Which of the following phrases is an express warranty?
a. “boned chicken”
b. “Maine’s finest”
c.”Best in the West”
d.All of the above are express warranties.
The Fair Labor Standards Act is often called the minimum wage law.
a. True
b. False
Which of the following is not a requirement of mensrea?
a. a specific act
b. the state of mind required for the crime
c. the intent to deprive
d.All of the above are required for mensrea.
Andre Dubai is the CEO of Lacota, a firm headquartered in Portugal. Lacota has
acquired 10 companies in the United States. One of the companies is publicly traded on
NASDAQ. Lacota does not have the reporting mechanisms, ethics codes, or board
structure for its NASDAQ company that are required under U.S. laws for publicly
traded companies. Dubai says that he and Lacota have sovereign immunity from U.S.
laws.
a. Dubai is correct; the business is, for all purposes, located in Portugal.
b. Lacota cannot be forced to comply with U.S. securities laws because U.S. courts
have no jurisdiction over it.
c. Dubai, Lacota, and their NASDAQ company must comply with U.S. laws.
d. both a and b
U.S. Supreme Court cases are generally heard by three judges.
a. True
b. False
In a novation by the board of a pre-incorporation contract involving the corporation, the
promoter, and a third party:
a. the corporation is released from liability.
b. the promoter is released from liability.
c.the promoter is made secondarily liable.
d.none of the above
The Sonny Bono Copyright Extension Act:
a. does not apply to individual copyright ownership.
b. does not apply to corporate copyright ownership.
c.does not provide protection for movies.
d.extended the time for the federal copyright protection to 70 years beyond the life of
the creator/author.
e. none of the above
Under workers’ compensation systems, fault is immaterial.
a. True
b. False
Which of the following is not a defense to false information in the registration
statement?
a. due diligence
b. limited time as a director
c.purchaser knew the information was false at the time of purchase
d.None of the above is a defense.
The invisible hand school and the inherence school:
a. both serve society primarily.
b. both refuse involvement in social issues.
c.are proactive in legislation for social issues.
d.believe long-term success comes from social responsibility.
California cannot impose taxes on a corporation that is incorporated in Arizona and
doing business in California and thirty-two other states.
a. True
b. False
Violations of civil laws can result in imprisonment.
a. True
b. False
There is no price discrimination when lower prices are charged for generic label cans of
the same product.
a. True
b. False
The International Court of Justice can compel parties to appear before it.
a. True
b. False
The opposite of caveatemptoris:
a. negligence.
b. privity requirements.
c.strict tort liability.
d.none of the above
Which of the following will reduce a corporation’s sentence under the U.S. Sentencing
Guidelines?
a. having a code of ethics
b. having ethics training
c. having ethics hotline
d.All of these can reduce a corporation’s sentence.
An offer is effectively communicated upon mailing or dispatch.
a. True
b. False
Principals and agents have a fiduciary relationship.
a. True
b. False
Directors are liable for a crime if the corporation is found guilty of the crime.
a. True
b. False
A party can raise new evidence in a case through its brief.
a. True
b. False
State laws regulating tender offers are unconstitutional.
a. True
b. False
Anna Elleson has just opened her plumbing business in a small industrial park located
within the boundaries of the city of Tempe, Arizona. Upon opening her plumbing
business, Anna receives a notice from the landlord that her largest pieces of equipment
(backhoes) may not be parked in the parking lot of the industrial park overnight. Anna
asks why and the landlord explains that there is a restriction in her lease. The restriction
against parking equipment in the complex is:
a. enforceable as a private law.
b. unenforceable unless a city zoning ordinance prohibits such parking.
c.an unconstitutional regulation of private property.
d.unenforceable unless signs are posted.
Contracts for the sale of land must be in writing to be enforceable.
a. True
b. False
Which of the following is not a per se violation of the antitrust laws?
a. price fixing.
b. group boycotts.
c.predatory pricing.
d.division of markets.
e. All of the above are per se violations.
A partnership can only be formed voluntarily.
a. True
b. False
The FDA had approved a new diet drug for the market. The agency pulled the approval
and the drug off the market because a staff member said, “This drug didn”t work for
me.” The manufacturer of the drug could challenge the FDA action:
a. as arbitrary and capricious.
b. on the basis of a failure to follow ADA procedures.
c. lack of substantial evidence.
d. any of the above
A negative credit decision cannot be based on an applicant’s plans for having children.
a. True
b. False
Mensreais the particular mental state required to establish a crime.
a. True
b. False
The University of Arizona has developed plans for the construction of a set of
telescopes on Mount Graham in southern Arizona. The project is a joint one with NASA
and a French consortium. Mount Graham is the home for the red mountain squirrel – a
species near extinction. The University of Arizona:
a. need not file an EIS since it is not a federal agency.
b. need not file an EIS since there will be no air pollution.
c.need not file an EIS because of the lack of jurisdiction over the French participants.
d.must file an EIS.
Citizen”sUnitedinvolves the genesis of the sub-prime loan scandals.
a. True
b. False
Which of the following does not constitute an express warranty?
a. “This computer system is accessible by a PB2400 modem.”
b. “This computer system is IBM-compatible.”
c.”This computer system has a built-in battery back-up system that gives you two
minutes to save files in the event of a power interruption.”
d.All of the above are express warranties.
Whistle-blowers may have some statutory protection by receiving a(n):
a. qualified privilege.
b. absolute privilege.
c.absolute immunity.
d.unqualified privilege.
A limited partnership:
a. requires at least one general partner.
b. can be created by implication.
c.must be run by the limited partners.
d.all of the above