If an agency is granted the authority to hear and decide agency disputes, the decisions
of these agencies cannot be challenged in a federal court.
The Securities Exchange Act of 1933 regulates secondary trades of securities between
persons having no relationship to the original issuer.
When someone sells a house or building, it is enough to simply include the street
address of the property in the deed; the full legal description of the property need not be
included.
The holder of a life estate interest can will the property to someone else.
In the case of a limited partnership, the general partners are essentially passive investors
in the partnership who do not make management decisions.
A sustainable business refers to any business that participates in environmentally
friendly processes, products, or activities that address environmental concerns while
maintaining a profit.
All fiduciary relationships are agency relationships.
According to the categorical imperative theory, in the event of an ethical dilemma, the
ends justify the means and the choice is made to do what is the “greatest good” for the
most people.
The U.S. claims court is a court of intermediate appeals.
Actual interference by an employer has to be proved in order for it to be considered an
unfair labor practice.
The Resource Conservation and Recovery Act of 1976 exclusively deals with
generation, transportation, treatment, storage, and disposal of hazardous waste.
Failure to notify the DOJ of the intent to merge can hold companies liable under the
Hart-Scott-Rodino Act of 1976.
Suretyship is the legal relationship formed when someone agrees to pay another’s debt
if the debtor does not pay.
If two parties involved in a dispute try to resolve their conflict using the ADR
mechanism then they cannot proceed to the court litigation even if they are not satisfied
with the ADR result.
Rule 10b-5 requires intent to deceive.
Price discrimination is an antitrust violation under the Sherman Act.
According to the Miranda warnings, the attorney of the suspected criminal cannot be
present when the suspected criminal is being questioned.
Under the constitution, businesses are protected from illegal searches and seizures by
the Fourth Amendment much like individuals are.
The Uruguay round is the current trade-negotiation round of the World Trade
Organization (WTO) which commenced in 2001.
A downstream merger occurs when the purchaser acquires the supplier.
The Occupational Safety & Health Administration enforces law permitting collective
bargaining by employees (unions).
Congress has quasi-legislative authority.
A donee who receives a valid completed gift can sell it to someone else.
As per the Sarbanes-Oxley Act, the financial reports of the corporation should be
certified by the corporate officers.
Imposition of overtime is a mandatory subject of bargaining that cannot be unilaterally
implemented by the management.
A security is defined as a negotiable instrument that represents financial value.
Works that are in the public domain are not eligible for copyright protection.
In the case of minitrials, generally, parties look at the problem as one of a business
nature rather than a legal nature.
In the case of a sole proprietorship, the owner is legally separate from the business.
FMCS is a government agency that can be used by parties to conduct mediation of a
dispute.
Using old bicycle innertubes for wallets is an instance of social sustainability.
A valid contract requires the exchange of consideration or something of agreed value
between the parties entering into the contract.
Which of the following branches of government has the authority to nominate federal
judges?
A.Substantive
B.Executive
C.Judicial
D.Legislative
Which of the following statements is true for the Federal Trade Commission Act of
1914?
A.It limits the Federal Trade Commission (FTC) to equitable remedies.
B.The Act provides criminal penalties to those whose violate it.
C.It provides that unfair or deceptive practices are subject to criminal penalties.
D.It only covers monopolization cases and declares them unlawful.
With reference to a third party contract, under which of the following circumstances the
agent alone is party to the contract?
A.The principal is fully disclosed
B.The principal is identified
C.The principal is partially disclosed
D.The principal is undisclosed
Sustainability is a three-legged stool which comprises of:
A.people, planet, and partners.
B.people, planet, and projects.
C.people, planet, and profit.
D.people, planet, and product.
If a claimant is using disparate impact as her or his theory of discrimination against the
employer, in order to prove a prima facie case, the claimant must show that the
complaining group did not perform at least _____ as well as the group that received the
benefit.
A.20%
B.50%
C.60%
D.80%
Which of the following is true regarding the Medical Waste Tracking Act (MWTA)?
A.The National Response Center governs the waste that contains mercury or other toxic
substances.
