Ponzi and pyramid schemes are frauds included in the category of financial institution
frauds.
A case that represents hypothetical issues is said to be ripe for decision.
The U.S. government has created the Environmental Protection Agency to guide
businesses in the right direction with regards to the environment.
Gender stereotyping is a form of illegal gender discrimination under Title VII.
Collusion and the forming of a cartel are easier when the market has a large number of
competitors.
A treaty is simply a negotiated contract between parties who happen to be nations.
Locking up someone’s pet or other property is considered as false imprisonment.
The CIA is an executive agency.
Commercial arbitration addresses those employer/employee disputes where no union or
collective bargaining agreement is in effect.
A guarantor usually makes a promise on the original agreement and becomes a party to
that agreement.
Public law may involve involuntary litigation and is brought by the state.
Debt securities are also known as shares.
Engaging in copyright infringement is not considered as a crime if there is no
commercial motive.
The National Labor Relations Board enforces safe workplace laws.
A person cannot be compelled to testify against himself or herself as to criminal matters
and can refuse to talk to the police about any crime that he or she might have
committed.
An express contract is created when the parties enter into the agreement by their actions
rather than because they have actually discussed the matter.
The general law governing how federal agencies must conduct business is set forth in
the Administrative Procedures Act.
If the principal is fully disclosed in a third party contract, the agent alone is party to the
contract.
Before the testator’s death, the will can be revoked or property dispositions changed as
often as the testator wishes.
Grey market goods are counterfeit goods manufactured in the United States.
The de novo review of an administrative decision generally takes place at the appellate
court level.
Suppression of free trade does not include a business buying or merging with all of its
competition so that consumers no longer have a choice.
The Resource Conservation and Recovery Act governs medical wastes that contain
mercury or other toxic substances, while medical wastes containing radioactive isotopes
or materials is covered by the National Response Center.
The right of subrogation allows the surety to obtain a court decree ordering the debtor
to pay the creditor.
A debtor cannot receive a second discharge if he or she received a discharge within
eight years of filing for the second discharge.
The certificate of limited partnership filed with the state details and determines the
rights, responsibilities, and relationships of the partners.
If an offer is made, but before it can be accepted, the subject matter of the offer
becomes illegal, the offer is terminated.
The National Environmental Policy Act’s basic policy is to assure that all branches of
government give proper consideration to the environment prior to undertaking any
major federal action that significantly affects the environment.
The Office of the U.S. Trade Representative (USTR) is part of the executive Office of
the President.
Even though one plot of land may look much like another, according to the law each
piece of real property is unique.
The seller retains title when dealing with an export trading company.
Corporate law is the area of law that addresses federal and state government agencies
and their role in carrying out their delegated authority.
Jim Crow laws promoted segregation and racial discrimination.
The purpose of a union is to represent the interests of employees to management.
If it can be shown that the employer attempted an accommodation and the employee
refused to cooperate, there is no liability for the employer.
The _____ incorporate a trademarked name into their name and divert the hits on the
website to their sites to make a profit from the online advertisers who paid per hit.
A.early adopters
B.cybersquatters
C.laggards
D.cyberpirates
This act is a legislative response to some of the more nefarious business practices that
often stemmed from less than stellar ethical decision making by businesses and that
ostensibly led to the financial downturn and bailouts of 2008 and 2009. It was signed
into law on July 21, 2010, by President Obama. Identify the act in the discussion.
A.Sarbanes-Oxley Act
B.Supplemental Appropriations Act
C.Lilly Ledbetter Fair Pay Act
D.Dodd-Frank Act
The Declaration of Independence’s statement that “We hold these truths to be
self-evident, that all men are created equal, that they are endowed by their Creator with
certain unalienable rights, that among these are life, liberty, and the pursuit of
happiness.” is a well-known example of _____.
A.natural law
B.fascism
C.tort law
D.Jim Crow law
Apex Corporation has a disagreement over the terms of an agreement with the national
distributor of their product. Apex Corporation and the distributor talk to each other
about their dispute, in an effort to reach a resolution of the conflict without involving
intermediation by a disinterested third party. This is an example of _____.
A.conciliation
B.mediation
C.mock trial
D.arbitration
The rule of reason approach:
A.examines the effects of the anticompetitive behavior before passing judgment.
B.is a conclusive presumption of illegality.
C.assumes a conduct to be inherently unreasonable.
D.requires no inquiry to determine the reasonableness of an anticompetitive act.
In which of the following ADR mechanisms, the arbitrator’s award is virtually final, and
can be reviewed only by a court of law for reasons involving unconstitutionality, abuse,
collusion, or fraud in the third party’s decision?
A.Conciliation
B.Nonbinding arbitration
C.Mediation
D.Binding arbitration
Which of the following torts is often committed in conjunction with trademark
infringement?
A.Assault
B.Defamation
C.Battery
D.Palming off
Which of the following statements is true regarding a proxy solicitation?
A.It needs to be filed with the SEC along with the registration statement before the
initial public offering.
B.It is used at the time of initial public offering to announce the upcoming sale of
securities.
C.It is a writing signed by a shareholder of a corporation authorizing a named person to
vote his or her shares of stock at a specified meeting of the shareholders.
D.It is a part of the red herring prospectus.
Which of the following statements is true regarding a principal?
