How are ethical rules established in Rawls’s social justice theory?
A) by a set of universal rules based on consistency and reversibility
B) from an original position of a veil of ignorance
C) by the ruling class or people in advantageous positions
D) from choosing what’s best for the society as a whole
Which of the following is a form of limited protected speech?
A) defamatory language
B) speech that incites the violent or revolutionary overthrow of the government
C) dangerous speech
D) offensive speech
According to the firm offer rule, an offeror is restricted from revoking a contract prior
to its acceptance for a period of ________.
A) 4 months
B) 10 months
C) 3 months
D) 5 months
Which of the following is an illustration of the possession of tangible token rule?
A) An obligee who is owed $10,000 assigns the right of collection $5,000 each to two
assignees.
B) The right of collecting a debt is recorded in the assignee’s savings account passbook.
C) The assignee can re-assign the right only to a sub-assignee selected by the obligee.
D) An obligee cannot assign a right to collection of more than once.
The ________ requires that the government give a person proper notice and hearing of
legal action before that person is deprived of his or her life, liberty, or property.
A) procedural due process
B) substantive due process
C) Supremacy Clause
D) Equal Protection Clause
The Securities and Exchange Commission (SEC), created by the Congress to enforce
federal securities laws, is an example of a(n) ________.
A) intelligence agency
B) congressional body
C) judicial body
D) administrative agency
How is a cashier’s check different from an ordinary check?
A) Cashier’s checks can be postdated, but ordinary checks cannot be postdated.
B) Unlike ordinary checks, cashier’s checks do not require the purchaser to hold a
checking account at that bank.
C) Unlike ordinary checks, cashier’s checks are cancellable negotiable instruments upon
issue.
D) Cashier’s checks are three-party checks, while ordinary checks involve only two
parties.
If a light-skinned member of a certain race refuses to hire a dark-skinned member of the
same race, this will constitute as discrimination in violation of ________.
A) Title I of ADA
B) Title II of GINA
C) Title VII of the Civil Rights Act
D) Title IV of GINA
A corporation in the United States that has been incorporated in another country is
referred to as a(n) ________ corporation.
A) foreign
B) domestic
C) onshore
D) alien
Which of the following would be considered an example of ‘shaping moral standards,”
as seen as a function of the law?
A) laws granting freedom of speech and religion
B) laws discouraging drug and alcohol abuse
C) laws providing rights to peaceful protest
D) laws preventing overthrow of the government
Under a(n) ________ shop agreement, an employer agrees to hire only employees who
are already members of a union.
A) union
B) agency
C) confirmed
D) closed
If the parties to a contract do not agree on payment terms, and a delivery is authorized
and made by way of document of title, payment is due at the ________.
A) place where the contract was initially signed
B) time the seller dispatches the goods to the buyer
C) place where the goods are to be delivered as per the original contract
D) time and place at which the buyer receives the right of possession
Which of the following is a per se violation of Section 1 of the Sherman Act?
A) horizontal price fixing
B) price discrimination
C) a unilateral refusal to deal
D) conscious parallelism
Calvin, a college student, wants to purchase an automobile on credit from Irontilt
Motors. He does not have sufficient income or the credit history to justify the extension
of credit to him alone. Calvin asks his father to cosign a note to Irontilt Motors, which
his father agrees to. What kind of liability does Calvin’s father come under?
A) secondary liability
B) primary liability
C) fringe liability
D) warranty liability
Which of the following is true for goods under the purview of Article 2 of the UCC?
A) Goods can be replaced by money.
B) Intangible goods must be exchanged with other intangible goods.
C) Goods in the contract must be movable.
D) Immovable goods like real estate must have provisions of service attached to their
contracts.
Overtime pay is paid for each hour worked in excess of ________ hours that week.
A) 35
B) 40
C) 45
D) 50
________ occurs when a partner contracts personally with the general partnership, such
as buying or selling goods or property to the partnership.
A) Undisclosed self-dealing
B) Misuse of partnership property
C) Breach of confidentiality
D) Usurping of a partnership opportunity
Obtaining a new top-level domain name for an organization involves ________.
A) high costs
B) free maintenance
C) informal processes
D) short waiting periods
The ________ doctrine says that if the property a testator leaves is insufficient to satisfy
all the beneficiaries named in a will and there are both general and residuary bequests,
the residuary bequest is paid last.
