Business LAW – 531 / Week 1 to 6 quiz / NEW

               Week 1 Quiz

 

1)     Which of the following is true regarding mediation?

 

• Was created by the Federal Mediation Act of 1925.
• If a settlement agreement is not reached in mediation, then the parties hire a new mediator.
• A mediator does not make a decision or an award.
• A settlement agreement is never reached with a mediator.

 

2)     What is the effect of having a corporation as the general partner of a limited partnership?

 

• Each shareholder of the corporation will be treated as a limited partner of the limited partnership
• The limited liability of the corporation will result in the limited partners having greater liability than they would otherwise
• The liability of the corporate general partner will be limited to the amount of its assets
• Each shareholder of the corporation will be treated as a general partner of the limited partnership

 

3)     The Black Squirrel limited partnership has been in operation for many years, but has recently fallen on hard times. The partners have decided to dissolve, although there are few assets remaining in the partnership. Shortly after the partnership filed its certificate of limited partnership, the partners had the foresight to incorporate into their partnership agreement a provision that, in the event of dissolution, the assets would be distributed in payment of claims first to limited partners, then to general partners, then to creditors. Hilda is a limited partner and feels relieved that she will receive at least a portion of her capital. Henry, one of the general partners, said that this provision is void and unenforceable. Which of the following best describes this situation?

 

• The provision placing the partners ahead of creditors is not enforceable, but the priority of limited partners over general partners is enforceable
• The provision placing limited partners ahead of general partners is unenforceable, thus all partners would be on an equal footing and ahead of creditors
• The distribution, as called for in the agreement, would be enforceable if it had been included in any filings related to the limited partnership
• The distribution of assets in the event of dissolution is one of the few provisions where the Revised Uniform Limited Partnership Act does not allow modification

 

4)     Which of the following is true in the creation of a general partnership?

 

• The name selected cannot indicate that it is a corporation
• The business cannot operate under a trade name
• The business name cannot be a fictitious name
• The business name must have the names of all the partners

 

5)     Martha started a flower shop as a sole proprietor. After 1 year, she was forced to close the shop because business was so bad. At that time, the business assets totaled $50,000, but the business liabilities totaled $125,000. Which of the following statements is true?

 

• Once Martha terminates the sole proprietorship, she is no longer liable for the $50,000
• Martha’s business creditors can collect only the $50,000 now, but if Martha ever goes into business again, they can get the assets of the new business.
• Martha is personally liable for the additional $75,000 owed to business creditors
• Martha’s business creditors can collect only the $50,000 of business assets

 

6)     Which form of alternative dispute resolution occurs when the parties choose an impartial third party to hear and decide their dispute?

 

• Arbitration
• Minitrial
• Conciliation
• Mediation

 

 

 

7)     Which of the following is true of The Federal Arbitration Act?

 

• It provides that arbitration agreements are valid, irrevocable, and enforceable.
• It permits an appeal for all arbitration awards
• It applies only to breach of contract disputes
• It governs all types of alternative dispute resolution

 

 

 

8)     Fred and Ginger are general partners in a business. They decide to purchase a building for the partnership. Ginger will put up the money for the building, and Fred will complete the remodeling. While inspecting the building, Fred is informed that the building is packed full of asbestos. He fails to tell Ginger of the presence of the substance. They buy the building and go into business. During the remodeling of the building, people from the neighborhood begin complaining about the dust from the building. Some of them even threaten to sue. Who is liable?

