Wildcat strikes are illegal and subject to unfair labor practice charges.
The refrigerator purchased by a physician to store medicines in her office is classified
as a consumer good.
Sharing of losses is a condition of partnership.
The UN Convention on the International Sale of Goods is also known as the Vienna
Convention.
State attorneys general are free to litigate on behalf of their state citizens individually.
A red herring prospectus is issued before the sale is actually consummated.
The entities created by enabling statutes are called as executive agencies.
Contracts implied in fact are known as quasi contracts.
An agent is a person who by agreement with the principal acts on behalf of and subject
to the control of the principal.
Debt securities are represented by stocks and other instruments that qualify as assets.
Nonbinding arbitration agreements are almost always included in international
commercial transactions as a way of avoiding international litigation.
The primary difference between debt and equity is that debt represents money owed
while equity represents an asset owned.
The first to claim mislaid personal property acquires title to the personal property and
becomes the owner of the property.
Ratification is the affirmation by a person of a prior act which did not bind him but
which was done on his account.
Generally, decision of an administrative agency can be challenged in a federal court
once the litigant exhausts administrative remedies as set forth under the agency’s
regulations.
A valid completed gift can be taken back by the donor.
An agent must have capacity to contract.
Past consideration is an adequate consideration to support a promise, therefore, it can
create a contract.
All the member countries of the European Commission (EC) can impose criminal as
well as civil and injunctive relief against antitrust violations.
Copyright and trademark violations are example of frauds included under the category
of public corruption.
Generally panels of arbitrators comprise an odd number of arbitrators.
The Uniform Commercial Code addresses contracts involving land, services or
intangibles.
Laws of nature, physical phenomena, and abstract ideas are deemed unsuitable for
patent.
The U.S. basketball leagues are exempt from antitrust laws.
Justices of the Supreme Court are appointed by the President of the United States with
the advice and consent of the Senate.
According to the fair-use doctrine, the unauthorized use of a copyrighted material is
considered as a fair use if it is used for the purpose of news reporting.
Not all debts are dischargeable in bankruptcy.
Trial courts have appellate jurisdiction.
An organization can use a trademark for a period of 50 years from the date of
registration after which it needs to be renewed.
Discrimination on the basis of religion is prohibited by Title VII provided the religion is
a legitimate one.
The executive branch of government has the president as the chief executive.
Which of the following types of intentional torts most likely involves the intentional,
unpermitted, or offensive touching of the body of another?
A.Assault
B.Defamation
C.Battery
D.False Imprisonment
What is meant by reaffirming a debt?
A.Securing a debt with the help of a collateral
B.Taking a loan for repaying the debt
C.Extending the time period allowed for repaying the debt
D.Voluntarily repaying a debt even after it has been discharged
Two stories are printed on the same page in a news paper. One of them is about a recent
drug pedaling incident and the other is an interview of Mr. Mellon, a renowned
guitarist, which includes his photograph. The placement of the two articles and the
photograph is such that anyone reading the news paper would feel that Mr. Mellon was
involved in the drug pedaling incident. With reference to intrusion of privacy, this is
most likely to be an example of:
A.appropriation of name or likeness
B.publication of private facts
C.intrusion upon seclusion
D.false light
_____ is the preferred method of dispute resolution for most merchants.
A.Litigation
B.Negotiation
C.Arbitration
D.Conciliation
Which of the following is true regarding an Environmental Assessment (EA)?
A.If an EA is required, the responsible agency must publish a notice of intent in the
Federal Register, indicating intent to prepare a draft environmental impact statement.
B.A scoping meeting is mandatory before issuing an EA.
C.The public gets 45 days to comment on an EA after it is reported.
D.It is a public document that serves to provide sufficient evidence and analysis for
determining whether to prepare an Environmental Impact Statement.
All of the following statements is true regarding the constitutional rights of a business
EXCEPT:
A.the Eighth Amendment’s prohibition against cruel and unusual punishment has no
application to corporate punishment.
B.the Sixth Amendment gives the corporation the right to counsel through its officers or
agents.
C.businesses are not protected from illegal searches and seizures by the Fourth
Amendment.
D.corporations have no Fifth Amendment rights against self-incrimination.
If a debtor goes bankrupt and has more than one secured creditors then:
A.the creditor who secured the interest first gets the first right to reclaim the collateral.
B.all secured creditors get equal shares in the collateral.
C.the creditor who perfected the security interest first gets the first right to reclaim the
collateral.
D.the collateral is distributed among all the creditors with secured interest in the
proportion of their credit.
A store owner was owed money by a doctor for a long time and the doctor had not paid.
The store owner put a sign in his store window saying that the doctor was a deadbeat.
This is most likely to be an example of:
A.appropriation of name or likeness.
B.publication of private facts.
C.intrusion upon seclusion.
D.false light.
This federal agency is housed within the U.S. Department of Homeland Security. In
terms of international business, the office is charged with the responsibility for
collecting customs duties, export taxes, fees, and penalties owed for imported
merchandise. Identify the federal agency in the discussion.
A.The International Trade Administration
B.The Office of the U.S. Trade Representative
C.The U.S. Customs and Border Protection
D.The Bureau of Industry and Security
Which of the following statements is true regarding business necessity?
A.Bona fide occupational qualification (BFOQ) and business necessity are the same.
B.Job requirements state the business necessity and applicants not meeting the
qualifications need not apply.
C.The business necessity defense is actually legalized discrimination.
D.Business necessity arises when the employer’s policy is neutral on its face.
Which of the following types of bankruptcy is frequently referred to as the
reorganization bankruptcy?
A.Chapter 7
B.Chapter 9
C.Chapter 11
D.Chapter 12
A _____ is generally used when the potential juror does not fit the profile of jurors who
the attorney feels would most benefit the client.
