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LAW 531 Final Exam Answers

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1. Which of the following applies to trade restraints that are inherently anticompetitive?

• The rule of reason

• The per se rule

• The rule of four

• The pro rata rule

 

2. Which of the following is prohibited by the Food, Drug, and Cosmetic Act (FDCA) with regard to food?

• The sale of non-organic food products

• The sale of adulterated food

• Labeling of raw seafood products

• Labeling of genetically engineered food products

 

3. The power and authority to exclude competition or control prices is known as __________.

• monopoly power

• implied power

• enumerated power

• reserved power

 

4. A group boycott occurs when:

• competitors agree that they will distribute their goods to only a particular portion of the market.

• competitors at one level of distribution collectively refuse to deal with others at a different level of distribution.

• parties enter into a trade agreement that has greater anticompetitive effects than procompetitive effects.

• parties at different levels of distribution enter into an agreement to adhere to a schedule that will stabilize prices.

 

5. Which of the following is a difference between arbitration and mediation?

• Arbitration is an informal method of dispute resolution, whereas mediation is a formal method of dispute resolution.

• The decision of an arbitrator is nonbinding, whereas the decision of a mediator is binding.

• An arbitrator is authorized to issue an award, whereas a mediator can only assist in reaching a settlement.

• The role of an arbitrator is merely to assist parties in reaching a settlement, whereas the role of a mediator is similar to the role of a trial judge.

 

6. Which of the following is an advantage of franchising?

• It enables two businesses to pool their resources to pursue a common goal.

• It allows a business to consist of only general partners.

• It allows businesses to reach profitable new markets.

• It grants free access to the intellectual property of a business to anyone in the same market.

 

7. Laws that protect governments from being overthrown primarily serve the function of:

• minimizing individual freedom.

• maintaining the status quo.

• advocating social justice

• providing bases for compromise

 

8. A goal of the Sarbanes-Oxley Act of 2002 is to:

• allow directors and executive officers of public companies to be given personal loans from the companies.

• end conflicts of interest, establishing better corporate governance.

• enable smooth settlement of alleged fraud among major corporations.

• control and closely monitor the financial accounts of all corporations in the United States.

 

9. Insider trading is considered illegal because:

• it fails to account for the short-swing profits brought into a company.

• it limits investment opportunities for the investing public.

• it results in excessive losses for the company.

• it makes use of nonmaterial public information.

 

10. Which of the following is a criticism of the ethical fundamentalism theory?

• It does not reach an agreement on what the universal rules should be.

• It does not allow people to decide for themselves what is right and what is wrong.

• It is impossible to measure the “good” that may result from different actions.

• It is impossible in the real world to expect that everyone in society will obey moral rules.

 

11. Ken owns a small convenience store in a street corner in California. One afternoon, a teenage boy enters his store, looks around, and prepares to walk out without buying anything. Ken is wary of the boy because of the boy’s shabby clothing. He stops and asks the boy to empty his pockets and then questions him for about five minutes. After finding that the boy does not have anything from the store on him, Ken reluctantly lets him go. Which of the following is a merchant protection statute that Ken has violated?

• Adverse possession

• Reasonable grounds for suspicion

• Adequate assurance of performance

• Reasonable duration of detention

 

12. Which of the following is a requirement for obtaining a patent for an invention?

• The invention must be original.

• The invention needs to be recognizable to the general public.

• The invention needs to be made of highly valuable components.

• The invention must be in the form of a service.

 

13. When can an arbitrator’s decision and award be appealed to the courts?

• While drafting a submission agreement

• When an arbitration is binding

• While entering a negotiation

• When an arbitration is nonbinding

 

14. The obligation owed by individuals to one another not to cause any unreasonable harm or any risk of harm is called:

• duty of restitution.

• duty of restoration.

• duty of loyalty.

• duty of care

 

15. Robert orders coffee while having breakfast in a diner. He suffers third-degree burn injuries when the coffee accidently spills on him. He presses charges against the diner for failing to notify him that the coffee was exceptionally hot. In this scenario, the diner is guilty of a(n) __________.