 

 

 

• Both Ginger and Fred are liable, regardless of the circumstances, by virtue of the fact that they are partners
• Neither Ginger nor Fred are liable personally, nor is the partnership, as they did not put the substance in the building
• Fred is liable because he was put on notice of the presence of the substance. Ginger is not liable because she did not have actual knowledge
• Ginger is liable because she is the one who purchased the building. Fred is not liable, even though he had actual knowledge, because he did not purchase the building

 

 

 

9)     George has served Mary with a complaint alleging breach of contract. Mary has never been sued before and as such, she seeks your advice on what to do with the complaint. You advise that she

 

• answer George’s complaint by admitting or denying the allegations George has asserted against her
• should not respond to George’s complaint as an answer implies an admission
• write a letter to the judge saying that George is mistaken
• answer George’s complaint but do not provide any affirmative defenses that George can use against her

 

10)  There are two general partners, each of whom contributes $5,000 in capital to a limited partnership. There are two limited partners, each of whom contributes $20,000. The total amount of capital contributed is $50,000. The limited partnership agreement does not stipulate how profits and losses are to be allocated. Assume that the limited partnership makes $300,000 in profits. Under the Revised Uniform Limited Partnership Act (RULPA), how much would each partner receive?

 

• Each general partner would receive $30,000, and each limited partner would receive $120,000
• Each general partner would receive $50,000, and each limited partner would receive $100,000
• All partners would receive $75,000, regardless of whether he or she is a general or limited partner
• Each general partner would receive $120,000, and each limited partner would receive $30,000

 

 

 

11)   Which type of business formation is typically reserved for professionals such as accountants, lawyers, and doctors?

 

 

 

• Limited Liability Company (LLC)
• Limited Liability Partnership (LLP)
• S-Corporation
• Franchise

 

 

 

12)  Which of the following is one of the major purposes of a settlement conference?

 

• To conduct discovery for a case
• To contest the local court rules
• To facilitate the settlement of a case
• To structure a settlement payment schedule

 

13)  When parties agree in advance to adhere to an arbitrator’s decision and award, it is known as

 

• Mediation
• arbitrator discretion
• binding arbitration
• appealable

 

 

 

14)  Which of the following is true about the choice of business entity for an entrepreneur?

 

• The choice is determined solely by the amount of capital invested
• The choice is determined solely by whether the primary business is services or goods.
• The choice is determined by the Internal Revenue Service based on all the facts and circumstances
• The choice takes into account many factors, including finding an option that has all the characteristics desired

 

 

 

15)  Which of the following is true of a corporation?

 

• A corporation terminates upon the death of an owner
• Corporation shareholders are subject to unlimited personal liability
• Corporation owners are only taxed once on earnings
• A corporation is a separate legal entity

 

 

 

16)  Which of the following is true of arbitration?

 

• A resolution may or may not be reached
• Parties can introduce evidence to support their case
• One party usually drops the case
• A judicial referee makes recommendations to the parties.

 

 

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                      Week 2 Quiz

 

1)      How does product disparagement differ from defamation of a nonpublic figure?

 

• Malicious intent is required for a disparagement case, but is not required in the defamation case
• Publication to a third party is required in the disparagement case, but not in the defamation case
• Malicious intent is required for the defamation case, but not in the disparagement case
• Publication to a third party is required in the defamation case, but not in the disparagement case

 

2)      Bartie’s, Inc. sells watercolors and pastels that are marketed as safe for use by children. However, several accounts of lead poisoning were reported in children who used the products. An investigation revealed that the company was knowingly manufacturing colors that contained toxic amounts of the heavy metal. Which of the following torts has Bartie’s, Inc. committed?

 

• Disparagement
• Professional malpractice
• Intentional misrepresentation
• Assault

 

3)      George, Jerry, and Harry are passengers on a flight from Chicago to New York. They injure their legs when their seatbelts do not fasten during takeoff. The airline is sued by all three together for injuries caused and the airline is found to be negligent and is directed by the court to pay damages to the injured parties. Which of the following parties is entitled to recover maximum damages?

 

• Jerry, a professional football player who earns $2 million a year
• Harry, a chartered accountant who earns $200,000 a year
• George, a retired professor who gets a pension of $50,000 a year
• All the men recover the same amount of damages, irrespective of their income or profession

 

4)      Gary Govetty is a famous movie star. A tabloid published an interview with his ex-girlfriend in which she falsely claimed that Gary was completely bald and had been wearing a wig for several years. Gary can sue his ex-girlfriend for

 

• Libel
• Slander
• invasion of privacy
• disparagement

 

5)     According to the doctrine of ________, the plaintiff is not required to prove that the defendant breached a duty of care

 

 

 

• contributive negligence
• assumption of risk
• strict liability
• comparative negligence

 

 

 

 

 

 

 

6)      Dorothy purchases a chair that was made by Woode Designs, Inc. While making the chair, the legs were not fixed properly to the base. When Dorothy sits on the chair, it breaks and she is injured. In a strict liability lawsuit, which of the following can Dorothy cite as a defect in the chair?

 

• Defect in manufacture
• Failure to warn
• Defect in design
• Failure to provide adequate instructions

 

 

 

 

 

7)       The failure to design an automobile that will properly protect the occupants from a person’s body striking something inside their automobile is known as the 

 

 

 

• defective design doctrine
• crashworthiness doctrine 
• failure to design doctrine
• quality control doctrine

 

8)     In order to recover in a products liability case based on strict liability, the plaintiff must prove that the product had a defect that

 

• was caused by the defendant
• the defendant was aware of
• affected the value of the product
• made the product unreasonably dangerous

 

 

 

9)      Select the option which best completes this statement: Enterprise Risk Management is most effective when it is a(n) _________ process.

 

 

 

• Ongoing
• one-time
• informal
• static

 

 

 

10)  Mary was getting a ride home in John’s new car. On the way, a malfunctioning brake caused an accident and both Mary and John were injured. Which of the following statements is true of this situation?

 

•  Mary can recover damages for her injury under a theory of strict liability against the manufacturer of John’s car.
• Mary can file a strict liability lawsuit against John.
• John can file a negligence lawsuit against the dealership from which he bought the car
• Mary can file a negligence lawsuit against the dealership that sold John his car

 

 

 

11)  Assuming that statutory requirements have been met, what is protected under merchant protection statutes?

 

• Merchants are protected from negligence claims on their business premises.
• Merchants are protected from product disparagement claims of their competitors
• Merchants are protected from false imprisonment claims of persons detained on suspicion of shoplifting
• Merchants are protected from the intentional torts of their customers

 

12)  A plaintiff wants to sue a defendant under the tort theory of negligence for his injuries, but the plaintiff knows he was partially at fault for his own injuries. Which of the following is true?

 

 

 

• Because the plaintiff is partly at fault, he will not be able to recover under either comparative or contributory negligence
• If the plaintiff’s fault is only 5 percent, his recovery will be the same under either pure or partial comparative negligence
• A state whose law applies contributory negligence will not allow the plaintiff to recover if the plaintiff has any fault for his injuries 
• The plaintiff will have to elect whether to sue under comparative or contributory negligence

 

 

 

13)  John Harley was on his way home when an assailant stopped his car and threatened to physically harm him if he ever saw him drive on that street again. John can sue the assailant to recover damages for

 

• Disparagement
• battery
• libel
• assault

 

14)  Which best describes assumption of the risk in a negligence case?

 

• The plaintiff is more at fault than the defendant in causing the accident
• The defendant gave advance warning to the plaintiff that an injury would occur
• The plaintiff was involved in an abnormally dangerous activity
• The plaintiff knowingly and willingly subjected herself to a risky activity

 

15)  Which of the following is the best statement of the test applied in determining if a defendant’s actions were the proximate cause of the plaintiff’s injuries?

 

 

 

•  Was the injury foreseeable to the plaintiff prior to the injury’s occurrence?
• Was it foreseeable that the defendant was the cause of the plaintiff’s injuries given the nature of those injuries?
• Was it foreseeable that the defendant’s conduct would lead to the kind of injury that the plaintiff suffered?
• Was it foreseeable to the plaintiff that the defendant would engage in this conduct?

