According to Roger Fisher, William Ury, and Bruce Patton, _____ is the element of
interest-based negotiation that involves the application of accepted standards to the
XOAXOA negotiatedrather than having the parties state unsupported propositions.
A. options.
B. collaboration.
C. puzzle-solving.
D. preparatory positioning.
E. legitimacy.
Stakeholder theory suggests that ethical corporate behavior:
A. strongly relies on government interaction.
B. focuses on whether corporate actions take the interests of all employees into account
before making significant business decisions.
C. depends on managers who recognize and take into account the various people whose
interests the corporation impacts.
D. takes unacceptable risks only when the risk has a reasonable likelihood of enriching
the stakeholders net worth substantially.
E. requires interaction between managers and customers to promote profit sharing.
The SEC’s adoption of rules and regulations relating to financial and other information
furnished to the Commission comes under its _____ power.
A. quasi-judicial
B. executive
C. quasi-executive
D. quasi-legislative
E. bargaining
If the state minimum wage rate differs from the federal minimum wage rate, then
employers:
A. have the legal right to pay whichever minimum wage is lower.
B. have the legal right to choose the minimum wage rate to be paid.
C. are legally required to pay the federal minimum wage rate.
D. are legally required to pay whichever minimum wage is higher.
E. are legally required to pay the state minimum wage rate.
Josh and Shiela are neighbors. One morning they have a motor vehicle accident.
Amanda is severely injured and suffers $95,000 worth of medical and property
damages. She believes that the accident was Josh’s fault and wishes to sue. Which
court(s) may she file her initial lawsuit in?
A. Court of public opinion
B. State appellate court
C. Federal district court
D. U.S. Supreme Court
E. State trial court
The _____ is a disclosure law which makes it illegal to use mails or any other means of
interstate communication or transportation to sell securities without disclosing certain
financial information to potential investors.
A. Securities Exchange Act of 1934
B. Sherman Antitrust Act of 1890
C. Sarbanes-Oxley Act of 2002
D. Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
E. Securities Act of 1933
Which of the following is true of a joint venture?
A. It takes place when a domestic firm may choose to grant a foreign firm the means to
produce and sell its product.
B. It takes place when a company launches another company which it partially or
completely owns in a foreign country.
C. It takes place when a company designates a national firm or individual of the host
country as its legal representative.
D. It takes place when a company invests in a country by engaging in business with an
entity from that country.
E. It takes place when a company merges with a company from the host country.
Plato wrote that immoral behavior often flows from _____.
A. apathy
B. ignorance
C. thoughtlessness
D. boredom
E. anger
Which of the following terms refers to a person’s ability to be bound by a contract?
A. Legality
B. Capacity
C. Usability
D. Negotiability
E. Measurability
Which of the following is true of punitive damages?
A. Juries award punitive damages to all cases tried and proven for negligence.
B. The key to award punitive damages is the degree of suffering by the plaintiff.
C. Punitive damages are awarded if the motive of the defendant is proved to be
malicious or fraudulent.
D. They are also called complementary damages.
E. They are awarded only in the case of assault.
A(n) _____ contract is one that appears to be an agreement but lacks an essential
requirement for validity and enforceability.
A. voidable
B. unenforceable
C. void
D. valid
E. unapplied
The _____, as permitted by the Robinson-Patman amendment, applies to a situation in
which price changes may be made in response to events like actual or imminent
deterioration of perishable goods and obsolescence of seasonal goods.
A. good-faith meeting-of-competition defense
B. mobile defense
C. cost justification defense
D. changing conditions defense
E. position defense
Which of the following is true about exclusively federal area of government regulation?
A. It concerns those internal matters where uniformity on a nationwide basis is
essential.
B. In this area, state regulation is permitted if the Congress has failed to expressly
regulate the area.
C. It concerns those matters that are exclusively within the states’ power.
D. It includes intrastate activities that do not have a substantial effect on interstate
commerce.
E. It concerns those subjects over which the federal government has preempted the
field.
Which of the following statements is true about the due process clause?
A. It prevents individuals from acting in an arbitrary manner.
B. It applies to the actions of governmental bodies and individuals.
C. It prevents public utilities from acting in an unreasonable manner.
D. It does not prevent private individuals or corporations, including public utilities,
from acting in an unreasonable manner.
E. It applies only to the actions of individuals and businesses’.
To convict a person of a conspiracy:
A. a formal agreement between all members must exist.
B. all members must plan all details of the scheme.
C. one person must plan and commit the crime.
D. two or more people must be involved in some aspect of the scheme.
E. the victim must prove damages suffered due to the act of two or more individuals.
Which of the following requires organizers to file articles of organization with state
official for formation?
A. Limited partnership
B. Partnership
C. Limited liability company
D. Sole proprietorship
E. S corporation
An offer to perform one’s required duties under a contract is called a:
A. conditional performance.
B. qualified performance.
C. substantial performance.
D. tender of performance.
E. complete performance.
Which of the following statements holds true for bargaining between an employer and
the union concerning a mandatory subject of bargaining?
A. In-plant food and related services are not compulsory bargaining issues.
B. Wages are compulsory subjects, while bonuses are not.
C. Courts tend to defer to the NLRB in classifying collective bargaining subjects.
D. Under no circumstances can parties take steps that are against best interests of the
other party.
E. Neither the employer nor the union must make concessions to the other.
When a derivative law suit is filed:
A. majority shareholders may complain that minority shareholders are not cooperating
with the board.
B. majority shareholders are required to prove that they are not acting illegally or
oppressing the rights of minority shareholders.
C. minority shareholders are required to provide evidence that the majority shareholders
are acting illegally or oppressing the rights of the minority shareholders.
D. directors are suing the officers and asking for their termination due to illegal or
oppressive acts directed at all shareholders.
E. majority shareholders act on behalf of the organization.
The registration process waiting period typically lasts:
A. 10 days.
B. 20 days.
C. 30 days.
D. 45 days.
E. 60 days.
Thermal effluents consist of:
A. heated air discharged into the atmosphere.
B. heated water discharged into rivers and lakes.
C. warm water tides that affect the weather.
D. solid waste that produces heat creating landfill-related pollution.
E. heated pollutants released from gas chambers to the atmosphere.
If a contract contains a condition subsequent it means that:
A. performance must be completely done according to contract specifications or the
contract is breached.
B. performance will be excused upon the happening of some specified future event.
C. impossibility of performance will not be an acceptable excuse for nonperformance.
D. performance will not be excused due to an unexpected event in the future.
E. performance will be due upon the happening of some specified future event.
What should a party file if the opposing party fails to produce relevant, requested
evidence?
A. A motion to assist
B. A motion to insist
C. A motion to compel
D. A motion to controvert
E. A motion to sequester
A person may sue for job discrimination based on age using:
A. the 1964 Civil Rights Act.
B. the EEOC.
C. Section 1981 of the Civil Rights Act of 1866.
D. the ADEA.
E. the 1875 Civil Rights Act.
According to the mirror image rule, _____.
A. the acceptance must exactly match the offer
B. to be enforceable, a contract must be accepted in writing by both the parties involved
C. the acceptance of an offer involves changing the terms of offer or adding new terms
D. terms of contract must be definite to be clear and enforceable
E. the contract becomes enforceable by performing a requested act, not by making a
promise
Which of the following is NOT an ethical rule of legal regulation?
A. Respect for the liberty and rights of others
B. Exercising due care
C. You are your brother’s keeper
D. Acting in good faith
E. Avoiding conflicts of interest
You’re lying in bed when a piece of a meteorite enters the Earth’s atmosphere and flies
through the window of your apartment, landing at your feet.
A. Your apartment complex has a right to claim the property because it landed on their
land.
B. You may keep the property because of the rule of first possession.
C. You and your apartment complex must share the property as equal co-owners.
D. The government can exercise its right of eminent domain and claim the property for
the good of the public.
E. The property must be turned over to police and cannot be claimed until 60 days have
passed.
Danny has five pit bull dogs. They bark constantly and terrify the neighbor, Terry.
When Terry tries to sell his house, no one will even look at it for fear of the dogs. If
Terry takes Danny to court, what should he claim that Danny has established?
A. A public nuisance
B. A private nuisance
C. An adverse possession
D. An eminent domain
E. An accession
Members of a class must be given notice of the lawsuit; this notice must be given to all
members of the class whose names and addresses can be found through _____.
A. res judicata
B. exceptional efforts
C. submission
D. extradition
E. reasonable efforts
Any person, including the debtor, in possession of property belonging to the estate of a
debtor in bankruptcy is guilty of _____ if he or she conceals the property from the
person charged with control of the property in the bankruptcy proceeding.
A. a misdemeanor
B. counterfeiting
C. a felony
D. conspiracy
E. larceny
Which of the following is true of the Clayton Act?
A. The original Clayton Act contained no sanction for forfeiture of property.
B. Organizations injured by a violation could obtain injunctive relief, but individuals
could not.
C. Enumerated practices have to actually injure competition to be wrongful.
D. The burden of proving a violation was left to the plaintiff or victim.
E. No action could be taken unless a monopolistic practice substantially affected
existing competitors.
According to the Sarbanes-Oxley Act, the accuracy of the company’s financial records
is certified by the:
A. CEO and COO.
B. COO and CFO.
C. CEO and CFO.
D. CEO and CIO.
E. CFO and CIO.
Burberry is a luxury brand that has its own distinctive trademark pattern. The company
recently learned that another retailer has been selling fake Burberry bags. The legal
dispute that will arise here is governed by _____ law.
A. administrative
B. constitutional
C. property
D. criminal
E. tort
In a bankruptcy proceeding, which of the following debts will have the highest creditor
priority?
A. Government tax claims.
B. Employees who are owed wages earned within 90 days of filing.
C. Consumers who have paid deposits or prepayments for undelivered goods or services
up to $1,800 per consumer.
D. Creditors with claims in the ordinary course of business incurred after the
bankruptcy was filed.
E. General creditors.
