Subject: Law    / Business Law
Question
Question 1

Only decisions by the United States Supreme Court can have the status ofres judicata
Answer

True

False

2 points
Question 2

Common law is also known as _____________law.
Answer

Judge-made

Statutory

Public

Codified

2 points
Question 3

A state Statute of Limitations which requires that suits for breach of contract be filed within 2 years of the date of breach are examples of ___________laws.

Answer

Substantive

Procedural

Inculpatory

Judge-made

2 points
Question 4

Which of the following statements about the Uniform Commercial Code (UCC) is correct?

Answer

The UCC us a federal statute governing businesses engaged in interstate commerce.

The UCC is used only in Texas, California and Louisiana because it is based on French and Spanish civil law.

The UCC is a provision of Article I, Section 8 of the U.S. Constitution.

The UCC consists of identical statutes enacted by the states to provide businesses with consistent and predictable laws.

The UCC is a provision of Article I, Section 8 of the U.S. Constitution.

The UCC consists of identical statutes enacted by the states to provide businesses with consistent and predictable laws.

2 points
Question 5

The federal government and state governments have separate and distinct powers. This arrangement constitutes a(n)_______________separation of powers.
Answer

Vertical

Horizontal

Transitional

Equitable

2 points
Question 6

Many areas of law important to businesses are governed by the Uniform Commercial Code.

Answer

True

False

2 points
Question 7

Only the United States Supreme Court can issue an interlocutory decree.
Answer

True

False

2 points
Question 8

In deciding which cases the United States Supreme Court will hear, which of the following is true?
Answer

The Court must hear cases referred to it by the Justice Department.

The Court must hear cases referred to it by a state master in chancellery.

The Court must hear cases that challenge the constitutionality of federal laws.

The Court has virtually total discretion to decide which cases it will hear.

2 points
Question 9

In a diversity case, the federal court will use the substantive law of the state in which it is located.
Answer

True

False

2 points
Question 10

It is the function of a grand jury to determine the guilt or innocence of a defendant in a capital case.
Answer

True

False

2 points
Question 11

Scooter was indicted for committing a federal crime. He can be tried only in federal district court.
Answer

True

False

2 points
Question 12

The number of Supreme Court justices that must agree to accept a case is five.
Answer

True

False

2 points
Question 13

Delia, a citizen of Delaware, wants to sue the State of Maryland for negligently maintaining a boat ramp on which she sustained personal injuries. In which of the following courts could Delia file suit against Maryland?
Answer

The Third Circuit Court of Appeals

The Fourth Circuit Court of Appeals

Federal District Court in Maryland

State Court in Delaware.

2 points
Question 14

The requirement that someone have a personal stake or interest in the outcome of a case in order to be a plaintiff is called _________________ to sue.
Answer

Standing

Validation

Grounds

Jurisdiction

2 points
Question 15

Judge Roe rendered a verdict for the defendant before trial. It was a suit for breach of contract, and the judge used the complaint and answer, the contract, and sworn affidavits to determine that there were no facts in dispute to put before a jury. For which of the following did Judge Roe grant a motion?
Answer

Judgment on the pleadings

Summary judgment

Directed verdict

Judgment notwithstanding the verdict

2 points
Question 16

Delores is suing the CEO of a corporation in a civil suit for securities fraud, which she claims he committed in the initial public offering of his company’s stock. What is the burden of proof Delores must meet to prove securities fraud?
Answer

Beyond a reasonable doubt

Beyond a shadow of a doubt

By clear and convincing evidence

By a preponderance of the evidence

2 points
Question 17

Dan Defendant has a $100,000 judgment against him and he wants to appeal the decision. Which of the following statements about the appeals process isfalse?
Answer

Dan is the appellant.

Dan must file a notice of appeal within a prescribed time.

Dan must post a bond to cover the judgment and court costs.

There are no wrong answers: a, b, and c are all true.

2 points
Question 18

Mark is suing Al for alienation of affection, claiming that Al stole his fiancée, Amy. His state no longer recognizes alienation of affection as an issue that can be litigated. Which motion should Al file in response to this suit?
Answer

A default judgment

An answer

A motion to dismiss

A motion for a directed verdict

2 points
Question 19

The party who files a civil suit at law is called the_____________.
Answer

Appellant

Appellee

Petitioner

Plaintiff

2 points
Question 20

Ben is suing Chad in a tort action for property damages and personal injuries he sustained when Chad negligently ran a red light and crashed into him in a busy intersection. Chad wants to file suit against Ben for the injuries he suffered in the crash, claiming that it was Ben, and not he, who was at fault. What is the name of the pleading Chad will file with the court to pursue this claim?
Answer

Answer

Demurrer

Motion for a directed verdict

Counterclaim

2 points
Question 21

In their efforts to craft fair and equitable settlements, arbitrators may use evidence gathered from outside sources over the objections of the parties.
Answer

True

False

2 points
Question 22

The decisions of mediators are legally binding on the parties to a dispute.
Answer

True

False

2 points
Question 23

The National Mediation and Conciliation Service mediates conflicts involving
Answer

Insurance fraud

Medical malpractice

Housing construction standards

Labor disputes

2 points
Question 24

Which of the following statements about arbitration isfalse?
Answer

Business contracts often contain a clause requiring that all disputes arising under the contract be arbitrated.

Parties of disputes under arbitration must suspend all business dealings with each other until the arbitration decisions are rendered.

Some states have statutes requiring that disputes under a certain amount be arbitrated.

Courts are likely to enforce arbitration clauses in contracts.

2 points
Question 25

The decision of an arbitrator is called a decree.
Answer

True

False

2 points
Question 26

Which of the following determines the issues an arbitrator will decide in a given dispute?
Answer

The parties themselves identify in their submission the issues they want decided.

The arbitrators have the power to decide which issues are in need of resolution.

Courts of equity send a true-bill to the arbitrators identifying the issues that are to be arbitrated.

The federal Circuit Court of Appeals for that area must certify issues as candidates for arbitration.

2 points
Question 27

In arbitration, parties to a dispute go to a court of equity for a resolution.
Answer

True

False

2 points
Question 28

The U.S. Senate is composed of _______________representatives from each state.
Answer

One

Two

Four

At least one, but the actual number depends on the population of the state.

2 points
Question 29

The powers of the states are enumerated in Article I, Section 8 of the Constitution.
Answer

True

False

2 points
Question 30

A private employer’s refusal to give an employee overtime pay would meet the requirements for state action in a suit brought by the employee.
Answer

True

False

2 points
Question 31

When both the states and the federal government can regulate an activity they are said to exercise __________________.
Answer

Concurrent powers

Exclusive jurisdiction

Checks and balances

Eminent domain

2 points
Question 32

Judicial oversight is the power of the courts to review and invalidate legislation that violates the Constitution.
Answer

True

False

2 points
Question 33

The First Amendment is interpreted to include political free speech for corporations.
Answer

True

False

2 points
Question 34

The government’s right to seize private property for public use extends only to real property and not to personal property.
Answer

True

False

2 points
Question 35

Unlike American judges, judges in countries that follow a civil-law system actively question witnesses during trials.
Answer

True

False

2 points
Question 36

The Securities and Exchange Commission is responsible for enforcing the provision of the Foreign Corrupt Practices Act that requires that American companies do which of the following?
Answer

Keep accurate records so that illegal payments to foreign officials come to light.

Notify the SEC of antitrust violations by foreign nationals.

Register end-user sales with the State Department.

Sell stock to foreign investors only through the agents of registered brokerages.

2 points
Question 37

Which of the following could occur if Southwest Airline had an information/liaison office in Iceland?
Answer

The company could sell airline tickets on Southwest flights.

The company must have acquired landing rights in Iceland to qualify to keep a liaison office there.

The office would establish Southwest’s presence in Iceland so that it could be sued there.

Southwest would have to observe all Iceland’s employment laws.

2 points
Question 38

Under the Calvo doctrine, foreign companies are entitled to more favorable treatment when industries are nationalized than indigenous companies.
Answer

True

False

2 points
Question 39

International law does not permit host countries to give tax brakes to foreign companies.
Answer

True

False

2 points
Question 40

What is the term for the license to export goods that is restricted in order to prevent the transfer of sensitive materials to unfriendly countries?
Answer

Validated license

General license

End user license

Patriotic license

2 points
Question 41

The federal government can control what goods are imported into the United States but not what goods are exported to foreign countries.
Answer

True

False

2 points
Question 42

The loan from a bank to a start-up enterprise is an example of equity financing.
Answer

True

False

2 points
Question 43

There is an agreement not to compete in Mary’s employment contract that prohibits her from operating her own business, or working for a competing business, within 1,000 miles of the employer. The prohibition is to last for ten years. What is the most likely result if Mary challenges this agreement in court?
Answer

The agreement will be enforced because of freedom of contract.

The agreement will be enforced because Mary is bound by the duty of loyalty.

The agreement will not be enforced because it violates the Fourteenth Amendment.

The agreement will not be enforced because it violates public policy.

2 points
Question 44

An employee may be required to put the interest of the employer above his or her own because of the common law duty of ______________.
Answer

Loyalty

Consideration

Subrogation

Best employment practice

2 points
Question 45

Al, a former key employee at Big Firm, used proprietary and confidential information he had learned while at Big Firm to further his own business. Al may be liable under state law for _______________of trade secrets.
Answer

Misfeasance

Misappropriation

Misprision

Manumission

2 points
Question 46

The provision in an employment contract that prohibits current employees from operating side businesses or working for other employers is a (n) _________________.
Answer

No-moonlighting clause

Agreement not to compete

Confidentiality agreement

Anti-assignment clause

2 points
Question 47

ABC, a start-up enterprise organized as a LLC, took out a $250,000 loan with First Bank. First Bank’s loan is classified as ___________financing for the business.
Answer

Equity

Debt

Contingent

Ancillary

2 points
Question 48

The President does not have the power to fill up any vacancies that may happen during the Recess of the Senate, by granting Commissions which shall expire at the end of their next Session
Answer

True

False

2 points
Question 49

What relation does TD bank, N.A. have to TD Bank Canada.

Answer

Branch

Subsidiary

Joint Venture

Franchise

2 points
Question 50

Nutella was the Defendant in a class action lawsuit claiming that:

Answer

It had mouse droppings in the ingredients.

It flasely claimed that it was low calorie

It was using “deceptive and misleading” marketing practices claiming it was “healthy” and “nutritional”

None of these answers are correct.

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