 

 

 

16)  Diane bought an action figure for her son David from Terrence’s Toy Shop. The packaging did not mention that the toy contained small detachable parts. David accidentally swallowed and choked on one of the detachable parts and had to be taken to the hospital. On which of the following product liability charges can Diane sue Terrence’s Toy Shop for damages?

 

 

 

• Misrepresentation
• Nuisance
• Fraud
• Negligence

 

 

 

 

 

17)  Making false statements about a competitor’s products, services, property, or business reputation could make a company liable for 

 

• misappropriation of the right to publicity
• disparagement
• tort of appropriation
• intentional misrepresentation

 

 

 

18)  Which of the statements below best describes the concept of Enterprise Risk Management? 

 

 

 

• An approach that capitalizes on human intervention as processed through real change leaders
• People, systems, and processes working together across the organizations to systematically thin about and manage a wide range of risks that could impede achieving organizational objectives/opportunity
• A process affected by an entity’s leaders, management, and other personnel that is designed to identify potential events that may affect the entity, and to manage risk
• Management of a single function of an organization that, upon implementation and testing, is then processed entity wide

 

 

 

19)  Which of the following is a key element of successful Enterprise Risk Management?

 

 

 

• Strong investment strategies
• Nondisclosure agreements
• Legal counsel
• Management commitment

 

 

 

20)  Which of the following is a defect in manufacture?

 

• Failure to include adequate instructions for the product
• Failure to properly package the product
• Failure to properly design the product
• Failure to properly test the product

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Week 3 Quiz

 

1)      What federal statute governs the legal use of electronic contracts?

 

• Federal Enforcement Act
• Federal Banking Act of 2010
• Uniform Computer Information Transactions Act
• Uniform Commercial Code

 

 

 

2)      Oral agreements may be legally enforceable contracts with the exception of some types of contracts specified in which law?

 

• Common Law Statute
• Statute of Limitations
• Statute of Frauds
• Statute of Verbal Contracts

 

3)     Contracts are discussed primarily in Sections 2 and 2A of the Uniform Commercial Code pertaining to which of the following transactions?

 

•  Sale of real property
• Sale of goods and lease of goods
• Financing of consumer goods
• Sale of commercial goods

 

4)      An individual who finds the personal property of another, acquires legal title to that property against the entire world, only if it is what type of personal property? 

 

•  Lost property
• Abandoned property
• Mislaid property
• Stolen property

 

5)      What is the highest type of ownership estate in real property?

 

 

 

• Fee simple absolute estate
• Leasehold estate
• Freehold estate
• Life estate

 

 

 

6)      If a contract ends in a dispute, and the parties want to have the matter resolved without going to court, which is the most common method for them to pursue?

 

 

 

• Arbitration
• Discovery
• Mediation
• Minitrial

 

 

 

 

 

7)      Which of the following is true when someone mistakenly makes an improvement to the personal property of another? 

 

 

 

• The property owner automatically gets to keep all of the improvement and is not required to pay for it.
• The party who made the improvement can remove it if this is possible; otherwise, the owner of the property must keep the improvement and must pay the party who improved it the reasonable value of the improvement.
• The property owner gets to keep the improvement in all cases, but must pay the party who improved it the reasonable value of the improvement.
• The party who made the improvement must  remove all easily removable improvements, paying any damages from the removal, otherwise the owner of the property gets to keep the improvement and is not required to pay for it.

 

 

 

8)     Which of the following examples is a unilateral contract?

 

• Debbie promises to pay Larry when Larry paints her house
• Debbie pays Larry for painting her house
• Larry promises to paint Debbie’s house if Debbie promises to pay him
• Debbie pays Larry for Larry’s promise to paint her house on Saturday

 

 

 

9)     Both the Statute of Frauds and the Uniform Commercial Code require a valid, enforceable contract to be signed by whom?

