What are the four basic types of intellectual property?
a. Patents, copyrights, trademarks, and trade secrets
b. Patents, copyrights, certifications, and trademarks
c. Copyrights, certifications, trademarks, and original works
d. Inventions, certifications, original works, and patents
Answer:
Which of the following is true regarding whether the “common enterprise” element of
the SEC v. W.J. Howey Co. case requires horizontal or vertical commonality?
a. The federal circuits are in agreement that there must be horizontal commonality even
if vertical commonality can be shown.
b. The federal circuits are in agreement that there must be vertical commonality even if
horizontal commonality can be shown.
c. There is a split in the federal circuits as to whether the common enterprise element of
the test can be met by showing horizontal commonality or whether there must be
vertical commonality.
d. There is a split in the federal circuits as to whether the common enterprise element of
the test can be met by showing vertical commonality or whether there must be
horizontal commonality.
Answer:
A company that decides to abandon a proposed public offering due, for example, to a
lack of investor interest, must wait at least eighteen months before shifting to a private
offering.
a. True
b. False
Answer:
The person hiring an independent contractor bargains both for the results and the means
of achieving the results.
a. True
b. False
Answer:
The main holding in CASE 10.1, MacPherson v. Buick Motor Co. (1916), was Buick’s
liability without privity of contract with the buyer, MacPherson.
a. True
b. False
Answer:
A repayment plan under a Chapter 11 bankruptcy must either be accepted unanimously
or pass the “best interests of creditors” test.
a. True
b. False
Answer:
The __________ set forth the steps that must be taken to establish a corporation in a
state.
a. Uniform Federal Rules
b.corporate statutes of each state
c. corporate bylaws
d.corporate charter requirements
Answer:
__________ is a term addressing the ability of a manager to communicate effectively
with counsel and to work together to solve complex problems.
a. Legal astuteness
b. Conciliatory interaction
c. Mediation
d. Arbitration
Answer:
Each activity in regard to “law and the value chain” referenced in the text has legal
aspects.
a. True
b. False
Answer:
The Fifth Amendment contains the “due process” restriction on actions by the federal
government.
a. True
b. False
Answer:
A __________ is the right, conferred by a written contract, to purchase property on the
same terms offered by or to a third party.
a. letter of agreement
b. letter of intent
c. right of first refusal
d. right of first negotiation
Answer:
Which of the following does Executive Order 11246 require that federal contractors
include in every nonexempt government contract?
a. An agreement not to discriminate in employment on the basis of race, color, religion,
sex, or national origin.
b. An agreement to hire a certain quota of minorities.
c. An agreement to perform audits of discriminatory practices.
d. An agreement to hire a certain quota of minorities and an agreement to perform
audits of discriminatory practices.
Answer:
Plaintiffs in Title VII cases may only bring claims of harassment based on sex.
a. True
b. False
Answer:
The common law doctrine of __________ means to “abide by decided cases.”
a. subject matter jurisdiction
b. stare decisis
c. choice-of-law
d. standing
Answer:
Investment banking firms are prohibited by federal law from underwriting public
offerings of securities.
a. True
b. False
Answer:
Constructive abandonment of a trademark can occur through the trademark lapsing into
genericism.
a. True
b. False
Answer:
Which of the following is NOT a type of warranty under the UCC?
a. Express
b. Fitness for a particular purpose
c. Merchantability
d. Specific performance
Answer:
Void means the same thing as voidable in contract law.
a. True
b. False
Answer:
A contractual provision insisted upon by a bidder limiting the ability of board members
to negotiate with other bidders is referred to as a(n) __________ clause.
a. obedience
b. loyalty
c. negotiation
d. no-talk
Answer:
Which of the following refers to the belief that decisions with environmental
consequences should not discriminate against poor and minority communities?
a. Fair allocation
b. Brownfield containment
c. Environmental justice
d. Equitable allocation
Answer:
CASE 3O’Shea v. Welch (2003), involved the question of whether an employee was on
a frolic or a detour at the time of the accident.
a. True
b. False
Answer:
How long must an employee have worked for an employer in order to be eligible for
leave provided by the Family and Medical Leave Act?
a. Two years
b. Twelve months
c. Six months
d. 120 days
Answer:
Laws addressing wilderness preservation, wildlife protection, coastal zone
management, energy conservation, and national part designation are referred to as
__________ laws.
a. protection
b. environmental
c. endangerment
d. natural resources
Answer:
In relation to forward-looking statements, under the bespeaks caution doctrine, a court
may determine that the inclusion of sufficient __________ in a document renders
immaterial any misrepresentation or omission contained therein.
a. facts
b. cautionary statements
c. expert opinions
d. information
Answer:
Which of the following is not true regarding the legal requirements of a deed?
a. It must specifically describe the interest that is conveyed.
b. It must signed by the named grantee.
c. It must be delivered to the named grantee.
d. It must be accepted by the named grantee.
Answer:
Which of the following is the majority approach when resolvingcontradictory terms in
pre-printed forms? (See theRichardson v. Union Carbide Industrial Gases, Inc. case)
a. The majority approach is that the offeror’s terms control.
b. The majority approach isthat the offeree’s terms control.
c. The majority approach is to applythe knockout rule with conflicting terms knocked
out of the contract.
d. The majority approach is the assimilation view whereby terms of the offer prevail
over the different terms in the acceptance only if the latter are materially different.
Answer:
The Sherman Act applies only to “trade or commerce” within a state, between the states,
or with foreign nations.
a. True
b. False
Answer:
The federal agency responsible for enforcing the provisions of the Occupational Safety
and Health Act is the:
a. Occupational Safety and Health Administration.
b. Safe Workplace Administration.
c. Health in the Workplace Administration.
d. Federal Employment Oversight Administration.
Answer:
Blaire and Jimmy have been married for many years and own a home through tenancy
by the entirety. Blaire has grown children from a previous marriage, Andy and Candy;
and her will provides that her interest in the home should go to them upon her death.
Blaire dies at age 90, and a few weeks later Jimmy finds a new girlfriend and moves her
into the home. Andy and Candy object and tell Jimmy to get out because they have an
ownership interest in the home, and they believe that Jimmy is being disrespectful to
their mother. Which of the following is true regarding the ownership claim of Andy and
Candy?
a. Blaire’s children are correct; and each of them, along with Jimmy, have a 1/3
ownership interest in the home.
b. Blaire’s children are correct, and they each have a 25% interest in the home with
Jimmy owning the other 50% interest.
c. Blaire’s children are correct, and they each have a 10% interest in the home with
Jimmy owning the other 80%.
d. Blaire’s children are incorrect, and Jimmy solely owns the home.
Answer:
A member of the board who also serves as an officer is a(n) __________ director.
a. inside
b. interested
c. outside
d. employed
Answer:
Under the Sarbanes-Oxley Act of 2002, it is a misdemeanor to knowingly execute a
scheme to defraud any person in connection with any security of a publicly traded
company.
a. True
b. False
Answer: