The RCRA was enacted by Congress:
a. to provide a comprehensive scheme of treatment for hazardous solid waste.
b. and established a manifest system to be used by generators.
c. and gave states the primary responsibility for hazardous waste.
d. Both to provide a comprehensive scheme of treatment for hazardous solid wasteand
also established a manifest system to be used by generators.
e. Established a manifest system to be used by generators and alsogave states the
primary responsibility for hazardous waste.
Willful violations of the Securities Act of 1933 are subject to a fine of not more than
__________ and/or imprisonment of not more than __________ or both.
a. $5,000, one year.
b. $10,000, five years.
c. $100,000, five years.
d. $250,000, ten years.
The Fair Labor Standards Act regulates child labor in agricultural employment.
a. True
b. False
Seventeen-year-old Brice has just received his driver’s license. He is driving a little too
fast one day and slams into the back of another car, which has just stopped for a stop
sign. In most states:
a. since Brice is engaging in an adult activity, he will be held to the same standard as an
adult.
b. since Brice is a minor, he will have no responsibility for his torts.
c. Brice’s parents are responsible for any torts he commits.
d. Two of these are true.
Jeb submits a bid to construct a student union building for the local community college.
He realizes after submitting the final bid that he forgot to include the cost of the
window casings for the entire building. He may:
a. revoke his bid at any time.
b. not revoke his bid due to the statutory irrevocability of the bid.
c. reject the offer of the college to build the student union when the college chooses his
bid because it is the lowest.
d. refuse, based on the windfall theory, to put in the window casings even if they were
part of the bid specifications put out by the college.
If Anna by mistake delivers to Bob a plain, unaddressed envelope containing $50
intended for Cora:
a. Bob is under no obligation to return the money.
b. Bob is under a contractual obligation to return the money.
c. Bob’s obligation to return the money is quasi-contractual.
d. Bob’s obligation to return the money is implied in fact.
The types of indispensable paper include:
a. chattel paper.
b. instruments.
c. documents.
d. All of these.
The basic enforcement mechanism of __________ is a system of on-site inspections by
safety and health inspectors.
a. OSHA
b. Social Security
c. workers’ compensation
d. FLSA
A country may issue to foreign citizens visas that permit them to enter the country for
identified purposes or for specific periods of time.
a. True
b. False
The Social Security system has five major benefit programs, one of which is Medicare.
a. True
b. False
A partner may not receive a distribution from a limited partnership unless the
partnerships assets after the distribution would be sufficient to pay all of the
partnerships liabilities, including those to other partners on account of their partnership
interests.
a. True
b. False
A drawee bank is primarily liable after it accepts the check.
a. True
b. False
Identify which of the following meet the Article 3 negotiability requirement of being
payable at a definite time: (a) A note payable “on or before June 14, 2014. (b) A dated
instrument payable “30 days after date. (c) An undated instrument payable “30 days
after date. (d) An instrument payable “when Baxter is promoted to plant manager. (e) A
note payable on December 31, subject to acceleration by the holder. (f) A note granting
the holder the option to extend maturity of the instrument for an indefinite period.
Clayton Tile has a secured bond on specific property of Ceramic Creations, Inc.
Claytons claim against Ceramic is enforceable only against that specific property.
a. True
b. False
A corporation is a domestic corporation in the state in which it is incorporated.
a. True
b. False
A case before a U.S. Court of Appeals is generally heard by all judges of the circuit
sitting en banc.
a. True
b. False
If a raccoon gets loose from a cage and harms someone, the owner can escape liability
by showing that he took great care to keep the animal confined.
a. True
b. False
In the Arrowhead School District No. 75, Park County, Montana, v. James A. Klyap, Jr.
case, the court found the liquidated damages clause was void as a penalty because it
was unreasonable and unduly oppressive.
a. True
b. False
In which of the following situations would an accountant be subject to criminal
liability?
a. Where the accountant negligently performed an audit.
b. Where the accountant willfully omitted a material fact on a securities registration
statement.
c. Where the accountant refused to turn over working papers to a client.
d. Where the accountant willfully breached a contract.
The U.S. Supreme Court has held that a state may not exercise personal jurisdiction
over a nonresident defendant who is temporarily present by personally serving the
defendant in the state.
a. True
b. False
Quasi contracts are used to provide a remedy when the parties enter into a(n):
a. void contract.
b. implied in fact contract.
c. situation in which promissory estoppel applies.
d. All of these.
An easement in gross is personal to the one individual who obtained that right and will
not pass to another owner of the property.
a. True
b. False
A(n) __________ contract is one in which the terms have been definitely and
specifically stated and agreed upon.
a. express
b. implied
c. written
d. formal
A “bench trial” is one in which the decision is made without a jury.
a. True
b. False
The Environmental Protection Agency (EPA) would like to adopt some new rules
regarding environmental impact statements, but it is afraid that if too many people
know about them ahead of time, the adverse publicity will force the agency to amend
them. To avoid any public comment, the agency seeks to adopt the rules without
publishing them. Which of the following statements is true regarding the agency’s
actions?
a. The agency has a right to act in this way and a duty to be efficient with taxpayer
money.
b. The rules in this instance are procedural in nature and therefore are not required to be
published.
c. The agency is seeking to adopt the rules by a procedure that violates the rulemaking
procedures set forth in the APA.
d. The agency has no rulemaking authority, because only Congress can make legislative
rules.
A registration statement must be signed by the issuer, its CEO, CFO, CAO, and
majority of its board of directors.
a. True
b. False
A minor’s declaration of trust is voidable.
a. True
b. False
A license is generally subject to revocation by the property owner at any time.
a. True
b. False
Some states have broadened their lemon law coverage to include used cars and
motorcycles.
a. True
b. False
Unless otherwise agreed, an agent making a contract with actual or apparent authority
on behalf of an unidentified principal is a party to the contract.
a. True
b. False
An example of property that is intangible is a:
a. song.
b. computer.
c. book.
d. pencil.
An employee may quit and then use information he learned at the company to compete
with the company, unless there was some unfair competition or trade secret involved.
a. True
b. False