In the case of an agency relationship, an agent’s authority is terminated upon the loss of
capacity of the agent by insanity.
If an administrative agency issues a final order in an adjudication, the order will have
full force and effect only if the order is enforced by a court of law.
Harm to the real property should be proved to establish the tort of trespass to real
property.
The laws passed by congress are known as executive orders.
Minitrial is generally carried out after the case has been filed with the court.
All public offerings of securities must be registered with the SEC.
One nationwide rule governs the filing of financing statements for perfecting security
interests.
The International Monetary Fund (IMF) is a nongovernmental organization.
The domain name “.int” is generally used for commercial organizations.
When a cross-claim is filed, each party is suing the other.
Pensions are exempt from bankruptcy.
The legislative branch of the government has the authority to interpret executive orders
or other presidential acts as unconstitutional.
The Fourth Amendment prohibits the making of any law infringing on the freedom of
speech and freedom of press.
A threatened species is one that is in danger of extinction throughout all or a significant
portion of its range.
The Taft-Hartley Act of 1947 was an attempt to curb union abuses and excesses.
The Red Cross is an intergovernmental organization.
The Bureau of Industry and Security is responsible for implementing and enforcing the
Export Administration Regulations (EAR).
Pregnant employees cannot be made to leave work early and take maternity leave at a
certain arbitrarily set date.
Arbitration is the easiest and cheapest method of dispute resolution.
Under the Americans with Disabilities Act of 1990, a person is disabled if he or she has
a record of being disabled.
Legal positivism is based on the theory that there is a discoverable set of absolute right
and wrong principles upon which our laws should be based.
If someone steals property from the owner, then sells the property to a third party, even
to an innocent purchaser who has no notice that the property is stolen, the true owner
can still reclaim the property.
If the grantor of land orders that the land will go to a third party (i.e., not the grantor or
grantee/life tenant) after the life estate is over then this is known as reversion.
A novation takes the assignor out of the contract altogether and substitutes the assignee
in the assignor’s place.
Legislation provided union members with a bill of rights to protect them from union
abuses.
Mediation and arbitration tend to be more expensive than litigation.
The Norris-LaGuardia Act increased the right of courts to issue injunctions against
employees, prohibiting them from continuing concerted activities like strikes against
their employers.
The U.S. claims court is the final appellate court.
Patents and trademarks fall under the chattel paper category of collaterals.
Negotiable instruments can be used as collateral.
The ambassador of the Office of the U.S. Trade Representative (USTR) serves as a
voting member of the Export-Import Bank.
In an Article III court, Congress has power to remove judges, whereas in a legislative
court, appointments are for a lifetime.
Bona fide occupational qualification and business necessity are the same.
The term trade dress refers to the total image of a product, including the size, shape,
color, texture, graphics, or particular sales technique employed.
Under the UCC, a change in the offer by offeree will only be considered a counteroffer
if the offeree intends it to be so.
An export management company generally is smaller and usually handles only one
product or type of product.
The Labor Management Reporting and Disclosure Act did not regulate the activities of
union officials.
Filing an involuntary bankruptcy triggers an automatic stay of the debts owed.
An executive order is an order issued by the president or governor implementing a
statute or governing operations of executive agencies.
A summons is issued by a court during the _____ phase of a civil trial.
A.trial
B.pleadings
C.pretrial
D.appeal
Which of the following is true regarding the decision reached by the arbitrator in the
case of binding arbitration?
A.The decision need not be consistent with the concept of stare decisis.
B.For binding agreements the arbitrator should be a lawyer.
C.The decision can be reviewed if the parties do not like the decision.
D.The decision reached by the arbitrator is known as an endorsement.
According to federal jurisdiction a case is ripe for decision if the case:
A.involves diversity of citizenship.
B.is ready and does not rest upon future contingent events.
C.does not have sufficient connection to the law challenged.
D.represents a hypothetical issue.
Which of the following courts has appellate jurisdiction over the U.S. Court of
International Trade?
A.Court of Veterans’ Appeals
B.Claims Court
C.Federal Circuit Court of Appeal
D.Tax Court
_____ is exerting pressure through threats or use of physical force, economic
disadvantage, exposure of private matters, etc., to get a party to enter into a contract.
A.Duress
B.Undue influence
C.Fraud in execution
D.Gap filling
The Public Company Accounting Oversight Board (PCAOB) was created by the _____.
A.Dodd-Frank Act
B.Deficit Reduction Act
C.Sarbanes-Oxley Act
D.Commodity Futures Modernization Act
Which of the following statements is true regarding the trespass to real property tort?
A.This tort becomes applicable even when somebody accidentally comes on the
property.
B.This tort cannot be established if the trespasser does not enter the land with the intent
to harm.
C.Harm to the real property should be proved to establish the tort of trespass to real
property.
D.The rental agreement that gives exclusive possession and control to the tenant can
form the basis of a trespass to real property action.
Before the business is incorporated, someone is working behind the scenes to ensure
that the corporation, once formed, has the capital and means to begin operations. This
person is called the ___.
A.creditor
B.facilitator
C.creator
D.promoter
With reference to a valid contract, _____ indicates that the offeror is extending an offer
and the offeree is accepting the offer.
A.capacity to enter into a contract
B.mutual assent
C.legality
D.consideration
_____ is the most useful alternative dispute resolution method when the parties wish to
maintain an ongoing relationship but simply need help resolving the present conflict.
A.Mediation
B.Conciliation
C.Litigation
D.Coalition
Which of the following is one of the defenses to negligence?
A.The tort was committed in defense of self or others.
B.The plaintiff contributed to the injury by doing a negligent act him- or herself.