A) ademption
B) inter vivos
C) abatement
D) probatement
Mary has already won her case at the U.S. Court of Appeals. When the case is reviewed
by the Supreme Court, only eight judges are present. Four of the judges vote for Mary
while the other four vote against her. Which of the following will be the result of this
case?
A) The case will be sent to the U.S. Court of Appeals for a review.
B) Mary will win the case as she had already won at the U.S. Court of Appeals.
C) The case will be reviewed again by the U.S. Supreme Court when all the judges are
present.
D) Mary will lose and the case will set a precedent for later cases.
A licensing statute is one that requires a person or business to obtain a license from the
government ________.
A) prior to engaging in a specified occupation or activity
B) after engaging in any activity or profession
C) prior to obtaining a degree or diploma from any school
D) after obtaining a degree from any school
Kirsten just bought a car that had a one-year warranty stating that it covered cost of
parts, but not labor. It also stated that the automobile warranty only covered the
powertrain part of the automobile, and no other part. What kind of warranty did
Kirsten’s car have?
A) full warranty
B) limited warranty
C) warranty disclaimer
D) implied warranty of fitness for a particular purpose
Ryan, an owner of a farm employs Jason, a real estate agent, to sell the farm for $2
million. The agent thereafter learns that oil has been discovered on the property, which
increases the property’s worth to $7 million. The agency relationship would be
________.
A) wrongfully terminated
B) terminated by operation of law
C) terminated by impossibility of performance
D) terminated by an unusual change in circumstances
Which of the following is a similarity between the ® symbol and the © symbol?
A) Both are not mandatory to be used by their respective owners.
B) Both are valid for a period of 10 years after which both must be renewed.
C) Both are subject to the rules described by the fair use doctrine.
D) Both are valid for a period of 10 years after which neither can be renewed.
To obtain a no-fault divorce, a couple has to mandatorily prove ________.
A) adultery
B) abandonment
C) substance abuse
D) irreconcilable differences
An arrangement in which a tenant transfers some of his or her rights under a lease to
another party is known as a ________.
A) gross lease
B) net lease
C) sublease
D) triple lease
Which of the following statements is true of the performance of a contract?
A) Strict performance by a party discharges that party’s duties under the contract.
B) Inferior performance constitutes a minor breach of contract.
C) Substantial performance constitutes a material breach.
D) A performance is said to have occurred if one of the parties do not perform their
duties as specified in the contract.
An employee who has been dismissed improperly accepts a job that is less comparable.
Which of the following is a subsequent course of action?
A) The employee can sue the prior employer for compensatory damages.
B) The previous employer must offer salary compensation on a monthly basis, until the
employee’s new salary becomes comparable to that offered by the previous job.
C) The employee can sue the former employer to recover his or her salary for three
years.
D) The employee can take no legal action against his or her formal employer after
accepting a different job.
What is the necessary condition for an accused person to be found guilty by a jury?
A) At least half the jurors have to find the defendant guilty of the crime.
B) All the jurors have to unanimously agree that the defendant is guilty of the crime.
C) Only a majority of the jurors need to find the defendant guilty of the crime.
D) The jury’s guilty verdict has to be approved by the presiding judge.
The ________ is a body that prosecutes cases that nations refer to it as well as cases
involving treaties and the UN Charter.
A) Security Council
B) General Assembly
C) International Court of Justice
D) International Monetary Fund
Which of the following is also referred to as straight bankruptcy?
A) Chapter 7
B) Chapter 13
C) Chapter 11
D) Chapter 12
Xanasoft Technologies wishes to acquire Mauvestone Computers. Aware of Xanasoft’s
plans, Mauvestone protects itself by letting Tenetric Solutions, a friendly company,
acquire it under the condition that Tenetric would leave Mauvestone uncompromised in
every way. This scenario is an example of a ________.
A) flip-in rights plan
B) reverse tender offer
C) white knight merger
D) flip-over rights plan
A(n) ________ allows a payee or holder to quicken payment of the principal amount of
an instrument, plus accrued interest, upon the occurrence of an event.
A) acceleration clause
B) prepayment clause
C) extension clause
D) forestallment clause
The United States Bankruptcy Code permits a ‘small business,” defined as one with
total debts of less than ________, to use a simplified, fast-track form of Chapter 11
reorganization bankruptcy.
A) $1,000,000
B) $1,343,300
C) $2,000,000
D) $2,343,300