An employee who earns tips must be paid minimum wage, excluding the income from
tips.
The written confirmation rule requires that both parties to an oral agreement send
written confirmation of the sale or lease.
The legality of nonprice vertical restraints of trade under Section 1 of the Sherman Act
is examined by using the rule of reason.
Ordinary bailments involve warehouse companies, common carriers, and innkeepers.
Proxy solicitation for shareholder votes cannot be made by electronic transmission.
Express warranties are always implied by law.
A person can acquire ownership of unowned personal property by taking possession of
it.
As per the UCC law of sales, contract modifications do not require considerations.
The battle of the forms takes place between a merchant and a nonmerchant.
Equal dignity rule says that agents’ contracts to sell property covered by the Statute of
Frauds must be in writing to be enforceable.
A “whistleblower bounty program” allows a person who provides information that leads
to a successful SEC action to recover 10 percent to 30 percent of the monetary
sanctions over $1 million recovered by the SEC.
Decisions issued by administrative agencies are called statutes.
Specific performance is awarded if the subject matter of the contract is unique.
Which of the following is a document required by the National Environmental Policy
Act (NEPA) that must be prepared for any proposed legislation or major federal action
that significantly affects the quality of the human environment?
A) environmental impact abstract
B) environmental impact statement
C) environmental impact design
D) strategic environmental assessment
Which of the following statements is true of the North American Free Trade Agreement
(NAFTA)?
A) It allows a member country to reimpose tariffs if imports are hurting that country’s
economy or its workers.
B) It disallows any special protection being extended to specific industries.
C) It disallows NAFTA members from trading with other countries unless a unanimous
vote is obtained.
D) It has been hailed by economists to be a perfect example of a free trade pact.
________ refers to a statute that requires an injured person to bring an action within a
certain number of years from the time that he or she was injured by a defective product.
A) Statute of limitations
B) Statute of frauds
C) Statute of repose
D) Statute of general application
Which of the following is a misconception of a common law marriage?
A) that the parties have to voluntarily intend to be husband and wife in order to
establish a common law marriage
B) that only the parties who have a marriage license can establish a common law
marriage
C) that living together is necessary to establish a common law marriage
D) that cohabitation is sufficient in and of itself to establish a common law marriage
Which of the following best describes an entrepreneur?
A) a person who forms and operates a business
B) a person who invests in an existing business
C) a person who lends capital to a new business
D) a person who derives a profit from a new or an existing business
In which of the following cases can the alter ego doctrine be invoked?
A) when shareholders bring a lawsuit on behalf of the corporation after the corporation
failed to do it itself
B) when unpaid creditors are trying to collect from shareholders who owe a debt to the
corporation
C) when there is a mismanagement of stocks by the board of directors
D) when shareholders are trying to collect for fraud committed by a third party
If a person rents a house on a monthly basis, which of the following types of tenancy
would it represent?
A) tenancy at will
B) tenancy at sufferance
C) tenancy for years
D) periodic tenancy
An agreement between two or more nations that is formally signed by an authorized
representative of each nation and ratified by each nation is known as a(n) ________.
A) statute
B) charter
C) treaty
D) arraignment
Absolute liability to pay a negotiable instrument, subject to certain universal or real
defenses is known as ________.
A) primary liability
B) secondary liability
C) warranty liability
D) signature liability
Which of the following real property transactions places legal title in real property with
a trustee?
A) land sales contract
B) garnishment
C) deed of trust
D) mortgage
What are the measures taken to protect wetlands in the United States?
What are the parent’s rights and duties towards their children? What is child neglect?
What is a premerger notification? Explain the process outlined by the
Hart-Scott-Rodino Antitrust Improvement Act to execute a merger.
Describe the operation of a fully disclosed agency.
Describe the procedure for filing a bankruptcy petition.
How are contracts for the provision of services treated under Article 2 of the Uniform
Commercial Code?
Explain undue influence with an example.
How does a court order to discharge debts benefit the debtor? Under what
circumstances do courts grant a discharge?
How are endangered species protected in the United States? Name three laws that
protect wildlife species.
Explain the procedure for obtaining a mechanic’s lien.