C.The tortfeasor did not have the intent to harm.
D.The tortfeasor was as careful as possible.
A _____ identifies the producer rather than the products or services produced.
A.patent
B.trade name
C.copyright
D.trademark
Debtor’s property in which the debtor gives an interest to the creditor as security for its
debt is known as ___.
A.obligation
B.capital
C.capacity
D.collateral
Which of the following statements is true regarding a limited partnership?
A.The limited partnership agreement is a public document.
B.The certificate of limited partnership filed with the state details and determines the
rights, responsibilities, and relationships of the partners.
C.In order to form a limited partnership, the owners must file a certificate of limited
partnership with the state.
D.Limited partnerships are rarely governed by a partnership agreement.
The ambassador of the Office of the U.S. Trade Representative (USTR) serves as:
A.the president of the World Trade Organization.
B.a nonvoting member of the Export-Import Bank.
C.the vice president of the World Bank.
D.a member of the International Monetary Fund.
Which of the following statements best describes intrusion upon seclusion?
A.Using someone’s name or photo, usually in an advertisement, without his or her
permission
B.Intentionally publishing something that puts another in an unfavorable or untruthful
light, though it is true
C.Intentionally intruding into a space someone has a right to consider private
D.Widely disseminating information about someone which, though true, is highly
private and need not be publicized
In the case of limited partnership, which of the following statements is true regarding
the general partners?
A.They are essentially passive investors in the partnership.
B.They owe fiduciary duties of loyalty and care to the partnership.
C.They do not have any say in the ordinary operations of the partnership.
D.They are not personally liable for the partnership’s debts.
A patent gives the inventor the right to exclude others from making, using, offering for
sale, or selling, the invention or design for a _____-year-period from the date of the
application, which cannot be renewed.
A.10
B.20
C.30
D.40
Embezzlement and loan fraud are most likely to be examples of _____.
A.financial institution fraud
B.economic crimes
C.public corruption
D.health care fraud
Unfair labor practices by unions include:
A.refusal to bargain.
B.bargaining in good faith.
C.charging pay hikes from employers.
D.holding strikes to make a statement.
Price fixing occurs when:
A.bidders agree ahead of time who will win the award.
B.two or more competitors conspire to sell a product for the same price.
C.interference with the competitive bidding for the awarding of a contract.
D.different purchasers of the same product are charged differently for an item that costs
the same to produce.
Which of the following terms best represents an unincorporated business owned by a
single individual?
A.A general partnership
B.A limited partnership
C.A sole proprietorship
D.A limited liability company
Which of the following frauds involves someone, usually a corporate insider, buying or
selling a security while in possession of inside information?
A.Pyramid scheme
B.Insider trading
C.Perjury
D.Ponzi scheme
Which of the following types of federally protected intellectual property most likely
protects goods and services?
A.License
B.Trademark
C.Patent
D.Copyright
A business can monitor relevant agencies for actions impacting it by:
A.periodically reading the Congressional Directory.
B.joining a trade organization.
C.being a member of national labor relations board.
D.joining an executive agency.
The laws that are used to penalize those who are found to dump their products are
called _____ laws.
A.non-tariff barrier
B.countervailing
C.antidumping
D.grey market
Title VII of the Civil Rights Act applies to employers with _____ or more employees.
A.5
B.10
C.15
D.20
Which of the following statements is true regarding conciliation?
A.It is also known as mediation.
B.It is the easiest and the cheapest ADR method.
C.It is the last ADR method a party with a conflict should attempt and it is generally
used just before litigation.
D.If conciliation doesn’t work, the next logical step after conciliation is arbitration.
A security interest is said to attach once three of the following requirements are
fulfilled. Which of the following is NOT one of the three necessary requirements?
A.The secured party has given something of value.
B.The debtor has rights in the collateral.
C.The creditor has filed a financing statement signed by the debtor.
D.Either the collateral is in the possession of the secured party or the security
agreement is in a writing which contains a description of the collateral and is signed by
the debtor.
The Clayton Act:
A.declared interlocking directorates both unlawful and criminal.
B.allows selling a product at different prices to similarly situated buyers.
C.is enforced solely by the Department of Justice.
D.declared corporate mergers unlawful but not criminal.
Which of the following types of federally protected intellectual property most likely
protects inventors and their inventions?
A.License
B.Trademark
C.Patent
D.Copyright
Which of the following types of legal systems exists in most of the Oceania?
A.Customary law
B.Common law
C.Civil law
D.Muslim law
In the case of ___, the employee alleges that he or she was treated differently from
other similarly situated employees regarding some aspect of employment based on one
of the prohibited reasons, that is, based on race, gender, and so on.
A.reverse discrimination
B.disparate treatment
C.disparate assignment
D.disparate impact
With reference to indispensable paper, the term _____ includes negotiable instruments,
stocks, bonds, and other investment securities.
A.license
B.chattel paper
C.document
D.instrument
Discuss the UN Convention on the International Sale of Goods.
What are the various categories of white collar crimes?
What are the steps involved in the formation of a union?
What are the three requirements that must be fulfilled to create a valid complete gift?
According to federal jurisdiction, what are the various criteria that must be fulfilled by a
case so that it can be heard in a court?
What is shuttle diplomacy?
Explain the following terms: Secured party, Security interest.
What are the various functions performed by the promoter of a corporation?
Discuss the establishment of the World Trade Organization.
What are the different requirements of an offer in order to be sufficient to create a
contract?
What is a stock?
How is title to real property transferred?
Describe the powers of administrative agencies.
If a claimant is using disparate impact as her or his theory of discrimination against the
employer, what are the two requirements that must be fulfilled in order to prove a prima
facie case?