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Utilitarianism postulates doing the greatest good for the greatest number of people.
If a person owns real property in fee simple, his or her ownership is limited in duration.
The trademark symbol "TM" is used to indicate a registered mark.
Reasonable person standard is a test used to determine whether a tort is intentional or
unintentional.
The formation of sales and lease contracts requires consideration.
The principal is not liable for an agent's negligence if the agent is on a dual-purpose
mission.
In a voting trust, the legal titles to the shares given to the trustee are held in the name of
the shareholders.
Joint venturers do not owe each other fiduciary duties of loyalty and care as they are not
bound by a contract.
Sit-down strikes in which employees occupy their employer's premises are illegal.
Which of the following is one of the principal wire payment systems in use in the
United States?
A) the Electronic Payments Network
B) the Large Value Transfer System
C) the Clearing House Interbank Payments System (CHIPS)
D) the New York Currency Exchange
A ________ is a lease where the tenant is responsible for paying the rent, property
taxes, utilities, and insurance.
A) net lease
B) gross lease
C) net, net, net lease
D) double net lease
Banks in the collection process that are not the depository or payer bank are called
________ banks.
A) intermediary
B) terminal
C) collecting
D) provisional
The rights to the earth located beneath the surface of the land are defined as ________.
A) chattel rights
B) air rights
C) mineral rights
D) joint rights
The term ________ refers to a defense a defendant can use against a plaintiff who
knowingly and voluntarily entered into or participated in an activity that had a high
probability of resulting in injury to the plaintiff.
A) superseding event
B) comparative negligence
C) assumption of risk
D) intervening event
If a casting agent works for two Hollywood actors, the agent is liable for ________.
A) dual agency
B) competing with the principal
C) usurping an opportunity
D) self-dealing
Why does a sole proprietorship not pay taxes at the business level?
A) It is not a separate legal entity from the owner.
B) It is a small business that is exempted from taxation.
C) It is a not-for-profit organization.
D) It is generally an institution with no business dealings.
A member's ownership interest in an LLC (limited liability company) is called a
________.
A) certificate of interest
B) distributional interest
C) collateral interest
D) creditor's interest
A holder of goods who is not a seller or a buyer is referred to as a(n) ________.
A) consignor
B) broker
C) bailee
D) consignee
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
To obtain a no-fault divorce, a couple has to mandatorily prove ________.
A) adultery
B) abandonment
C) substance abuse
D) irreconcilable differences
In order to claim damages for negligence per se, the plaintiff has to prove that
________.
A) the defendant was in exclusive control of the situation
B) the plaintiff was within a class of persons meant to be protected by the violated
statute
C) the defendant made a false representation of material fact
D) the plaintiff was affected by malicious statements made by the defendant about his
or her character
To be covered by the Family and Medical Leave Act, an employee must ________.
A) have worked for the employer for at least six months
B) have performed more than 1,250 hours of service during the previous 12-month
period
C) not have claimed maternity leave in the past
D) be suffering from a serious injury or ailment
Which of the following statements is true of accountants?
A) Accountants cannot be hired to perform nonaudit services.
B) Accountants cannot be held liable by provisions of common law.
C) Accountants can be held liable to clients but not to third parties.
D) Accountants who lack certified public accountant (CPA) certification are called
public accountants.
Explain a landlord's right to transfer leased property.
Who are the different parties to a life insurance contract? How is a beneficiary
determined for a life insurance?
Briefly explain the steps involved in the pretrial litigation process.
Give an account of the duration and termination of bailments.
Give an account of the relationship between ethics and law.
Explain the process that exempts members of an LLC (limited liability company) from
double taxation.
Differentiate between the Historical School of jurisprudence and the Sociological
School of jurisprudence.