 

• None of the parties to the contract
• Party against whom the contract enforcement is sought
• Party enforcing the contract
• All parties to the contract

 

 

 

10)  Parties enter into a contract for services and one party commits a breach. The party who breached wants to continue with the contract but wants the terms revised. What is his best method of dispute resolution?

 

 

 

• Med-Arb
• Arbitration
• Mediation
• Negotiation

 

 

 

11)  A(n) ________ is an agreement that is stated orally or in written words

 

 

 

• implied-in-fact contract
• implied-in-law contract
• express contract
• quasi-contract

 

 

 

 

 

12)  Apart from recovering damages, and recovering profits made by the offender, successful plaintiffs in a misappropriation of a trade secret case can also 

 

• ask to acquire the offender’s trade secrets as payoff
• obtain the offender’s trademarks or brand name as payoff
• obtain an injunction prohibiting the offender from divulging the trade secret
• ask for transfer of any of the offender’s patents to the plaintiff

 

 

 

13)  Which of the following examples is a bilateral contract?

 

 

 

• Mary pays Bob for painting her house
• Mary pays Bob for Bob’s promise to paint her house on Saturday
• Mary promises to pay Bob if Bob promises to paint her house
• Bob paints Mary’s house and Mary promises to pay Bob on Saturday

 

 

 

14)  Jenson and Johnson enter into a contract that involves Johnson paying Jenson $1,000 for shoveling the snow from his driveway throughout the winter. Jenson, who was paid before work commenced, breached the contract on the very first day. He should refund $1,000 to Johnson as

 

 

 

• liquidated damages
• compensatory damages
• restitution
• consequential damages

 

 

 

15)  Which of the two parties are involved in every contract?

 

• A buyer and seller
• A breaching party and a nonbreaching party
• An offeror and offeree
• An initiator and a responder

 

16)  Consideration, which is required in a contract, consists of which two elements?

 

 

 

• Legal value must be given and there must be a bargained-for exchange
• Money must be paid and funds received
• Legal value is appropriate and the value is paid.
• Money must be received and a promise fulfilled

 

 

 

17)  Which of the following is true about the public use doctrine?

 

• An invention cannot be used in the public domain prior to it being granted a patent
• The inventor has to test his invention in the public domain, to measure its validity, before being granted a patent
• A patent will not be granted if the invention was already in public use for one year before filing application
• The invention will come into the public domain once its term period has expired

 

 

 

 

 

 

 

18)  Which of the following is the best definition for the legal term promissory estoppels?

 

 

 

• A promise made in a contract must be an express promise in order to be valid
• A party to a contract cannot withdraw a promise if the other party to the contract relied upon the promise to his or her detriment
• A party to a contract cannot promise to provide illegal consideration
• A gift promise made in an estate is valid and legal

 

 

 

19)  In order for a response to be considered a legal acceptance to an offer, and not a counter offer, what rule must apply?

 

 

 

• The lapse of time rule
• The mirror image rule
• The public law rule
• The voluntary performance rule

 

 

 

20)  Wildboards Company introduces a product called a “Rollerboard” for which it is granted a registered trademark. The Rollerboard is a snowboard with a removable row of wheels along the center of the underside. With the wheels attached, the user can attain extremely high speed in hard-packed snow conditions. In addition, many users have found that they can use their snowboards on streets with the wheels attached. This new use of snowboards becomes very popular and many competing snowboard makers introduce similar products. The sport becomes known generally as rollerboarding and most people refer to all such wheeled snowboards as rollerboards. What is the consequence of this scenario?

 

 

 

• Competitors must put a disclaimer on their boards that they are not the original Rollerboard
• Competitors must pay royalties to Wildboards for using the term “rollerboard”
• Wildboards cannot stop competitors from using the term “rollerboard” for their products
• Wildboards can no longer use the name Rollerboard on its boards

 

 

 

 

 

21)  Under Section 2 of the Uniform Commercial Code (UCC), a contract for the sale of goods must be written if that contract is for what monetary value?

