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HVAC Heating & Air Conditioning, Inc., is a public company whose shares are traded
in the public securities markets. Under the Sarbanes-Oxley Act of 2002, to ensure that
HVAC's financial results are accurate and timely, the firm's senior officers must set up
and maintain
a. internal 'disclosure controls and procedures.'
b. external 'release and reveal timetables.'
c. personal 'peruse and review liability policies.'
d. public 'information and discussion forums.'
Answer:
Kip opens an account at a Lotsa Goodies Store, and buys a digital music player and
other items, but makes no payments on the account. To collect the debt, Mako, the
manager, contacts Kip's parents. This violates
a. no federal law.
b. the Fair and Accurate Credit Transactions Act.
c. the Fair Debt Collection Practices Act.
d. the Truth-in-Lending Act.
Answer:
Bess wishes to appeal a decision of a bankruptcy court. Bess may appeal to
a. no court'”there is no appeal from a bankruptcy court decision.
b. a federal district court.
c. the U.S. Supreme Court.
d. a state court.
Answer:
Dian and Elton buy a duplex in Fargo, North Dakota. On the death of either owner, that
owner's interest in the duplex passes to his or her heirs. This is
a. a joint tenancy.
b. a life estate.
c. a tenancy in common.
d. ownership in fee simple absolute.
Answer:
Spicy Salsa, Inc., complains to the Federal Trade Commission (FTC) about an ad
broadcast by Tangy Taco Sauce Company, Spicy Salsa's competitor. The FTC
investigates and concludes that the ad is deceptive. The FTC's next step is to
a. conduct negotiations between the competitors.
b. draft a formal complaint.
c. issue a cease-and-desist order.
d. permit Spicy Salsa to broadcast similarly deceptive counteradvertising.
Answer:
Therapeutic Pharmaceutical Company is subject to regulations issued by the Food and
Drug Administration, which is a federal agency. These regulations are part of the body
of
a. administrative law.
b. legislative law.
c. executive law.
d. statutory law.
Answer:
Drainage & Irrigation Equipment, Inc., contracts to sell its assets to Earth & Sky
Aquatic CorpoÂration. Before either party has performed, rescission of this conÂtract
requires
a. a mutual agreement to rescind.
b. an accord and satisfaction.
c. a novation.
d. a settlement agreement.
Answer:
To Sam, the written law of a particular society at a particular time is most signifiÂcant.
Sam is a
a. legal positivist.
b. person who adheres to the historical school of legal thought.
c. legal realist.
d. person who adheres to the natural law tradition.
Answer:
Boutique Bodega Corporation would like to change its corporate status to that of an S
corporation to avoid inÂcome taxes at the corporate level. To qualify, the shareholders
must not be
a. corporations.
b. estates.
c. individuals.
d. partnerships.
Answer:
Dreyfus points a gun at Eton, threatening to shoot him if he does not steal from his
employer, Freddy's Gas & Shop store, and give the stolen funds to Dreyfus. Charged
with theft, Eton can successfully claim, as a defense
a. nothing.
b. duress.
c. entrapment.
d. self-defense.
Answer:
The idea for 'Prices & Profit,' an app that businesses can use to control their revenue,
profits, and payrolls, is protected by
a. copyright law.
b. patent law.
c. trademark law.
d. trade secrets law.
Answer:
The credit department of Discount Retail Stores Inc. calls Emmett at work about an
overdue bill. Emmett's employer objects. Discount Retail's credit department continues
to call Emmett at work. This is a violaÂtion of
a. no federal law.
b. the Fair and Accurate Credit Transactions Act.
c. the Fair Debt Collection Practices Act.
d. the Truth-in-Lending Act.
Answer:
Nini, a police officer, wants to search the offices of Operational Business Corporation.
She asks Judge Pearl to issue a warrant. Under the Fourth Amendment, no warrant for a
search can be issued without
a. double jeopardy.
b. probable cause.
c. reasonable doubt.
d. immunity.
Answer:
Reality Financial Corporation, a U.S. firm, files a suit against Switzerland in a U.S.
court. Switzerland claims foreign sovereign immunity. Under the Foreign Sovereign
Immunities Act
a. Reality Financial must show that Switzerland is not entitled to sovereign immunity.
b. Switzerland must show that it is entitled to sovereign immunity.
c. the court must dismiss the suit without any showing.
d. the court may hear the suit but its decision will have no effect.
