Goods sold by an authorized dealer beyond the dealer’s authorized territory or quantity
are:
a. knockoff goods.
b. gray market goods.
c.infringed goods.
d.none of the above
The Sotheby’s Christie’s case illustrates, among other things, that companies will
sacrifice its employees to save
the company.
a. True
b. False
Equitable remedies are not available under the Sherman Act.
a. True
b. False
Who would be a tippee for purposes of insider trading?
a. a janitor who gathers information by reading files on corporate counsel’s desk
b. an MBA student who tracks the market very closely
c.a broker who once worked in the pharmaceutical industry
d.All of the above would be tippees.
Which of the following arrangements is subject to the rule of reason test?
a. sole outlets and exclusive distributorships
b. resale price maintenance
c.tying
d.All of the above are under the rule of reason test.
E-Sign:
a. applies only to interstate transactions.
b. must still be adopted by the states to be effective.
c.does not apply to contracts for the sale of goods.
d.applies in all 50 states.
e. none of the above
A disparate impact case:
a. requires the same proof as a disparate treatment case.
b. does not apply to promotions.
c.requires proof of intent to discriminate.
d.does not apply if a reasonable rule produces the disparate impact.
e. none of the above
State and local governments can exercise eminent domain under the Kelo decision:
a. only when there is a clear public purpose use proposed for the land being taken.
b. if there is a plan for economic development or revitalization.
c. only if the land will be used by another public entity.
d. both a and c
The distinguishing element between intentional torts and negligent torts is:
a. intent.
b. level of damages.
c.causation.
d.All of the above are distinctions.
Shelf registration is good for a maximum of two years, provided there are regular
filings such as the 10K.
a. True
b. False
In order to establish criminal liability of the directors of a corporation:
a. a prosecutor need only establish that the corporation committed a crime.
b. a prosecutor must establish that the directors had criminal intent.
c. the corporation is liable for criminal acts but the directors are not liable.
d.none of the above
Which of the following is not part of the United States Code?
a. 1933 Securities Act
b. Sherman Act
c.Equal Employment Opportunity Act
d.Uniform Commercial Code
e. All of the above are part of the United States Code.
McDonnellDouglasv.Greenwas the U.S. Supreme Court case that established the
elements of proof for a disparate treatment case.
a. True
b. False
State supreme court decisions can be appealed to the U.S. Supreme Court.
a. True
b. False
Partners are not liable for each others’ torts committed in the scope of business.
a. True
b. False
The OECD is resistant to the U.S. position against bribery.
a. True.
b. False
Privity of contract:
a. means a direct contractual relationship between the parties.
b. is required for recovery on a UCC warranty theory.
c.is required for recovery under section 402A.
d.none of the above
Which of the following is a generic term?
a. Honey Maid graham crackers
b. Nintendo video games
c.cola
d.Jell-O brand gelatin
Meeting the competition is a defense to price discrimination.
a. True
b. False
Lingering apparent authority results from:
a. the failure to give notice of termination.
b. ratification.
c.the lack of capacity on the part of the principal.
d.none of the above
The manufacturers of several designer purses have met and agreed not to sell their
purses to Jolie’s Department Store because of Jolie’s practice of discounting all items 20
percent below the retail costs at other stores. The manufacturers are concerned about
maintaining their images of exclusivity and quality. The agreement among the
manufacturers:
a. is valid because of their need to protect their product.
b. violates the Sherman Act because it is a boycott.
c.is valid because the rule of reason applies and they have a valid reason.
d.none of the above
To withstand challenges, proposed agency rules must be supported by some studies or
evidence.
a. True
b. False
The executive branch of the federal government has no enforcement authority.
a. True
b. False
An administrative agency is neither a legislative nor a judicial body.
a. True
b. False
The Uniform Unincorporated Nonprofit Association Act provides for limited liability of
the members of a nonprofit organization that is not incorporated.
a. True
b. False
Which of the following contract subject matters must be evidenced by a writing to be
enforceable under the statute of frauds?
a. a contract for the sale of an easement for $75
b. a contract for the sale of a computer monitor for $220
c.a contract for consulting for 6 months @ $10,000 per month plus expenses
d.All of the above must be in writing.
Under the UCC and between nonmerchants, additional terms in acceptance:
a. constitute a counteroffer.
b. are part of the contract.
c.result in rejection or the original offer.
d.none of the above
The sellers of “Acne-Statin,” a skin cream, claim in their ads that their cream “cures
acne.” The American Association of Dermatologists has determined that there is no cure
for acne, only creams that can curb breakouts. The ad claims:
a. are simply puffery.
b. breach an express warranty.
c.do not violate any FTC rules.
d.none of the above
The EEOC is responsible for enforcement of Title VII.
a. True
b. False
The USA Patriot Act requires those handling large sums of cash to verify the sources of
those funds.
a. True
b. False
State antitakeover statutes that delay takeovers are unconstitutional.
a. True
b. False
RICO applies only to corporations.
a. True
b. False
The First Amendment:
a. does not afford protection for corporate political speech.
b. does not permit regulation of corporate advertising.
c. provides limited protection for corporate political speech.
d. is applied differently to commercial speech.
e. none of the above