A.cross-claim
B.peremptory strike
C.motion
D.summons
Which of the following statements is true regarding equity securities?
A.Equity securities represent loans to companies which companies promise to repay
with interest.
B.A share is an example of equity securities.
C.Equity securities are represented by bank notes.
D.Equity securities do not fall into the category of negotiable instruments as they
represent ownership in companies.
_____ is also known as injurious falsehood.
A.Intrusion upon seclusion
B.Assault
C.Disparagement
D.Battery
The _____ branch of government is responsible for executing the laws of the land.
A.executive
B.legislative
C.judicial
D.civil
Which of the following types of patents covers “distinct and new” varieties of plants
that are produced asexually?
A.Utility patent
B.Prototype patent
C.Design patent
D.Plant patent
A law regarding trade secrets is an example of _____ law.
A.civil
B.substantive
C.private
D.criminal
A security is defined as a _____ that represents financial value.
A.negotiable instrument
B.contract
C.deed
D.chattel paper
A developer wishes to construct a building on land owned by your neighbors and he
asks the city to take the property by eminent domain and give it to him for that purpose.
You agree that it is unfair to your neighbors for their property to be taken and you wish
to join the lawsuit filed by your neighbors as a show of support. You cannot join the
lawsuit because:
A.it represents a hypothetical issue.
B.it rests upon future contingent events.
C.it does not involve diversity of citizenship.
D.you lack standing to sue.
Which of the following torts is most likely to be considered as an offense with strict
liability?
A.The tortfeasor did not intend to do the act, and instead the act was the result of the
tortfeasor’s failure to meet a required standard of care to prevent an unreasonable risk of
harm to others
B.The tortfeasor engaged in a normal activity which accidentally resulted in some harm
C.The tortfeasor engaged in activity that a statute classifies as one that is so dangerous
that the tortfeasor must be responsible for virtually all the harm that arises as a result of
engaging in the activity
D.The tortfeasor intended to do the act that resulted in the harm to the victim
Specialized courts might include a _____ to settle matters of support and child custody.
A.Probate Court
B.Family Court
C.Magistrate’s Court
D.Court of Claims
Fresno Computers and Seattle Softwares are two computer manufacturing companies in
the west coast of the U.S.A. They, non-contractually, agreed on a price range within
which they will set the prices of their laptops. Under this situation:
A.they are not in violation of any antitrust laws because they only agreed upon a price
range, not a definite fixed price.
B.the courts will not consider their agreement inherently anticompetitive and examine it
as per the rule of reason approach.
C.they are not in violation of any antitrust laws because there was no written agreement
between the two companies regarding the price fixing.
D.the courts will consider their act anticompetitive because price fixing agreements
which merely affect price are also per se violations.
When a company decides to go public, it must file a registration statement with the
SEC. Which of the following statements is true regarding this registration process?
A.A registration becomes effective 10 days after the final change has been submitted to
the SEC.
B.Tombstone ads can be published before the registration becomes effective.
C.Securities can be sold before the registration becomes effective.
D.The financial statements submitted for the registration process must be certified for
the past six years.
(p.298, 299)Which of the following statements is true for labor laws?
A.They do not offer protection against unfair labor practices.
B.They don’t give employees the right to form labor organizations.
C.They give the courts extra power for regulating union activities.
D.They provide union members with a bill of rights.
Which of the following statements is true for monopolies?
A.Section 1 of the Sherman Antitrust Act makes it unlawful to monopolize.
B.It is defined as the power to control prices or exclude competition.
C.Market power cannot be measured by the monopolist’s share of the relevant market.
D.Some companies enjoy absolute monopoly over their relevant markets.
Strict liability is responsibility imposed on tortfeasors for:
A.engaging in assault.
B.contributing to an act of negligence.
C.engaging in activity deemed by statute to be dangerous until the tortfeasors must take
responsibility for all harm that arises therefrom.
D.engaging in activity banned by statute.
A legal system based on the _____ law exists in most of the North America.
A.customary
B.common
C.civil
D.muslim
A _____ is the one who has given something of value to the debtor in exchange for a
promise that the debtor will repay the loan.
A.testator
B.creditor
C.promoter
D.guarantor
_____ are specifically excluded from the NLRA.
A.Part-time workers
B.Nonmanagerial employees
C.Subagents
D.Domestic workers
(p.372, 373)The Copyright Act lists four criteria to be used in a determination of
whether use of material is fair. Which of the following is NOT one of these four
criteria?
A.How the material is used and the intent for which use was made
B.The time elapsed between the creation of the material and the unauthorized use of the
material
C.Whether the usage of the material is scholarly or for commercial use
D.The qualitative and quantitative use of the work
Discuss the following statement, An agency results in a fiduciary relationship between
an agent and a principal.’
In what ways did the Taft-Hartley Act of 1947 curb union abuses and excesses?
What is arbitration?
What are the three broad principles of the World Trade Organization (WTO)?
What is an executive agency? Give an example of an executive agency. What is the
difference between an administrative agency and an executive agency?
Discuss a surety’s right of exoneration.
What are the two objectives of the Securities Act of 1933?
Discuss the concept of the corporate veil.
What is quasi-legislative authority?
What is the Federal Register?
Discuss vicarious liability.
What is meant by perfecting a security interest? What is the difference between
attachment of a security interest and perfection of a security interest?
Explain the terms legal detriment and legal benefit.
What is a vertical merger? Distinguish between upstream and downstream mergers.
What are the two types of international organizations?
What are wildcat strikes? When are they subject to unfair labor practice charges?
Discuss tenancy in common.
Write a few lines on the Environmental Protection Agency.
Distinguish between mandatory and permissive subjects of bargaining.