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1) Which of the following is a distinguishing feature of a <strong>com</strong>mon<br />
law legal system?<br />
A. Requiring guilt be proven beyond a reasonable doubt<br />
B. The sole source of law is a <strong>com</strong>prehensive civil code<br />
C. An appeal process<br />
D. The making of law by the judges and the following of precedent<br />
2) Which best describes the types of agency authority held by officers<br />
of a corporation?<br />
A. Vicarious authority<br />
B. Express and obvious authority<br />
C. Implied and apparent authority only<br />
D. Express, implied, and apparent authority<br />
3) If an LLC fails to follow formalities such as keeping minutes of<br />
meetings, which of the following is true?<br />
A. Only the managers of a manager-managed LLC will lose limited<br />
liability.
B. All members will lose their limited liability.<br />
C. This failure will not result in imposing personal liability on any<br />
member.<br />
D. Only the parties responsible for the failure will lose limited<br />
liability.<br />
4) Martha started a flower shop as a sole proprietor. After 1 year, she<br />
was forced to close the shop because business was so bad. At that<br />
time, the business assets totaled $50,000, but the business liabilities<br />
totaled $125,000. Which of the following statements is true?<br />
A. Martha is personally liable for the additional $75,000.<br />
B. Martha’s business creditors can collect only the $50,000 of<br />
business assets.<br />
C. Martha’s business creditors can collect only the $50,000 now, but<br />
if Martha ever goes into business again, they can get the assets of the<br />
new business.<br />
D. Once Martha terminates the sole proprietorship, the business<br />
creditors cannot even get the $50,000<br />
5) Partners of a general partnership<br />
A. are protected from litigation against the partnership by statute<br />
B. are liable for the obligations of the partnership only to the extent of<br />
their capital contributions<br />
C. do not have to pay taxes on the profits of the partnership that are<br />
distributed to them<br />
D. are liable for all the obligations of their partnership<br />
6) Which of the following forms of alternative dispute resolution<br />
allows both parties to see the strengths and weaknesses of both sides<br />
of the case through the presentation of evidence?<br />
A. Negotiated settlement<br />
B. Minitrial<br />
C. Mediation
D. Conciliation<br />
7) A ___________ is a court-appointed party who conducts a private<br />
trial and renders a judgment<br />
A. fact-finder<br />
B. arbitrator<br />
C. judicial referee<br />
D. negotiator<br />
8) What is a form of alternative dispute resolution that is often used<br />
when the parties involved do not want to face one another?<br />
A. Arbitration<br />
B. Fact-finding<br />
C. Minitrial<br />
D. Conciliation<br />
9) Which of the following is true regarding mediation?<br />
A. A mediator often meets with both parties at the same time<br />
B. A settlement agreement is never reached with a mediator.<br />
C. A mediator does not make a decision or award<br />
D. If a settlement agreement is not reached in mediation, then the<br />
parties hire a new mediator<br />
10) There are no accountants on the board of the Oriole Corporation,<br />
a privately held corporation. The board routinely relies on a Certified<br />
Public Accountant (CPA) to explain the financial situation of the<br />
corporation. The board does not do an independent analysis of the<br />
CPA’s report. In these circumstances, the board is<br />
A. violating a duty of loyalty<br />
B. violating a duty to exercise due care<br />
C. violating the business judgment rule<br />
D. not violating any duty
11) Self-dealing by a director of a corporation can best be described<br />
as<br />
A. A breach of a director's duty of notification<br />
B. A breach of a director’s duty of care<br />
C. A breach of the Business Judgment Rule<br />
D. There was no breach of duty<br />
12) Which of the following is likely to be a breach of a corporate<br />
officer’s or director’s duty of care?<br />
A. Failing to anticipate a precipitous drop in consumer demand of the<br />
<strong>com</strong>pany’s product<br />
B. Failing to make a reasonable investigation of relevant facts<br />
C. Failing to predict the unexpected startup of a new <strong>com</strong>petitor<br />
D. Failing to foresee a sudden rise in the interest rate<br />