 

 

 

• $1,000 or more
• $250 or more
• $500 or more
• $100 or more

 

 

 

 

 

22)  Which of the following is an equitable doctrine designed to prevent unjust enrichment and unjust detriment where no actual contract exists?

 

 

 

• The express contract doctrine
• The doctrine of implied-in-law contract
• The doctrine of formal contracts
• The doctrine of Quantum meruit

 

 

 

23)  To create an enforceable contract, which of the following are needed? 

 

 

 

• Agreement, consideration, contractual capacity, and a lawful object
• Agreement, consideration, objectives, and contractual capacity
• Offerer, acceptance, agreement, and consideration
• Offerer, offeree, agreement, and capacity

 

 

 

24)  Which of the following types of real property rights can be sold separately from the land?

 

 

 

• Buildings and improvements on the land 
• Building fixtures on the land
• Improvements under the land 
• Minerals in the subsurface

 

25)  Some trees were cut down and made into lumber, and the lumber was used to build a house. What type of property were the trees while they were growing, when they were lumber, and when they became part of the house, respectively?

 

• Real, personal, real
• Personal, personal, real
• Real, real, personal
• Personal, real, real

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Week 4 Quiz

 

 

 

1) Which of the following statutes regulates internal union affairs and establishes certain rights of union members?

 

• The Worker Adjustment and Retraining Notification Act
• The National Labor Relations Act
• The Labor Management Relations Act
• The Labor Management Reporting and Disclosure Act

 

2) Which of the following are protected classes under Title VII of the 1964 Civil Rights Act?

 

• Race, national origin, and sex
• Race, national origin, and alien status
• Race, national origin, and political affiliation
• Race, religion, and sexual orientation

 

3) What is the current status of right-to-work laws?

 

• If a state passes a right-to-work law, then individual employees will have to pay union dues even if they do not belong to the union.
• Congress has passed a law prohibiting states from passing right-to-work laws.
• If a state passes a right-to-work law, then individual employees cannot be forced to join a union.
• If a state passes a right-to-work law, then state and local government employees can unionize.

 

4) Under what conditions must an employer allow nonemployee union solicitation on company property?

 

• If the purpose is to solicit employees to change union representation rather than to solicit nonunion workers to join a union
• If the union is affiliated with another union that currently represents other employees of the company
• If the employees live in a company town such that it would be difficult to solicit the employees off company property
• If there is currently no union representing the company’s employees

 

5) Which of the following powers does the Equal Employment Opportunity Commission have?

 

• Pass amendments to the 1972 Amendments to the Civil Rights Act of 1964
• Legislate antidiscrimination statutes
• File suits to enforce antidiscrimination statutes on behalf of complainants
• Pass amendments to the Civil Rights Act of 1964 and other antidiscrimination statutes

 

 

 

6) In a hostile work environment sexual harassment claim, the employer will have a successful defense if the employer can show which of the following?

 

• The employee was offended by conduct in the workplace and that the employer in good faith did not consider the conduct to be offensive and therefore did not seek to correct or prevent it.
• The employer took reasonable care to prevent or correct the conduct and the employee did not take advantage of corrective or preventive opportunities of the employer to remedy the situation.
• The employee stands to personally gain if the persons engaging in the sexual harassment are reprimanded regardless of whether or not the employer did anything to remedy the situation or take corrective action.
• There were no adverse consequences to the employee’s work status, such as a demotion or denied promotion, even though the employer did not proactively address the situation.

 

 

 

 

 

7) Which of the following statements is true about workers’ compensation?