B.The Act was enacted in 1978.
C.The MWTA requires segregation of the waste at the generator site and tracking of the
waste through to the disposal facility.
D.The Resource Conservation and Recovery Act governs the waste containing
radioactive isotopes or materials.
Which of the following statements is true regarding reversion?
A.The grantee gets the life estate interest in the land after the death of the grantor.
B.The grantor orders that the land will go to a third party after the life estate is over.
C.The grantee can sell the land after the death of the granter.
D.The grantor dictates that after the life estate the interest is to return to the grantor.
All of the following statements are true regarding an agency with quasi-legislative
authority EXCEPT:
A.The quasi-legislative agencies have the right to enact actual statutory laws.
B.If Congress grants an agency the authority to issue regulations, the agency is said to
have quasi-legislative authority.
C.The rules or regulations promulgated under quasi-legislative power are not any less
effective as a dictate that must be followed much like law.
D.Quasi-legislative agencies should follow the due process of law before passing any
rules and regulations.
Which of the following best describes a 706 agency?
A.A state level government office that serves as a complaint-handling agency for the
Federal government.
B.A federal government commission that implements the American Recovery and
Reinvestment Act.
C.A state level government office that serves as a complaint-handling agency for
EEOC.
D.A federal government commission that implements the Tax Relief and Health Act.
Which of the following is true regarding the Clean Air Act (CAA)?
A.One of the goals of the act is to set and achieve standards in every state in order to
address the public health and welfare risks posed by air pollution.
B.It was first amended in 1990.
C.The 1997 amendment to the CAA set technology-based standards for major sources
and area sources.
D.It defines an area source as a stationary source or group of stationary sources that
emit 10 tons per year or more of a hazardous air pollutant.
The Fourth Amendment:
A.protects a person against unreasonable searches and seizures by the police or other
government official.
B.provides constitutional protection against self-incrimination.
C.prohibits the making of any law infringing on the freedom of speech and freedom of
press.
D.protects the right of the people to keep and bear arms.
Industrial unions:
A.are the same as craft unions.
B.are composed of the employees of a workplace who perform dissimilar jobs.
C.may be part of a larger union network of the same type of employees at other
workplaces.
D.are often contacted when employers need the type of employees represented by that
union.
_____ is the willful and corrupt false swearing or affirming, under oath, as to a material
matter in question.
A.Misappropriation
B.Perjury
C.Embezzlement
D.Conspiracy
If both plaintiff and defendant are negligent, the _____ theory allots each of the parties
his or her proportionate share of the negligence and deducts from the total plaintiff
would have received, the value of plaintiff’s negligence.
A.comparative negligence
B.risk assumption
C.risk contribution
D.equal allocation
The Federal Deposit Insurance Corporation is a ___.
A.closely held corporation
B.government corporation
C.professional association
D.public corporation
If an incompetent party enters into a contract, the contract will be:
A.a contract implied in law.
B.an express contract.
C.a quasi contract.
D.a void contract.
A(n) _____ patent covers any new original and ornamental design for an article of
manufacture.
A.utility
B.prototype
C.design
D.plant
The new Chinese antimonopoly law enacted in August 2007:
A.is the first antitrust law in South East Asia.
B.regulates the concentration of undertakings.
C.promotes a healthy capitalist market economy.
D.imposes criminal liability against violators.
When an individual possesses another’s land openly, notoriously, and treats it as his or
her own for a period set forth in a statute (usually 21 years) and the true owner makes
no claim, the individual can petition the court to have title transferred into his or her
name and become the owner of the property. Such a transfer of property is termed as
_____.
A.tenancy
B.reversion
C.adverse possession
D.remainder
Executive Order 11246, related to employers who enter into contract with federal
government for providing goods and services, is implemented by ____.
A.Domestic Policy Council
B.Office of Federal Contract Compliance Programs
C.Agency for International Development
D.Department of Labor (DOL)
If an offer is made but before it can be accepted the subject matter of the offer becomes
illegal, the offer:
A.becomes an option contract.
B.is considered as an executed contract.
C.is terminated.
D.becomes a contract implied in fact.
Discuss the functions performed by the International Trade Administration (ITA).
Which of the following is the most prominent criminal activity involving fraud on the
securities market?
A.Pyramid scheme
B.Perjury
C.Ponzi scheme
D.Insider trading
Courts of _____ jurisdiction are sometimes called district courts, circuit courts, superior
courts, courts of common pleas, or, in New York for example, the Supreme Court.
A.general
B.original
C.limited
D.special
The EC Treaty:
A.governs anticompetitive measures between the member states.
B.does not have any jurisdiction over mergers in the European Union.
C.permits the EC to take private causes of action in antitrust cases.
D.does not allow members to bring an action against violators.
Arbitration was primarily utilized:
A.for baseball disputes.
B.by unions.
C.for international trade disputes.
D.by public limited companies.
Robert wishes to bring a more youthful look to his retail establishment. So he transfers
older employees to lower paying jobs. In this example Robert is violating the ___.
A.Clayton Antitrust Act
B.Age Discrimination in Employment Act
C.Reed-Jenkins Act
D.Homeland Security Act
Which of the following best represents 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?
A.Red herring prospectus
B.Registration statement
C.Proxy statement
D.Proxy solicitation
Eminent domain is:
A.the government’s right to take property for government use while providing the
owner with fair market value for the taking.
B.the owner’s right to sell the property at any price that he/she finds suitable.
C.the tenant’s right to buy the property after using it for a fixed number of years at
market value.
D.the owner’s right to hold the property for a lifetime and then pass it on to a person
who is not a relative of the owner.
Which of the following statements is true regarding an agent?
A.An agent must have capacity to contract.
B.An agency relationship is always created by the words or actions (or lack of action)
of the agent.
C.An agent may not act contrary to or without the principal’s consent.
D.The fact that a person acts on behalf of another makes him an agent even without the
appointment by the principal.
Strikes that are not authorized by the union are called ____.
A.bargaining strikes
B.yellow dog strikes
C.wildcat strikes
D.lockout strikes
Which of the following is an incorrect statement about the Age Discrimination in
Employment Act (ADEA) of 1967?
A.According to this act, if an employee is age 40 or over, the employee cannot be
discriminated against in any aspect of employment on the basis of age.
B.Until the Civil Rights Act of 1991 was introduced, ADEA was the only workplace
protective legislation which permitted a jury trial.
C.ADEA guarantees a job to a worker whose age is 40 or above regardless of level of
performance.
D.The employee win-rate for ADEA cases is high.
Bernard Madoff, former NASDAQ chairman, was sentenced in June 2009 to 150 years
in prison after pleading guilty to charges that he conducted purportedly the largest
_____ swindle in the country’s history and lost a reported $51 billion of his clients’
assets.
A.forex
B.Ponzi scheme
C.insider trading
D.pyramid scheme
Which of the following statements is true regarding a state level court of appeal?
A.It hears the cases for the first time.
B.It is empowered to be the final authority on legal interpretations.
C.It does not conduct trial.
D.It is a court of original jurisdiction.
Which of the following statements is true regarding insider liability under section 16?
A.Section 16 requires that the insider possesses material nonpublic information.
B.Section 16 only applies to transactions within six months of each other.
C.Section 16 applies to nonregistered equities.
D.Section 16 applies to debt securities.
Discuss briefly the Internal Revenue Service (IRS) in the context of administrative law.
Describe Section 1 and Section 2 of the Sherman Antitrust Act. Which covers an
oligopoly?
What is a secured transaction?
Discuss a surety’s right of reimbursement.
Describe briefly, Congressional oversight hearings.
Discuss with examples unilateral and bilateral contracts.
With reference to property interest, what is the difference between remainder and
reversion?
Explain the term trade dress.
What are the two most common types of guarantees?
To whom does Title VII apply and who is protected under Title VII?
What are the three large categories of torts?
What is the difference between bona fide occupational qualification and business
necessity?
What is acid rain and how is the acid rain program trying to curb it?
Discuss conciliation.
Discuss sole ownership.