13) In what ways may officers and directors be protected by the<br />
corporation from liability for actions taken as an officer or director?<br />
A. The officer or director must purchase personal liability insurance<br />
to cover such losses.<br />
B. Have the corporation purchase liability insurance and indemnify<br />
the officers and directors<br />
C. Officers and directors cannot be protected from liability<br />
D. Officers and directors are automatically protected from liability by<br />
virtue of corporate<br />
14) If a plaintiff voluntarily participates in a risky activity that results<br />
in injury, what is the most likely defense to a claim that the plaintiff<br />
assumed the risk?<br />
A. Contributory negligence<br />
B. Defendant was negligent per se<br />
C. Defendant assumed the risk under the “danger invites rescue”<br />
doctrine<br />
D. Comparative negligence
15) Mark is the treasurer of Sky-Hi Tech Corporation and, as such, he<br />
is responsible for protecting the assets of the corporation. One of<br />
Mark’s subordinates, Jill, is in charge of reconciling the monthly<br />
corporate bank statements. Over a period of several months, Jill<br />
embezzled a large amount of money from Sky-Hi Tech, covering up<br />
the theft using her bank reconciliations. If Mark had adequately<br />
supervised Jill, she could not have embezzled this money. Mark’s<br />
actions (or inactions) constitute a breach of his duty of<br />
A. due care<br />
B. obedience<br />
C. loyalty<br />
D. good business judgment<br />
16) Barry buys a new sports car. The car sits low to the ground and<br />
because of the styling, visibility to the rear is limited. About a month<br />
after Barry buys the car, he backs over his pet poodle as he is leaving<br />
for work. In his strict liability suit against the car manufacturer, Barry<br />
will<br />
A. win because driving a sports car is an inherently dangerous activity<br />
B. win on the basis of design defect<br />
C. win on the basis of packaging defect because the car could have<br />
been packaged in a differently styled body<br />
D. lose because he assumed the risk of backing up in a car when he<br />
could not see to the rear<br />
17) If a judge rules that a party lost its case because of the Statute of<br />
Frauds, the judge has essentially stated which of the following?<br />
A. The losing party purposely deceived the other party about a<br />
material fact.<br />
B. The losing party will not be allowed to introduce evidence to<br />
contradict a written agreement<br />
C. The losing party cannot enforce an oral contract that should have
een in writing<br />
D. The losing party was found by the court to have lied, and therefore<br />
will lose the case<br />
18) What does the parol evidence rule do?<br />
A. It limits the ability of parties to written contracts from introducing<br />
certain evidence related to the contract.<br />
B. It sets the rules for admissibility of evidence relating to releasing a<br />
criminal from a prison term<br />
C. It sets the general rules for the admissibility of evidence in criminal<br />
actions<br />
D. It determines which contracts are required to be in writing<br />
19) ABC LLC and XYZ Corp. entered into a contract whereby ABC<br />
is to supply XYZ with widgets. After receiving the first shipment of<br />
widgets, XYZ finds that the widgets, while meeting the physical<br />
standards specified in the contract, do not perform as XYZ anticipated.<br />
The contract is silent as to performance specifications, but XYZ<br />
suspects that ABC knew that it was manufacturing and supplying<br />
widgets that would not perform according to industry standard. XYZ<br />
initiates a lawsuit against ABC, alleging that ABC knowingly<br />
supplied defective widgets. What process will XYZ use to help it<br />
develop its case against ABC?<br />
A. Pleadings<br />
B. Motion for summary judgment<br />
C. Discovery<br />
D. Trial<br />
20) Under the Employee Retirement In<strong>com</strong>e Security Act (ERISA),<br />
an employee’s benefits must vest<br />
A. within 10 years<br />
B. by the time of the employee’s retirement<br />
C. in total within 5 years or gradually within 7 years
D. only as provided in the pension plan<br />
21) Which of the following statutes provides that it is legal for<br />
employees to organize a union?<br />
A. The Norris-LaGuardia Act<br />
B. The National Labor Relations Act<br />
C. The Labor-Management Relations Act<br />