 

• If the employee is dissatisfied with the amount received under the workers’ compensation system, the employee generally then can file an ordinary lawsuit.
• The employer can avoid liability if the injured employee was contributorily negligent in causing the injury.
• The employer is strictly liable for employment-related injuries, and the claim is filed through an administrative procedure rather than an ordinary lawsuit.
• The employee must decide whether to seek a workers’ compensation payment or file an ordinary lawsuit against the employer.

………………………..

 

 

 

 

 

Week 5 Quiz

 

1) Which of the following powers do administrative agencies typically have?

• Statute interpretation, law enforcement, and mediation
• Dispute adjudication, mediation, and rulemaking
• Rulemaking, statute interpretation, and dispute adjudication
• Law enforcement, statute interpretation, and dispute resolution

2) Officers of a corporation typically can have which types of agency authority to bind the corporation?

• Express, implied, and apparent
• Express, transparent, and applied
• Express, transparent, and implied
• Express, applied, and apparent

3) Tuff-Steele Constructions, Inc. has not been adhering to appropriate worker safety rules. As a result, there have been an increased number of on-site accidents and several construction workers have sustained serious injuries. Which of the following powers will allow an administrative agency to bring agency proceedings against Tuff-Steele Constructions?

• Judicial authority
• Licensing
• Executive power
• Rulemaking

4) If a corporate officer or director acts in a manner to make use of an advantage that he or she knows will only benefit himself or herself and deprives the corporation of that advantage, what breach of fiduciary duty has been committed?

• Duty of loyalty by self-dealing
• Duty of care by violation of the business judgment rule
• Duty of obedience by competing with the corporation
• Duty of loyalty by usurping a corporate opportunity

 

5) Which of the following is likely to be a breach of a corporate officer’s or director’s duty of care?

• Failing to anticipate a drop in the consumer demand of the company’s product
• Failing to predict the startup of a new competitor
• Failing to predict a raw materials shortage resulting from a natural disaster
• Failing to react appropriately to a severe rise in the prime interest rate

6) The Sarbanes-Oxley Act prohibits publicly traded companies from making personal loans to whom?

• Its certified public accountants
• Its executive officers or directors
• Its majority shareholders
• Its legal counsel

7) According to the provisions set forth by the Sarbanes-Oxley Act, which federal government agency may issue an order prohibiting any person who has committed securities fraud from acting as an officer or a director of a public company?

• United States International Trade Commission
• Securities and Exchange Commission
• Federal Reserve System
• Federal Communications Commission

8) In order to protect wildlife that may be subject to scarcity, which Executive Branch cabinet member designates which species of wildlife may be endangered or threatened?

·         Secretary of Homeland Security

·         Secretary of Health and Human Services

·         Secretary of the Interior

·         Secretary of Commerce

9) In order to prevent and clear hazardous wastes that increase mortality or serious illness, the federal government established a specific method to finance the cleaning of polluted areas by enacting what statute?

• The Superfree Act
• The Comprehensive Environmental Response, Compensation, and Liability Act
• The Insecticide, Fungicide, and Rodenticide Act
• The Toxic Substances and Control Act

10) Under what system of corporate voting by shareholders can a minority shareholder achieve success in electing someone to the board of directors?

• Straight voting
• Absentee voting
• Proxy voting
• Cumulative voting

11) In 1970, Congress established an administrative agency to enforce statutes enacted to protect the air and water of this country. What is the name of this agency?

• Environmental Protection Agency
• National Ambient Air Quality Standards Agency
• Air Quality Control Agency
• Army Corps of Engineers Agency

12) Unless otherwise stated in the articles of incorporation, a quorum to hold a meeting of the shareholders is generally defined as which of the following?

• A committee of directors selected to vote on a corporation action
• The number of shareholder votes necessary to pass an action
• The number of registered shareholders eligible to vote at a given time
• A majority of shareholders required to be present to vote on a corporate action

 

 

13) If a corporate officer in the position of secretary intentionally takes over the powers provided to the treasurer in the corporate documents, what fiduciary duty does that corporate secretary breach?

• Duty of loyalty
• Duty of obedience
• Duty of good faith and fair dealing
• Duty of care

14) The Sarbanes-Oxley Act is intended to increase the confidence of the public and investors through increasing which of the following?

• Director complacency
• Separation of powers
• Corporate veil
• Corporate governance  

15) Which of the following is true of the Federal Trade Commission?

• It is a corporation subsidized by the federal government
• It is a branch of the U.S. Supreme Court
• It is a temporary commission created by executive order that has become permanent
• It is a federal agency created by Congress

 

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Week 6 Quiz

1) By default, a case involving an international dispute is prosecuted only in

• the International Court of Justice
• a court in the plaintiff’s country
• a court in a neutral country
• a court in the defendant’s country

 

2) ________ is a clause in an international contract that designates which nation’s laws will be applied in deciding a dispute arising out of the contract

 

• Forum-selection clause
• Choice of law clause
• Equal Protection Clause
• Supremacy Clause

3) Which of the following is provided under the Foreign Sovereign Immunities Act?

• It exclusively governs suits against foreign nations that are brought in courts in the United States.
• It stipulates the rules for conflict resolution among the DR-CAFTA members.
• It endows the president with powers to enter into treaties with foreign nations.
• It regulates commerce between the United States and foreign nations.

4) Negotiators from which of the following nations signed the North American Free Trade Agreement in 1992?

• The United States and Mexico
• The United States and Canada
• The United States, Mexico, and Panama
• The United States, Mexico, and Canada

5) Which of the following products would be covered by the Consumer Product Safety Act?

• Toys
• Automobiles
• Aircraft
• Firearms

6) Which of the following is required under the Biosafety Protocol sponsored by the United Nations in the year 2000?

• Whenever genetically altered foods are offered for sale, comparable food that is not genetically altered must be made available at a comparable price.
• All genetically altered foods must be clearly labeled as such.
• Genetically altered foods must be shipped in separate containers from foods that are not genetically altered.
• Nations are free to prohibit the import of genetically altered foods without violating free-trade agreements.

 

7) Which of the following is an international organization of 153 member nations created in 1995 to promote and enforce trade agreements among member countries and customs territories?

• World Trade Organization
• North American Free Trade Commission
• General Agreement on Tariffs and Trade
• International Monetary Fund

8) What are the primary sources in the U.S. Constitution of the federal government’s power over international affairs?

• The Treaty Clause and the Police Power Clause
• The Foreign Commerce Clause and the Treaty Clause
• The Treaty Clause and the War Powers Clause
• The Commerce Clause and the Privileges and Immunities Clause

9) Which of the following is a restraint of trade in which a seller refuses to sell one product to a customer unless the customer agrees to purchase a second product from the seller?

• Predatory pricing
• Group boycott
• Tying arrangement
• Price fixing

10) Which of the following is codified under the Foreign Sovereign Immunities Act?

• The act of state doctrine
• The principle of restricted immunity
• The choice of forum clause
• The supremacy clause

11) Three of the largest automobile dealers agreed among themselves as to what price they would pay to manufacturers for windshields to put in new vehicles. Would this constitute illegal price fixing? If so, what kind?

• Yes. This is sellers’ illegal per se price fixing
• Yes. This is both buyers’ and sellers’ illegal per se price fixing
• No. This is not illegal price fixing
• Yes. This is buyers’ illegal per se price fixing

 

 

12) In the United States, how may states regulate interactions with foreign nations?

 

• The states can pass laws so long as they do not unduly burden foreign commerce, but the states have no authority to enter into treaties with foreign nations.
• The states can pass laws affecting foreign commerce and enter into treaties with foreign nations so long as they first obtain the consent of the Senate.
• The states can pass laws and enter into treaties with foreign nations so long as they do not unduly burden foreign commerce.
• The states have no power over foreign affairs because the U.S. Constitution grants that power exclusively to the federal government.