A.A minor or an incompetent person can be a principal.
B.A principal is a person who by agreement with the agent acts on behalf of and subject
to the control of the agent.
C.A principal’s obligation is to act only in the interest of the agent.
D.A principal must have capacity to contract.
Because local, state, and federal efforts with respect to the environment can be
undermined by pollutants from other nations, the U.S. Environment Protection Agency’s
_____ has entered into many agreements with the governments of other nations.
A.Office of International Affairs
B.Environmental Management Office
C.Council for Environmentally Responsible Economies
D.Green Building Council
For works created or published on or after January 1, 1978, copyright protection lasts
for _____.
A.20 years
B.50 years
C.the life of the creator
D.the life of the creator plus 90 years
Which of the following is best defined as a system of limitations upon our actions
imposed by the government to ensure order, safety, predictability and control?
A.Economics
B.Politics
C.Law
D.Society
In the case of an agency relationship, the termination of authority occurs in all of the
following cases EXCEPT:
A.an outbreak of war between the principal’s country and the agent’s country which
makes it impossible or illegal for the agent to act.
B.the death of the agent.
C.the death of the principal.
D.the loss of capacity of the agent by insanity.
In 2007, the market essentially collapsed due to:
A.the collapse of the telecommunication industry.
B.the dot-com burst.
C.the mortgage and credit crises.
D.the collapse of the automobile industry.
Which of the following statements is true regarding patents?
A.A patent gives the inventor the right to make, use, or sell the invention.
B.Once patented, the owner has exclusive use of it for 50 years.
C.Distinct and new varieties of plants that are produced asexually are patentable.
D.Mathematical formulas are patentable.
The ADR mechanism is:
A.pursued after litigation.
B.very expensive.
C.very flexible.
D.time-consuming.
In the context of international business, GATT stands for:
A.Geographical Agreement on Trade and Tariff.
B.Global Agreement on Tariff and Trade.
C.General Agreement on Tariff and Trade.
D.Geographical Association for Transport and Trade.
The decision reached by an arbitrator is called a(n) _____.
A.endorsement
B.award
C.agreement
D.prize
Most often the mediator goes back and forth between the two parties and listens to their
concerns and tries to find a way for each to get what he or she wants from the situation.
This is known as _____.
A.piggybacking
B.skimming
C.social engineering
D.shuttle diplomacy
Which of the following branches of the government is composed of Congress and the
Senate?
A.Legislative
B.Executive
C.Judicial
D.Civil
The mark Good Housekeeping Seal of Approval indicates that particular products meet
standards imposed by the Good Housekeeping magazine. The Good Housekeeping Seal
of Approval’ mark is most likely to be an example of a _____.
A.trade dress
B.trade name
C.certification mark
D.service mark
If the contract does not have legal subject matter or there was fraud in the execution in
entering into the agreement, then the contract does not actually exist at all. This is
called a(n) _____ contract.
A.implied in fact
B.unilateral
C.quasi
D.void
Which of the following activities by trade associations may be viewed as
anticompetitive?
A.Decisions to exclude buyers that do not support the trade association.
B.Price sharing without identification of individual customers.
C.Open business meetings or open membership meetings.
D.Price sharing without requiring its members to make daily reports.
While going public, the company will have to file a registration statement. The
registration form will include all of the following EXCEPT:
A.a description of the company’s property and business.
B.voting procedures.
C.a description of the security to be offered for sale.
D.information about the management of the company.
A security interest in negotiable instruments is automatically perfected upon attachment
for _____ days without filing or taking possession.
A.12
B.21
C.32
D.44
A copyright protects an idea itself and not the manifestation of the idea.
Refusal to hire males as servers for a restaurant is most likely to be an example of
discrimination based on ___.
A.affinity orientation
B.national origin
C.gender
D.religion
The National Environmental Policy:
A.established the Coalition for Environmentally Responsible Economies.
B.established the broad national framework for protecting the environment.
C.is invoked for state government, private government, and local government actions.
D.is the federal agency that is responsible for protecting the natural environment.
According to the American system of economics:
A.the market of goods and services should remain free, and open to all.
B.the market of goods and services is not open to those who deliver shoddy goods.
C.decreased competition will increase consumer choices.
D.decreased competition will lead to improvement in the quality of goods or services
delivered.
Administrative agencies routinely promulgate rules and regulations affecting business.
Under the _____ Act, these regulations generally must undergo a period of seeking
input from those likely to be affected by the regulation.
A.United Nations Participation
B.Robinson Patman
C.Administrative Procedures
D.Central Intelligence Agency
Discuss the following statement “Not all public offerings of securities must be
registered with the SEC.”
Explain the Hart-Scott-Rodino Act of 1976.
Discuss the fourth amendment.
What is a tombstone ad?
Discuss disparate impact.
What is an abandoned property?
Discuss with an example, the mailbox rule.
Give three suggestions for creating an atmosphere in which sexual harassment is
minimized.
Write a few lines on the Clean Air Act?
The Copyright Act lists four criteria to be used in a determination of whether use of
material is fair. What are these four criteria?
Discuss the Fifth Amendment.
What is reversion?
What is an adverse possession?
In the context of Sarbanes-Oxley Act, what is meant by reporting up and reporting out?
Discuss characteristics of nongovernmental organizations.
Discuss the Executive Order 11246.