D. The Worker Adjustment and Retraining Notification Act<br />
22) William was a factory worker at the Spruce Industries plant.<br />
When management found out that William is gay, he was fired. The<br />
plant’s action is<br />
A. not prohibited under federal law<br />
B. a violation of Title VII<br />
C. a violation of the Equal Pay Act<br />
D. a violation of the Americans with Disabilities Act<br />
23) Janet is manager of a bank. She has all the qualifications to be<br />
promoted to bank manager. In fact, she is better qualified than any of<br />
the men being considered for the position. However, the owner of the<br />
bank believes that bank customers will not accept a woman as bank<br />
manager, so the owner promotes one of the males. The owner’s<br />
actions would best be described as what?<br />
A. Quid pro quo<br />
B. Hostile work environment<br />
C. Gender discrimination<br />
D. Pregnancy discrimination<br />
24) Which one of the following statutes allows a prevailing party to<br />
recover attorney’s fees in an action against the government for an<br />
action of an agency?<br />
A. The Freedom of Information Act<br />
B. The Government Compensation Act
C. The Administrative Procedure Act<br />
D. The Equal Access to Justice Act<br />
25) Which of the following would prevent someone from acquiring<br />
land by adverse possession?<br />
A. The person never had to fight the original owner to remain on the<br />
land<br />
B. The person lived on the land secretly so that the original owner<br />
would not find out he or she was there<br />
C. The person lived on the land without the original owner’s<br />
permission<br />
D. The person was the only person who lived on the land in question<br />
26) Which of the following would be classified as tangible personal<br />
property, as opposed to other property categories, such as fixtures or<br />
intangible property?<br />
A. A freestanding desk<br />
B. Built-in cabinets in an office<br />
C. A copyright to a literary work<br />
D. A field of corn<br />
27) As the CEO of a high tech <strong>com</strong>pany, you be<strong>com</strong>e aware that your<br />
chief <strong>com</strong>petitor is working on a new <strong>com</strong>puter program that will<br />
revolutionize your industry. You know that if you can find out several<br />
key functions about the new product, your own programmers will be<br />
able to duplicate the function of the program without actually copying<br />
its code. Which of the following actions can you ethically take?<br />
A. Paying the garbage <strong>com</strong>pany to deliver the <strong>com</strong>petitor’s garbage to<br />
you<br />
B. Hiring a former employee of the <strong>com</strong>petitor and paying her a<br />
bonus to tell you the <strong>com</strong>petitor’s secrets<br />
C. Hiring a researcher to review all available information about the
<strong>com</strong>petitor, including patents, types and names of employees hired,<br />
reports by the <strong>com</strong>petitor, including all SEC filings<br />
D. Hacking into the <strong>com</strong>petitor's <strong>com</strong>puter systems to find out what<br />
you need<br />
28) From a practical perspective, what are some of the elements of<br />
Sarbanes-Oxley?<br />
A. Ensuring transparency, accountability and internal controls<br />
B. Ensuring <strong>com</strong>panies are profitable<br />
C. Ensuring that CEOs do not make more than 10 times the lowest<br />
paid employee<br />
D. Ensuring that large shareholders do not have board representation<br />
29) Under Title IX of the Sarbanes-Oxley Act, the penalty for<br />
someone who certifies “any statements as set forth in subsections (a)<br />
and (b) of this section knowing that the periodic report ac<strong>com</strong>panying<br />
the statement does not <strong>com</strong>port . . .” is<br />
A. no more than $1,000,000.00 or imprisoned no more than 10 years,<br />
or both<br />
B. no more than $500,000.00 or imprisoned no more than 6 months,<br />
or both<br />
C. no more than $2,000,000.00 or imprisoned no more than 3 years,<br />
or both<br />
D. no more than $5,000,000.00 or imprisoned no more than 20 years,<br />
or both<br />
30) Which is prohibited under the Sarbanes-Oxley Act?<br />
A. High salaries for corporate executives<br />
B. Using an independent accounting firm for audit purposes<br />
C. Public <strong>com</strong>panies making personal loans to their directors and<br />
executives<br />
D. Directors and executives attending board meetings on a regular<br />
basis