The _____ are delegated the day-to-day management of the corporation and are
answerable to the board.
A.stockholders
B.shareholders
C.board of directors
D.officers
Which of the following acts represents the federal government’s first involvement in the
sale of stocks and other securities?
A.Revenue Act of 1932
B.Securities Act of 1933
C.Budget and Accounting Procedures Act of 1950
D.Freedom of Information Act
The _____ was hailed as the “Declaration of Independence” or “Emancipation
Proclamation” for the disabled and the most far-reaching civil rights law since the Civil
Rights Act of 1964.
A.Health Care and Education Reconciliation Act
B.Lilly Ledbetter Fair Pay
C.Secure Fence Act
D.Americans with Disabilities Act
According to _____, to the extent the laws reflect the laws of nature or God, the laws
are considered “good” ones; to the extent they do not, they are “bad.”
A.Jim Crow laws
B.Natural law
C.Tort laws
D.Marxism
Wages, hours and other terms, and conditions of employment come under ____.
A.permissive subjects of bargaining
B.employee subjects of bargaining
C.mandatory subjects of bargaining
D.management subjects of bargaining
Which of the following statements is true regarding the UN Convention on the
International Sale of Goods (CISG) treaty?
A.It is also known as the Geneva Convention.
B.It is applicable only between merchants doing business.
C.It is not yet adopted by the United States.
D.It applies to household goods purchased for personal use.
A debtor usually meets with his or her creditors in a ” _____ ” meeting, so named
because of the section of the bankruptcy code which requires such a meeting.
A.108
B.189
C.218
D.341
Which of the following terms best represents a negotiated contract between parties who
happen to be nations?
A.Convention
B.Treaty
C.Custom
D.Protocol
With reference to state courts, which of the following courts is at the lowest level?
A.Supreme Court
B.District Court
C.Trial Court
D.Circuit Court of Appeal
Price discrimination involves:
A.a corporate insider, buying or selling a security while in possession of inside
information.
B.bidders agreeing ahead of time who will win the award.
C.two or more competitors conspiring to sell a product for the same price.
D.charging different rates to different purchasers for an item that costs the same to
produce.
Which of the following is true regarding the State Environmental Laws?
A.At present, state law preempts federal legislation in certain areas.
B.The Clean Air Act (CAA) delegates responsibility for its enforcement and
implementation to the states, including motor vehicle emissions and aircraft emissions.
C.The bulk of the CAA dealing with controlling air emissions from stationary sources is
left to the states, upon approval of the Council on Environmental Quality.
D.Under the Clean Water Act, states require their point sources to obtain permits from
the Environmental Protection Agency.
The U.S. Environmental Protection Agency (EPA) is headed by an administrator who is
appointed by the President of the United States.
A(n) _____ is the right given to a skilled person to retain possession of an item,
produced with his or her labor and materials, until paid.
A.general lien
B.perfected interest
C.security interest
D.artisan’s lien
Which of the following professional sports is exempt from antitrust laws?
A.Ice Hockey
B.Soccer
C.Baseball
D.Basketball
The Fifth Amendment:
A.protects a person against unreasonable searches and seizures by the police or other
government official.
B.provides constitutional protection against self-incrimination.
C.prohibits the making of any law infringing on the freedom of speech and freedom of
press.
D.protects the right of the people to keep and bear arms.
Which of the following statements is true regarding a minitrial?
A.Lawyers for both sides assemble a panel of a neutral advisors and high-ranking
business executives with settlement authority from each business.
B.This method involves selecting a small jury just as a regular jury without telling them
that their decision is not binding.
C.It involves assembling ordinary citizens and then asking them to act like a jury.
D.This mechanism is used by administrative agencies wishing to avoid protracted
litigation with interested groups over regulations which the agency wants to issue.
While the obligor’s permission is not necessary for a valid assignment, if the obligor
gives permission, so that now all three parties agree to the assignment, it is called a
_____.
A.quasi contract
B.suertyship agreement
C.sponsored agreement
D.novation
Which of the following statements is true regarding arbitration?
A.It does not involve a third party.
B.It may be binding or nonbinding.
C.The parties involved in the dispute attempt to resolve their conflict on their own.
D.It is the cheapest and the easiest ADR mechanism.
Which of the following is an example of an intentional tort against business?
A.Defamation
B.Battery
C.Assault
D.Passing off
_____ are often called “blue sky” laws.
A.Securities laws
B.Laws related to piracy
C.The Internet related laws
D.The laws related to blue collar crime
The BIS is charged with the development, implementation, and interpretation of U.S.
export control policy for purely commercial commodities, dual-use commodities,
software, and technology. In this context, a dual use commodity is one which has
commercial but also _____ applications.
A.military
B.scientific
C.environmental
D.educational
The Comprehensive Environmental Response, Compensation, and Liability Act:
A.gave the Council on Environmental Quality power to seek out the parties responsible
for any waste release and assure their cooperation in the cleanup.
B.was enacted in 1990.
C.is also known as the Superfund and provides a fund of money to clean up
uncontrolled or abandoned hazardous waste sites as well as accidents and spills.
D.is proactive in nature.
The _____, formerly the Valdez Principles, is the worldwide leader in standardized
corporate environmental reporting within firms.
A.Green Building Council
B.Investor Network on Climate Risk
C.Coalition for Environmentally Responsible Economies
D.Global Reporting Initiative
If _____ authority is granted to an agency in its enabling statute then it gets the power
to hear and decide disputes involving agency regulations.
A.voir dire
B.quasi-legislative
C.stare decisis
D.quasi-judicial
Stock is a type of _____.
A.receipt
B.bill
C.cheque
D.security
Accounts receivable is most likely to be an example of _____ property.
A.personal
B.real
C.property
D.intellectual
All of the following statements are true regarding the Restatement of Contracts
EXCEPT:
A.it is a compilation of the most common approaches to states’ common law of
contracts.
B.states can adopt the Restatement in whole, or in part, or even modify, as they see fit.
C.the terms “common law of contracts,” tends to be used interchangeably with contract
law contained in the Restatement.
D.it is a law, in and of itself.
When the terms of the contract have not yet been performed, it is known as a(n) _____
contract.
A.express
B.quasi
C.executory
D.optional
Some jurisdictions provide for _____ after cases have been filed if the case will require
a great deal of time for trial and is unlikely to be settled by negotiation.
A.mock trials
B.summary jury trials
C.minitrials
D.regulatory negotiation
Under the statutory scheme of Title VII of the Civil Rights Act of 1964 and its
administrative regulations, by law the parties must first attempt to _____ claims of
employment discrimination before proceeding further.
A.mediate
B.conciliate
C.arbitrate
D.use minitrials for
If an agent has always done a certain act that was not expressly authorized by the
principal, but the principal has acquiesced in the conduct, the principal assents to the
conduct. The authority granted to the agent in such a way is known as an _____
authority.
A.apparent
B.implied
C.express
D.inherited
Which of the following branches of the government has primary responsibility for
enacting laws in the areas over which the Constitution designated the federal
government would have authority?
A.Executive
B.Civil
C.Judicial
D.Legislative
In the context of sources of international law, which of the following terms best
represents a principle or practice that has developed over a course of dealing?
A.Treaty
B.Contract
C.Custom
D.Executive order
Once all of the evidence has been presented, both sides have the opportunity to present
to the jurors their _____, which is a summary of the evidence and the law.
A.cross-examination
B.opening statement
C.closing argument
D.direct examination