Answer:
Fact Pattern 18-1
Brad is a general partner, and Carlos and Dora are limited partners, in Eastside
Physicians, a medical clinic and limited partnership.
Refer to Fact Pattern 18-1. Eastside is dissolved and its assets are collected, liquidated,
and distributed. This results in
a. nothing with respect to Eastside's existence.
b. the maturity of Eastside's debts.
c. the suspension of Eastside's business.
d. the termination of Eastside's legal existence.
Answer:
OK Dry-Cleaning advertises so effectively that the regular customers of its competitor
Purity Cleaners patronize OK instead of Purity. This is
a. appropriation.
b. wrongful interference with a contractual relationship.
c. no tort.
d. wrongful interference with a business relationship.
Answer:
Cellphones & Calltime, Inc., makes an offer to Delores to enter into a contract to work
as a salesperson for a certain base salary plus commission for ninety days subject to a
one-year renewal based on her performance. Delores accepts the offer. A valid contract
requires
a. a price and a subject.
b. a duration and termination provision.
c. an offer and an acceptance.
d. specific quality standards.
Answer:
Petro Refining Corporation makes payments to potential customers, suppliers, and
others with whom they might do business, including foreign private companies and the
representatives of foreign labor organizations. If Petro knows that these payments will
be passed on to a foreign government, this practice is
a. illegal if the payments violate the Foreign Corrupt Practices Act.
b. legal if a third party acts as a 'go-between.'
c. legal if private parties are involved on both sides of the deal.
d. legal if the payments are intended to facilitate business.
Answer:
Without authorization, Lars contracts on behalf of Mina to have Nemo paint the interior
and exterior of Mina's house. If Mina decides to ratify the contract, she must affirm
a. all of the contract.
b. any part of the contract, with Lars liable to Nemo for the difference.
c. any part of the contract before performance begins.
d. any part of the contract at any time.
Answer:
Herb's Hot Dog Vending, Inc., enters into a contract to pay Idris for a business survey
and review of Herb's competitors, which Idris delivers on August 1. Herb's offer, on the
same date, to pay Idris is
a. a concurrent condition.
b. a novation.
c. tender.
d. mutual rescission.
Answer:
Jonah tells Levi he will give him an Xbox if Levi does Jonah's chores for a month. Levi
promises to do the chores. Jonah and Levi have formed a
a. a bilateral contract.
b. a formal contract.
c. a unilateral contract.
d. no contract.
Answer:
Reno, driving while intoxicated, causes a car accident that results in the death of Santo.
Reno is arrested and charged with a felony. A felony is a crime punishable by death or
imprisonment for
a. any period of time.
b. more than one year.
c. more than six months.
d. more than ten days.
Answer:
Bay City wants to acquire undeveloped land within the city limits to conÂvert into a
public park. Bay City brings a judicial proceeding to obtain tiÂtle to the land and pay
the owner just compensation. This is an exercise of
a. eminent domain.
b. constructive eviction.
c. inverse condemnation.
d. zoning power.
Answer:
On July 10, Pet Supply Store orders fifty small dog collars from Quality Collars, Inc. to
be delivered by July 15. On July 13, Quality Collars tenders fifty large dog collars. Pet
Supply rejects the shipment. Quality Collars has
a. no right to cure.
b. until July 15 to cure.
c. until the end of the business day on July 13 to cure.
d. unlimited time to cure.
Answer:
An employer must verify documents establishing a prospective worker's identity.
Answer:
A easement is the revocable right of a person to come onto another person's land.
Answer:
For an infringement of copyright to occur, the reproduction must be exactly the same as
the original.
Answer:
A principal's ratification of an agent's unauthorized act must be express.
Answer:
Title VII of the Civil Rights Act of 1964 prohibits job discrimination against majority
group individuals, such as white males.
Answer:
Deceptive advertising does not occur in the online environment.
Answer:
Trademark dilution occurs when a person registers a domain name that is the same as,
or confusingly similar to, the trademark of another and then offers to sell the domain
name back to the original owner.
Answer:
With a few exceptions, almost anything is patentable.
Answer:
