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A heated disagreement is grounds for dissociation of a partner with the business.
The purpose of security regulation is to make issuers and sellers of security have a duty
to disclose important information.
A principal is liable for the misrepresentations made by an agent during a transaction
with a third party.
Individuals in a valid general partnership are not personally liable for the actions of the
business.
Horizontal price-fixing is not covered under antitrust legislation and is lawful.
"Check 21" is the popular name for a federal law that enables banks to process checks
electronically.
Mr. Blue is driving to work and gets into an accident. Since he was on his way to work
Mr. Blue will be able to recover damages through his state's Workers Compensation
system.
Corrective advertising is a requirement from the FTC for a seller to use advertisements
to correct false impressions from past advertising.
The term 'independent contractor' is defined in the Restatements on Contracts (Third).
Only the dissociations listed in the RUPA are allowed.
A new partner to a LLP is liable only to the amount of capital invested in the business.
What is the term for the FTC's interpretation of the laws it administers?
A.Industry guides
B.Advisory appeal
C.Executive order
D.Legislative act
In order for a business to be covered under the Federal Medical and Leave Act (FMLA)
how many employees must the business employ?
A.50 or more
B.5 or more
C.75 or more
D.2 or more
In analyzing vertical restraints on distribution, courts today will apply what analysis?
A.The rule of reason
B.Finding that any evidence of vertical restraint is per se illegal
C.Federal courts will not consider issue, deferring it international courts
D.Applying the strict scrutiny test
What section of the 1933 Securities Act provides for criminal liability for securities
violations under the act?
A.Section 24
B.Section 5
C.Section 7
D.Section 31
In the United States agency law is primarily governed by what type of law?
A.Federal law
B.State law
C.International law
D.Religious law
The term ripeness in reference to a lawsuit arising out of administrative decisions
means:
A.The plaintiff has been victorious in their actions against the agency
B.The plaintiff has exhausted all necessary administrative remedies before engaging in
judicial remedies
C.The plaintiff is pro-se, meaning they have no attorney and represent themselves
D.The action is against an international agency
What is the term for when a shareholder causes a corporation to act to the benefit of an
individual shareholder?
A.Estoppel
B.Domination
C.Submission
D.Incorporation
Which of the following is a part of the comprehensive federal plan to combat climate
change?
A.Fossil fuel taxes
B.An executive order to have all federal buildings equipped with solar power
C.A federal mandate to reduce coal emissions by 2016
D.There is no comprehensive federal plan to combat global climate change
What is the only function of an incorporator of a business?
A.To bring a corporation into existence
B.To serve as the corporation's first CEO
C.To issue public offerings of stock
D.To act as attorney in fact on a permanent basis for the business
What is the term for the orderly sale of the assets of the partnership as part of
dissociation?
A.Winding up
B.Incorporation
C.Organizing
D.Foreclosure
Nearly all for-profit corporations are incorporated under what laws?
A.Government owned incorporation law
B.General incorporation law
C.State LLC law
D.State Non Profit law
What is the term for the period of time when a security may be offered and sold to the
public under section 5 of the 1933 Securities Act?
A.The waiting period
B.The post-effective period
C.The pre-filing period
D.The mediation phase
Mr. Orange is an accountant at a publically traded corporation. In order to meet the
standard of the skill of a professional account what should Mr. Orange have knowledge
of?
A.Calculus and trigonometry
B.Generally accepted accounting principles (GAAP)
C.The Professional Rules of Responsibility for Attorneys
D.The advisory opinions this year of the Internal Revenue Service (IRS)
NEPA is what type of law?
A.Federal law that affects all federal agencies and federal action
B.State law affecting state agencies across all 50 States
C.International law impacting State action
D.Municipal law that impacts federal action
