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LAW 531 Final Exam
 
 
1) Which of the following is a distinguishing feature of a
common law legal system?
A. Requiring guilt be proven beyond a reasonable doubt
B. The sole source of law is a comprehensive civil code
C. An appeal process
D. The making of law by the judges and the following of
precedent
 
2) Which best describes the types of agency authority held by
officers of a corporation?

A. Vicarious authority
B. Express and obvious authority
C. Implied and apparent authority only
D. Express, implied, and apparent authority
 
3) If an LLC fails to follow formalities such as keeping minutes
of meetings, which of the following is true?

A. Only the managers of a manager-managed LLC will lose limited
liability.
B. All members will lose their limited liability.
C. This failure will not result in imposing personal liability on
any member.
D. Only the parties responsible for the failure will lose limited
liability.
 
4) 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?
A. Martha is personally liable for the additional $75,000.
B. Martha’s business creditors can collect only the $50,000 of
business assets.
 
 
C. 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.
D. Once Martha terminates the sole proprietorship, the business
creditors cannot even get the $50,000
 
5) Partners of a general partnership
A. are protected from litigation against the partnership by
statute
B. are liable for the obligations of the partnership only to the
extent of their capital contributions
C. do not have to pay taxes on the profits of the partnership
that are distributed to them
D. are liable for all the obligations of their partnership
 
6) Which of the following forms of alternative dispute
resolution allows both parties to see the strengths and weaknesses
of both sides of the case through the presentation of evidence?
A. Negotiated settlement
B. Minitrial
C. Mediation
D. Conciliation
 
7) A ___________ is a court-appointed party who conducts a
private trial and renders a judgment
A. fact-finder
B. arbitrator
C. judicial referee
 
 
D. negotiator
 
8) What is a form of alternative dispute resolution that is
often used when the parties involved do not want to face one
another?
A. Arbitration
B. Fact-finding
C. Minitrial
D. Conciliation
 
9) Which of the following is true regarding mediation?
A. A mediator often meets with both parties at the same time
B. A settlement agreement is never reached with a mediator.
C. A mediator does not make a decision or award
D. If a settlement agreement is not reached in mediation, then
the parties hire a new mediator
 
10) There are no accountants on the board of the Oriole
Corporation, a privately held corporation. The board routinely
relies on a Certified Public Accountant (CPA) to explain the
financial situation of the corporation. The board does not do an
independent analysis of the CPA’s report. In these circumstances,
the board is
A. violating a duty of loyalty
B. violating a duty to exercise due care
C. violating the business judgment rule
D. not violating any duty
 
 
 
11) Self-dealing by a director of a corporation can best be
described as
A. A breach of a director’s duty of notification
B. A breach of a director’s duty of care
C. A breach of the Business Judgment Rule
D. There was no breach of duty
 
12) Which of the following is likely to be a breach of a
corporate officer’s or director’s duty of care?
A. Failing to anticipate a precipitous drop in consumer demand
of the company’s product
B. Failing to make a reasonable investigation of relevant
facts
C. Failing to predict the unexpected startup of a new
competitor
D. Failing to foresee a sudden rise in the interest rate
 LAW 531 Final Exam
13) In what ways may officers and directors be protected by the
corporation from liability for actions taken as an officer or
director?
A. The officer or director must purchase personal liability
insurance to cover such losses.
B. Have the corporation purchase liability insurance and
indemnify the officers and directors
C. Officers and directors cannot be protected from liability
D. Officers and directors are automatically protected from
liability by virtue of corporate
 
14) If a plaintiff voluntarily participates in a risky activity
that results in injury, what is the most likely defense to a claim
that the plaintiff assumed the risk?
 
 
A. Contributory negligence
B. Defendant was negligent per se
C. Defendant assumed the risk under the “danger invites rescue”
doctrine
D. Comparative negligence
 
15) Mark is the treasurer of Sky-Hi Tech Corporation and, as
such, he is responsible for protecting the assets of the
corporation. One of Mark’s subordinates, Jill, is in charge of
reconciling the monthly corporate bank statements. Over a period of
several months, Jill embezzled a large amount of money from Sky-Hi
Tech, covering up the theft using her bank reconciliations. If Mark
had adequately supervised Jill, she could not have embezzled this
money. Mark’s actions (or inactions) constitute a breach of his
duty of
A. due care
B. obedience
C. loyalty
D. good business judgment
 LAW531 Final Exam
16) Barry buys a new sports car. The car sits low to the ground
and because of the styling, visibility to the rear is limited.
About a month after Barry buys the car, he backs over his pet
poodle as he is leaving for work. In his strict liability suit
against the car manufacturer, Barry will
A. win because driving a sports car is an inherently dangerous
activity
B. win on the basis of design defect
C. win on the basis of packaging defect because the car could
have been packaged in a differently styled body
D. lose because he assumed the risk of backing up in a car when
he could not see to the rear
 
 
 