• nonintent crime

• unintentional tort

• intent crime

• intentional tort

 

16. When an employer does not discriminate against women in general but treats women above the age of 40 differently, the employer is practicing __________.

• racial discrimination

• religious discrimination

• sex-plus discrimination

• color discrimination

 

17. The manifestation of the substance of a contract by two or more individuals is called __________.

• acceptance

• an offer

• an agreement

• consideration

 

18. When one party acquires a license to use another party’s business model and intellectual property in the distribution of goods and services, the arrangement is a __________.

• franchise

• joint venture

• kickback

• limited liability partnership

 

19. Corporate officers are elected by a corporation’s __________.

• owners

• common stockholders

• board of directors

• preferred stockholders

 

20. An agency that appears to be created by a principal but does not exist in reality is called a(n) __________.

• fully disclosed agency

• apparent agency

• implied agency

• agency by ratification

 

21. Helen buys a toy railway set for her 3-year-old son, Ben. The product’s cover mentions that the toy is suitable for children only aged between 3 and 12. While playing with the toy one evening, without Helen’s supervision, Ben chokes on an inch-long engine driver figure that forms part of the train. Although he survives, he is traumatized by the incident. For which type of defect can Helen sue the toy manufacturer?

• Failure to warn

• Defect in product packaging

• Failure to tamperproof

. Defect in manufacture

 

22. Which of the following is a difference between embezzlement and larceny?

• Embezzlement is an unintentional tort, whereas larceny is a nonintent crime.

• Embezzlement is the stealing of property by a person to whom the property was entrusted, whereas larceny is the stealing of property by a person not entrusted with it.

• Embezzlement is usually punishable by the payment of monetary damages, whereas larceny is usually punishable by the death penalty.

• Embezzlement is the snatching of personal property from a person’s home, whereas larceny is the snatching of personal property from a person on the street.

 

23. Workers’ compensation is defined as the:

• insurance obtained by employees from private insurance companies and government-sponsored programs.

• remuneration awarded to employees and their families when the employees are injured on the job.

• set of programs mandated by the government to ensure safety in places of work.

• system that provides retirement and death benefits to covered employees and their dependents.

 

24. Corporate officers are best described as:

• directors elected by a corporation’s shareholders.

• owners of a corporation with limited liability for its debts and obligations.

• employees appointed to manage the daily operations of a corporation.

• partners pursuing a joint venture transaction

 

25. Which of the following scenarios is an example of law and ethics contradicting each other?

• An iron-ore manufacturing company provides its employees with high-quality safety equipment.

• A florist in the United States employs an illegal immigrant to help the immigrant and her family overcome their financial difficulties.

• A large apparel retailer copies the trademarked garment designs of a well-known fashion designer.

• A restaurateur, whose restaurant is violating labor laws, bribes a federal official to prevent him from reporting the violations.

 

26. Which of the following best describes the term warranty?

• It refers to the terms in a sales contract stipulating the party that will bear the risk of loss of goods during shipment.

• It is a purchaser’s title to goods obtained by the impersonation of another person.

• It is the seller’s assurance to a buyer that the goods sold meet certain standards of quality.

• It refers to the transfer of possession of stolen property to a person who had bought the property without  the knowledge that it has been stolen.

 

27. Which of the following is a category of torts?

• Nonintent crime

• Professional malpractice

• Strict liability

• Personal liability

 

28. Which of the following is a remedy that requires the breaching party to perform the acts promised in a contract?

• Special damages

• Punitive damages

• Binding arbitration

• Specific performance

 

29. Which of the following is a characteristic of torts?

• They are usually not tried by the jury.

• They are punishable by the death penalty.

• They are tried by criminal procedure.

• They are brought to court by a plaintiff.

 

30. Laws that prohibit discrimination based on race, gender, or religion in the workplace primarily serve the function of:

• creating a new status quo.

• minimizing the freedom of employees.

• advocating social justice.

• providing a basis for compromise

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