Quiz Review 6/ Business - Business Law

1

How are the cleanups of hazardous waste sites required by CERCLA funded?

2

Any adversely affected person may challenge the validity of an OSHA in a U.S. Court of Appeals

3

A misrepresentation is material if:

4

It is in society's interest to condemn every firm that acquires a position of power

5

A valid contract is one that meets all of the requirements of a binding contract

6

Friction-Lube Corporation and Grease Inc. are the principal suppliers of their products in their market. They agree that Friction-Lube will sell exclusively to retailers and Grease will sell exclusively to wholesalers. Under antitrust law, this market division is most likely

7

Attempts to extend the application of market share liability theory to products other than drugs have not met with much success

8

_______ properties are generally rural areas used for growing crops or the rearing of animals to provide food or other products. Two common characteristics of agricultural sales are large tracts of land and significant sums of money. Real estate professionals involved in this sale must be able to analyze profitability of current agricultural uses and estimate the potential of properties under consideration.

9

The use of force to drive away a person's customers or employees constitutes the tort of disparagement.

10

One risk of investing in foreign states is the risk that the host nation's government may take the investment property

11

Explain the Title VII requirements on affirmative action, and identify three sources of affirmative action programs

12

Regarding the effect of termination of agency on authority, the general rule of the Third Restatement is that:

13

Chloe buys a motorcycle on eBay from Junior. In payment she gives him a promissory note for $7,000 . He immediately negotiates the note to Terry. After the motorcycle arrives, Chloe discovers that it is not as advertised. One week later, she notifies Junior. She still has to pay Terry because:

14

Congress can create a statute on any topic at all

15

All price discrimination is illegal under the Robinson-Patman Act.

16

When a person picks out a specific necktie and purchases it, the transaction involves identified goods.

17

Judges who believe in judicial ________ are much less likely to overturn an existing precedent

18

Under which of the following conditions can one convert a gift promise into an enforceable promise?

19

Continuing education requirements for reinstating both inactive and expired licenses:

20

The most common reason that ethical problems occur in business is an overemphasis on long-run profit maximization.

21

A conditional privilege eliminates liability for defamation when the statement:

22

In a share exchange, some or all of the shares of one corporation are exchanged for the shares of another, and both corporations cease to exist

23

The First Amendment to the U.S. Constitution explicitly protects citizens from abridgment of the right of free speech by any level of government

24

The of a limited liability company establishes the company's method of management, allocation of profits and losses among members, restrictions on the transfer of membership interests, and the process to be followed in dissolving the company

25

Some regulations target specific industries or businesses

26

Jackie hires Charles to lay new carpet in her bedroom. Charles does such a bad job, that the only way to fix the carpet is to start over and relay the carpet. Which of the following best describes this situation?

27

Which of the following is not a prohibited escrow-related activity?

28

With some exceptions, every portion of every meeting of the Federal Reserve System Board of Governors and other federal administrative agencies must be open to public observation under

29

No offer may be revoked before it is accepted

30

In Japan, female executives are more common than in the U.S., and usually are paid as much as men for equal work

31

A person who fails to file an accident report may have his or her driver's license revoked as a result

32

While testifying on the stand in his breach of contract suit, Constantine admitted that he sold land to Felipe. This is known as a(n) ________.

33

Melanie owes $250 to Jessica. Jessica gifts the right to receive the money from Melanie to her daughter Kelly in writing. This assignment is:

34

What are state "right to work" laws designed to do?

35

A floating lien "floats" with an item of property, such as a specific piece of inventory, as its ownership transfers from seller to buyer.

36

How does the administrative adjudication process normally begin?

37

"________" include all of the groups and/or individuals affected by a decision, policy, or operation of a firm or individual.

38

Energy Resources, Inc, operates an oil refinery near Forest River, which flows into Grove Lake. Discharging oil from the refinery into the river can result in an assessment of A) cleanup costs and damages

39

The party who becomes the first indorser of a note is generally the

40

Motor Vehicles Body Shops contracts to buy from Paint Supply & Equipment Headquarters, Inc, twenty-four spray paint guns at $30 each to be delivered by October 1. Paint Supply knows that Motor Vehicles Body Shops will use the guns to complete a special

41

Which of the following is not a requirement for an implied contract?

42

Explain how DNA testing is useful in some areas

DNA samples could be useful in a number of areas, as a reliable method of identifying people. The military, as an employer, takes DNA samples of all personnel to use in identifying remains. The states and the federal government have passed laws setting up DNA databases to use in solving crimes. All states and the federal government require at least some convicted felons to submit DNA samples to their databases. The federal government has the authority to take DNA samples from some persons merely arrested or detained. The courts have almost uniformly upheld the legality of requiring DNA samples from criminals. Many employers who need to be sure their employees are law abiding, such as those providing security services or dealing with large sums of cash, might want to have prospective employees provide a DNA sample to make sure they are not convicted felons. Just as the military wants to have DNA samples to help in identifying remains, employers of employees involved in hazardous occupations, such as firefighters, pilots, and demolition workers, would have an interest in having DNA samples for identification purposes.

43

Predictions, opinions, and promissory statements ordinarily do not constitute bases of fraud

44

The basic principles of contract law apply to insurance policies.

45

A(n) ______ is an unauthorized breach of the boundaries of another's land

46

What must a plaintiff show in order to establish a violation of Section 20(a) of the Securities Exchange Act?

47

List consequences of the different ways in which two or more persons may own property

48

Don sends an e-mail to Eve, promising her a percentage of the amount in a foreign bank account if she will assist in transferring the funds to a U.S. bank account. Eve forwards her account number, but the funds are never sent. Instead, Don quickly withdraws the funds in Eve’s account. This is

49

The Due Process Clause of the 14th Amendment incorporates the personal freedoms guaranteed by the Bill of Rights and protects them against intrusion by the federal government.

50

In Freeman v. San Diego Assn. of Realtors the court held that for the Multiple Listing Services to set prices together was permissible under a rule of reason because the quality of service increased substantially because of the cooperation

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Quiz Review 6/ Business - Business Law

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