17) If a judge rules that a party lost its case because of the
Statute of Frauds, the judge has essentially stated which of the
following?
A. The losing party purposely deceived the other party about a
material fact.
B. The losing party will not be allowed to introduce evidence to
contradict a written agreement
C. The losing party cannot enforce an oral contract that should
have been in writing
D. The losing party was found by the court to have lied, and
therefore will lose the case
 LAW 531 FInal Exam LAW531
18) What does the parol evidence rule do?
A. It limits the ability of parties to written contracts from
introducing certain evidence related to the contract.
B. It sets the rules for admissibility of evidence relating to
releasing a criminal from a prison term
C. It sets the general rules for the admissibility of evidence
in criminal actions
D. It determines which contracts are required to be in
writing
 
19) ABC LLC and XYZ Corp. entered into a contract whereby
ABC is to supply XYZ with widgets. After receiving the first
shipment of widgets, XYZ finds that the widgets, while meeting the
physical standards specified in the contract, do not perform as XYZ
anticipated. The contract is silent as to performance
specifications, but XYZ suspects that ABC knew that it was
manufacturing and supplying widgets that would not perform
according to industry standard. XYZ initiates a lawsuit against
ABC, alleging that ABC knowingly supplied defective widgets. What
process will XYZ use to help it develop its case against ABC?
A. Pleadings
B. Motion for summary judgment
C. Discovery
D. Trial
 
 
 
20) Under the Employee Retirement Income Security Act (ERISA),
an employee’s benefits must vest
A. within 10 years
B. by the time of the employee’s retirement
C. in total within 5 years or gradually within 7 years
D. only as provided in the pension plan
 
21) Which of the following statutes provides that it is legal
for employees to organize a union?
A. The Norris-LaGuardia Act
B. The National Labor Relations Act
C. The Labor-Management Relations Act
D. The Worker Adjustment and Retraining Notification Act
 
22) William was a factory worker at the Spruce Industries plant.
When management found out that William is gay, he was fired. The
plant’s action is
A. not prohibited under federal law
B. a violation of Title VII
C. a violation of the Equal Pay Act
D. a violation of the Americans with Disabilities Act
 
23) Janet is manager of a bank. She has all the qualifications
to be promoted to bank manager. In fact, she is better qualified
than any of the men being considered for the position. However,
the
 
 
owner of the bank believes that bank customers will not accept a
woman as bank manager, so the owner promotes one of the males. The
owner’s actions would best be described as what?
A. Quid pro quo
B. Hostile work environment
C. Gender discrimination
D. Pregnancy discrimination
 
24) Which one of the following statutes allows a prevailing
party to recover attorney’s fees in an action against the
government for an action of an agency?
A. The Freedom of Information Act
B. The Government Compensation Act
C. The Administrative Procedure Act
D. The Equal Access to Justice Act
 
25) Which of the following would prevent someone from acquiring
land by adverse possession?
A. The person never had to fight the original owner to remain on
the land
B. The person lived on the land secretly so that the original
owner would not find out he or she was there
C. The person lived on the land without the original owner’s
permission
D. The person was the only person who lived on the land in
question
26) Which of the following would be classified as tangible
personal property, as opposed to other property categories, such as
fixtures or intangible property?

A. A freestanding desk
B. Built-in cabinets in an office
C. A copyright to a literary work
D. A field of corn
 
27) As the CEO of a high tech company, you become aware that
your chief competitor is working on a new computer program that
will revolutionize your industry. You know that if you can find out
several key functions about the new product, your own programmers
will be able to duplicate the function of the program without
actually copying its code. Which of the following actions can you
ethically take?

A. Paying the garbage company to deliver the competitor’s garbage
to you
B. Hiring a former employee of the competitor and paying her a
bonus to tell you the competitor’s secrets
C. Hiring a researcher to review all available information about
the competitor, including patents, types and names of employees
hired, reports by the competitor, including all SEC filings
D. Hacking into the competitor’s computer systems to find out what
you need
 
28) From a practical perspective, what are some of the elements
of Sarbanes-Oxley?
A. Ensuring transparency, accountability and internal
controls
B. Ensuring companies are profitable
C. Ensuring that CEOs do not make more than 10 times the lowest
paid employee
D. Ensuring that large shareholders do not have board
representation
 
29) Under Title IX of the Sarbanes-Oxley Act, the penalty for
someone who certifies “any statements as set forth in subsections
(a) and (b) of this section knowing that the periodic report
accompanying the statement does not comport . . .” is
A. no more than $1,000,000.00 or imprisoned no more than 10
years, or both
B. no more than $500,000.00 or imprisoned no more than 6 months, or
both
C. no more than $2,000,000.00 or imprisoned no more than 3 years,
or both
D. no more than $5,000,000.00 or imprisoned no more than 20 years,
or both
 
30) Which is prohibited under the Sarbanes-Oxley Act?
A. High salaries for corporate executives
 
 
B. Using an independent accounting firm for audit purposes
C. Public companies making personal loans to their directors and
executives
D. Directors and executives attending board meetings on a
regular basis
 

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