Properties owned by state and federal governments are subject to the doctrine of
adverse possession.
The U.S. government can gag citizens from criticizing the President.
A ratified contract can be disaffirmed even after the minor reaches the age of majority.
Perfection by investment of collateral is one of the methods of perfecting a security
interest under the UCC.
Statutes are enacted by Congress and state legislatures.
Overtime pay must always be set at twice the regular pay of an employee.
Article 4A of the Uniform Commercial Code governs commercial and consumer wire
transfers.
Which of the following statements is true of the FDA?
A) It places a complete ban on animal testing.
B) It allows animal testing for only certain kinds of cosmetics like household soaps.
C) It excuses companies to skip ingredients for products on labels if they are
carcinogenic.
D) It can withdraw approval of any previously licensed drug.
Which of the following is the Department of Homeland Security’s foremost
responsibility?
A) to enforce laws to prevent and control civil unrest in the country
B) to enforce laws to prevent the possibility of the United States going to war
C) to enforce laws to prevent domestic terrorist attacks and related criminal activities
D) to enforce laws to prevent and control economic recession in the country
Which of the following is true of the display of warranty disclaimers?
A) It can be implied as an understanding between the buyer and seller.
B) It should be conspicuous and noticeable.
C) It need only be present in the contract.
D) It must be published in the local newspaper before actually being displayed.
In an F.A.S. port of shipment, the buyer bears the shipping costs and the risk of loss
during transport.
Which of the following elects members of the board of directors for a corporation?
A) the CEO
B) corporate officers
C) shareholders
D) employees
Jonathan Lopez wants to be his own boss and ventures into retailing fruit in the
neighborhood after borrowing some money from his mother. While obtaining a license
to carry out business in his city, Jonathan mentions the money he borrowed but forgets
to specify what type of business undertaking his store will be. Under which of the
following major forms of business is Jonathan’s store listed by default?
A) a general partnership
B) a sole proprietorship
C) a limited partnership
D) a limited liability corporation
The Supremacy Clause establishes that the fundamental, legal, and political authority is
vested in the citizens of the U.S.A.
Sources of thermal pollution are subject to the provisions of the Clean Water Act and
the regulations adopted by the Environmental Protection Agency (EPA).
The ________ is a federal statute that prohibits age discrimination regarding employee
benefits.
A) Fair Employment Practices Agency (FEPA)
B) Older Workers Benefit Protection Act (OWBPA)
C) Age Discrimination in Employment Act (AEDA)
D) Equal Employment Opportunity Commission (EEOC)
A(n) ________ is a member of a board of directors who is not an officer of the
corporation.
A) corporate officer
B) chief executive officer
C) ombudsman
D) outside director
The ________ imposes liability under Section 10(b) and Rule 10b-5 on an outsider who
misappropriates information about a company, in violation of his or her fiduciary duty,
and then trades in the securities of that company.
A) Insider Trading Sanctions Act
B) Sarbanes-Oxley Act
C) tort of appropriation
D) misappropriation theory
In a ________ arrangement, the tenant is responsible for paying only rent and property
taxes.
A) double net lease
B) net lease
C) gross lease
D) net, net, net lease
________ is a clause in an international contract that designates which nation’s court
has jurisdiction to hear a case arising out of the contract.
A) A forum-selection clause
B) The Treaty Clause
C) The Foreign Commerce Clause
D) A choice of law clause