compensation for an
injury under workers’ compensation?
A) The claimant was harmed intentionally by the employer.
B) The claimant was harmed when he or she was employed by the employer.
C) The claimant was harmed by an employment-related injury.
D) The claimant was harmed unintentionally by the employer.
Most Web pages use electronic ordering systems that do not have the ability to evaluate
and accept ________.
A) counteroffers
B) e-licenses
C) e-signatures
D) biometric data
Which of the following moral theories would closely follow the categorical imperative
“Do unto others as you would have them do unto you”?
A) Kantian ethics
B) ethical fundamentalism
C) utilitarianism
D) Rawls’s social justice theory
According to the RULPA, which of the following categories is entitled to priority in the
order of distribution of assets of a limited partnership during the winding-up phase?
A) partners with respect to unpaid distributions
B) partners with respect to capital contributions
C) creditors of the limited partnership
D) charitable organizations registered with the secretary of state in the state where the
limited partnership was formed
The ________ is a regional international organization that comprises many countries of
Western and Eastern Europe and was created to promote peace and security as well as
economic, social, and cultural development.
A) Eastern Bloc
B) Common Market
C) North Atlantic Treaty Organization (NATO)
D) European Union (EU)
Which of the following statements is true of the Supremacy Clause of the U.S.
Constitution?
A) A particular federal statute cannot exclusively regulate a specific area or activity.
B) Any state or local law that “directly and substantially” conflicts with valid federal
law is preempted.
C) A particular federal statute can expressly provide for exclusive jurisdiction.
D) Any state or local law that “directly and substantially” conflicts with valid federal
law is held valid if held in harmony with the cultural diversity in the state.
A title for goods obtained by a seller through fraud, impersonation, or a dishonored
check is referred to as a(n) ________.
A) unenforceable title
B) voidable title
C) conditional title
D) unequivocal title
________ is/are primarily responsible for enforcing the provisions of the Clean Water
Act.
A) The federal government
B) Independent agencies
C) State governments
D) Nonprofit organizations
In which of the following cases does the conversion of an existing business to an LLC
take effect?
A) when the articles of organization are filed with the secretary of state
B) when the members enter into an agreement of conversion
C) when an operating agreement is finalized by members
D) when the first certificate of interest is issued
A contract is ________ if the offeror’s offer can be accepted only by the performance of
an act by the offeree.
A) executed
B) executory
C) unilateral
D) bilateral
When is a creditor referred to as a secured creditor?
A) when the creditor has been guaranteed payment by a trustee
B) when the creditor gives a loan without security
C) when the creditor has been repaid the debt
D) when the creditor has acquired collateral
The U.S. government passed draft laws during the Vietnam War decreeing that men of a
certain age had to serve in the military if they met specific physical requirements.
Which of the following schools of jurisprudential thought does such draft laws adhere
to the most?
A) the Historical School of jurisprudence
B) the Natural Law School of jurisprudence
C) the Sociological School of jurisprudence
D) the Command School of jurisprudence
Under the ________ and state laws enacted to implement the program, employers are
required to pay unemployment contributions (taxes).
A) FLSA
B) FMLA
C) FUTA
D) FICA