1)
the judicial standard of review used in cases involving informal agency adjudications or
rulemaking is the:
a.substantial evidence test.
b.beyond reasonable doubt review.
c.de novo review.
d.arbitrary and capricious test.
2) which of the following statements about the problem of acid rain is accurate?
a.the 1990 amendments to the clean air act addressed the problem of acid rain by
requiring the installation of scrubbers.
b.the 1970 clean air act addressed the problem of acid rain by providing for an emission
trading scheme.
c.the 1990 amendments to the clean air act addressed the problem of acid rain by
instructing electric generating facilities to build tall smokestacks.
d.the 1970 clean air act addressed the problem of acid rain by requiring the installation
of clean-coal technologies.
3) shareholders of a corporation brought a class action against the president, alleging
that they missed out on dividends and an increase in the value of their shares because
the president misappropriated funds of the corporation. this suit was successful and the
president paid $10 million in damages. this money will go to:
a.the shareholders who brought the class action.
b.the treasury of the corporation.
c.the state, as a fine.
d.the federal government, as a fine.
4) the _____ was the first administrative agency created by congress.
a.interstate commerce commission
b.occupational safety and health administration
c.food and drug administration
d.internal revenue service
5) maya efrat, chief financial officer for baz inc., is authorized to sign checks for baz
inc. she signs a check baz inc. by efrat, chief financial officer. which of the following
statements is most accurate?
a.maya and not baz inc. is liable on the check.
b.baz inc. and not maya is liable on the check.
c.both baz inc. and maya are liable on the check.
d.neither baz inc. nor maya are liable on the check.
6) john promised the other co-owners of the ship sea fairy that he would insure the ship
for an upcoming voyage. however, john fails to insure the ship. the ship is shipwrecked
in a turbulent sea. the co-owners sue john for breach of contract. will they succeed?
a.yes, because there was a valid and binding contract between the co-owners.
b.no, because it was a purely gratuitous promise.
c.no, because an intervening cause absolved johns liability.
d.yes, because of promissory estoppel.
7) according to the 2005 revisions of the bankruptcy code individual debtors must file,
along with their schedules of assets and liabilities:
a.copies of all payment advices and other evidence of payments they have received
from any employer within 30 days before the filing of the petition.
b.a statement of the amount of gross yearly income, itemized to show how the amount
is calculated.
c.a certificate from the clerk of the bankruptcy court that they must receive credit
counseling to be eligible for relief.
d.a statement showing any anticipated increase in income or expenditures over the
24-month period following the date of filing the petition.
8) pete contracts to sell jill 100 widgets. the 100 widgets are located at petes business.
the contract does not state a place of delivery. the place of delivery is:
a.jills place of business.
b.jills home.
c.petes place of business.
d.petes home, if this is different from his place of business.
9) which of the following terminates an agency relationship through operation of law?
a.a specified result has been accomplished.
b.there is mutual agreement between principal and agent to terminate the relationship.
c.the principal dies.
d.the principal revokes the agency.
10) a(n) _____ surety is a person who acts as a surety without compensation, such as a
friend who cosigns a note as a favor.
a.obligatory
b.benefactor
c.accommodation
d.subrogated