A living will states a person’s wishes regarding estate planning.
The Fair Labor Standards Act guarantees workers unpaid time off from work for family
and medical emergencies and other specified situations.
According to Rawls’s social justice theory, moral duties are based on an implied social
contract.
If the finder of a lost property posts notices and publishes advertisements describing the
lost property, he or she will be able to clear title to the property after certain
requirements are met.
An oral order to stop payment on a check is binding on the payer bank for a period of
14 calendar days.
A member or a shareholder is the owner of a Limited liability company (LLC).
A person charged with a crime in the United States is presumed innocent until proven
guilty.
Privity of contract refers to the transfer of contractual rights by an obligee to another
party.
If the statute of limitations for strict liability for a particular state is two years and a
plaintiff brings a product liability suit to court three years after the injury, the defendant
is relieved of liability.
A corporate name cannot contain the word University if it is not authorized to conduct
the business of granting undergraduate and graduate degrees.
Joint venturers generally have equal rights to manage a joint venture.
If an invention is obvious, then it does not qualify for a patent.
Authorized shares that have not been sold by the corporation are known as ________.
A) issued shares
B) unissued shares
C) outstanding shares
D) liquidated shares
Which of the following chapters of the bankruptcy code deals with adjustment of debts
of a family farmer or fishermen with regular income?
A) Chapter 7
B) Chapter 12
C) Chapter 11
D) Chapter 13
Plant life that is severed from the land is considered ________.
A) intangible property
B) immovable property
C) real property
D) personal property
The Whistleblower Statute is also known as the ________.
A) Sarbanes-Oxley Act
B) Business Norms Act
C) False Claims Act
D) Glass-Steagall Act
Dissolution of a corporation that has begun business or issued shares upon
recommendation of the board of directors and a majority vote of the shares entitled to
vote is known as ________.
A) liquidation
B) judicial dissolution
C) administrative dissolution
D) voluntary dissolution
________ are employees of a corporation who are appointed by the board of directors
to manage the day-to-day operations of the corporation.
A) Corporate officers
B) Shareholders
C) Registered agents
D) Ombudsmen
________ is a doctrine that permits judges to make decisions based on fairness,
equality, moral rights, and natural law.
A) The common law of contracts
B) The Restatement of the Law of Contracts
C) Equity
D) Letter of credit
Which of the following best defines the term distributional interest?
A) the ratio in which profit is distributed among members of an LLC (limited liability
company)
B) the process of distributing profits or losses according to the capital investment of the
member with the interest
C) the constitution of management of an LLC based on the extent of each member’s
financial investment
D) a member’s ownership interest in an LLC that entitles the member to receive
distributions of money and property from the LLC
________ consists of investigating, analyzing, evaluating, and interpreting information
to solve a legal issue or case.
A) Ordinance
B) Critical legal thinking
C) Creative problem solving
D) Statute
Administrative laws are also referred to as ________.
A) ordinances
B) regulatory statutes
C) default judgments
D) statements of policy
Which of the following statements is true about states’ police power?
A) Police power restricts states from regulating inter-state commerce, although it
happens within their borders.
B) The states are allowed to regulate army activities within their borders.
C) The states are given the authority to enact laws that regulate the conduct of business.
D) The police force of a state is controlled by the federal police department.
YouKnow Inc. is a corporation that creates educational resources. It grants Middlewest
Public School the right to exclusively use its online encyclopedias for three years, for a
fee. In this arrangement, YouKnow Inc. is the ________.
A) donor
B) trustee
C) grantor
D) licensor
Employees stricken with cancer, diabetes, or epilepsy are considered individuals with a
disability under Americans with Disabilities Act (ADA) provisions.
Martha contacts a bakery to get a cake for her son’s birthday party. She tells the baker
that she will pay him $150 for the cake if he delivers the cake on Friday evening. If the
baker does not deliver the cake on Friday evening, which of the following will hold
true?
A) Martha can sue the baker to recover $150 in damages.
B) Martha can sue the baker but cannot recover damages.
C) The baker has to give $150 plus cost of the replacement cake to Martha as he entered
into a verbal contract with her.
D) Martha cannot sue the baker.
A(n) ________ is a detailed and comprehensive written agreement between a licensor
and a licensee that sets forth the express terms of their agreement.
A) digital signature
B) electronic agent
C) license agreement
D) electronic signature
Which of the following documents does a domestic limited partnership require to be
allowed to operate in another state?
A) trade name certificate
B) certificate of registration
C) limited trade affidavit
D) notice of electronic filing
A long-term debt security that is secured by some form of collateral is referred to as a
________.
A) treasury share
B) bond
C) note
D) debenture
A(n) ________ is a charge of having committed a crime, usually a felony, based on the
judgment of a grand jury.
A) indictment
B) information statement
C) arraignment
D) plea
What financial recourse can Sally, who is now self-sufficient, claim from Colton?
A) annulment
B) child support
C) permanent alimony
D) rehabilitation alimony
Areas that are inundated or saturated by surface water or ground water that support
vegetation typically adapted for life in such conditions are called ________.
A) marine reefs
B) gullies
C) wetlands
D) reservoirs
When is a franchisor allowed to terminate a franchise? Why are termination-at-will
clauses generally held to be void?
Explain the doctrine of equitable estoppel.
What are the constraints on the name of a limited partnership? How do they influence a
limited partner?
What should be shown to prove fraud?
What is legal insanity?
Why is it a bad idea for Edward and his landlord to make an oral lease contract for
$30,000? Suggest an alternative and explain how it is beneficial to an oral contract.
List the new protections that are available under the Health Care Reform Act of 2010.
What are the powers of the Consumer Product Safety Commission? Name some
consumer products excluded from the purview of the CPSC.
How does the Mortgage Reform and Anti-Predatory Lending Act of 2010 help regulate
mortgage transactions?