Question
1. A share in a corporation represents the following, EXCEPT: A multiple-choice question with one possible answer. (Required) The interest of a shareholder in the
1. A share in a corporation represents the following, EXCEPT:
A multiple-choice question with one possible answer.(Required)
- The interest of a shareholder in the company
- The right to place family members and boy/girl friends in the Board of Directors
- The right to receive dividends
- The right to share in the assets of the corporation on winding up
2. A corporation possible to do all of the following as a separate legal entity, EXCEPT:
A multiple-choice question with one possible answer.(Required)
- Be a candidate for public office as a politician
- Sue in a court and be sued
- Execute contracts
- any kind of legal business
3. The advantages of the corporate structure include all of the following, EXCEPT:
A multiple-choice question with one possible answer.(Required)
- It allows for centralized control and management
- It allows the investors to hire professional managers
- It allows for unlimited expansion of growth by issuing and selling shares
- It allows investors to maliciously pollute the environment and let the corporation take the responsibility
4. Which of the following is NOT a case where a corporation's Shareholders or Directors may be held liable by "piercing the corporate veil"?
A multiple-choice question with one possible answer.(Required)
- They willingly commit a fraud
- They deliberately not pay their workers
- They make a rational business judgment but it results in a loss for the corporation
- They carelessly allow for "egregious" (very bad) environmental challenge
5. The Directors of a corporation may have broad powers, however, which of the following is NOT a right of the Directors?
A multiple-choice question with one possible answer.(Required)
- To alter the capital of the corporation without the consent of the shareholders
- To execute large-scale contracts
- To decide what to do with the corporation's profits
- To bring a lawsuit or arbitration claim
6. All of the following are typical officers of a corporation, EXCEPT:
A multiple-choice question with one possible answer.(Required)
- Treasurer
- CEO or President
- Deadly Animals Expert
- Corporate Secretary
7. The "fiduciary duty" of the corporation's directors and officers include all of the following, EXCEPT:
A multiple-choice question with one possible answer.(Required)
- To indemnify the corporation for all its losses regardless of the cause
- To avoid conflicts of interests with the corporation
- To keep confidential all information acquired about the corporation
- To act in the best interests of the corporation (no hidden selfish motives or self-dealing)
TORTS
8. A "civil law jurisdiction" is one based on statutory laws as opposed to a "common law" jurisdiction which is based on "judge-made" precedents. However, the term "Civil Law" by itself can also mean which of the following?
A multiple-choice question with one possible answer.(Required)
- law used in polite society
- non-military law
- the laws governing matters between private persons - citizens - as opposed to "Criminal Law" which concerns matters between the State and private persons
- laws allowing private persons to sue government officials
9. You can obtain "damages", i.e., monetary compensation for which of the following in a tort cause of action?
A multiple-choice question with one possible answer.(Required)
- pain and suffering
- punitive damages
- loss of consortium
- all of the above
10. All of the following are true about the differences between a tort lawsuit and a contract lawsuit, EXCEPT:
A multiple-choice question with one possible answer.(Required)
- a tort lawsuit and a contract lawsuit may have different statutes of limitations
- damages in a tort lawsuit may be for far beyond actual economic damages (i.e., medical bills, medicine costs, etc.)
- you can sue Government-owned companies for tort but not for breach of contract
- a contract lawsuit compensates you for damages for a breach of a duty in a contract; a tort lawsuit compensates you for a breach of a universal duty that we all have not to harm each other
11. To establish the liability of the Defendant for negligence, you must show all of the following, EXCEPT:
A multiple-choice question with one possible answer.(Required)
- there was a duty of care and the Defendant breached that duty
- the Defendant must have willfully and maliciously wished the harm to occur
- the breach of the duty of care was the proximate cause of the harm to the Plaintiff
- the Plaintiff suffered actual harm that can be compensated monetarily
12. Which of the following could be an example of "false imprisonment"?
A multiple-choice question with one possible answer.(Required)
- 1.locking someone in a toilet
- 2.ordering someone to stand in the corner
- 3.a store detective detaining someone for "shoplifting" without reasonable cause
- 4.all of the above
13. Harming a person's business reputation by spreading falsehoods can be an example of:
A multiple-choice question with one possible answer.(Required)
- mislabeling
- defamation
- promissory estoppel
- trespass to property
14. Violations of certain kinds of legislation or regulations can create "Statutory torts," that is, private persons can sue the violator in a private tort suit. The following are examples of possible "statutory torts," EXCEPT:
A multiple-choice question with one possible answer.(Required)
- regulations governing proper food-handling
- suing OJ Simpson for wrongful death
- environmental regulations
- workplace safety regulations
CONTRACT LAW
15. Contract Law's aim is best described as which of the following?
A multiple-choice question with one possible answer.(Required)
- Contract law seeks to compensate the Plaintiff for the emotional distress caused by the Defendant's breach of Contract
- Contract Law seeks to punish the Defendant for breaching the contract
- Contract Law seeks to restore the Plaintiff and the Defendant to their original positions before the contract was executed
- Contract Law seeks to compensate the Plaintiff for all of his/her losses directly resulting from the breach of contract, this can also include lost profits
16. The "Statute of Frauds" is which of the following?
A multiple-choice question with one possible answer.(Required)
- alaw that prohibits frauds in contractual agreements
- a law that requires certain contracts to always be in writing, for example real estate purchases or sales contracts worth over $500
- a law that sets forth the elements for vitiating contracts
- a local law doctrine that disallows contracts for immoral or anti-societal purposes
17. "Privity of Contract" means which of the following?
A multiple-choice question with one possible answer.(Required)
- generally, contracts can only be enforced by the parties to the contract and not be third persons, however, there may be exceptions such as cases involving defective products (product liability)
- in order to protect confidentiality, contracts must be private in nature and not revealed to the public
- contracts can only be between private persons and never between companies or state agencies
- privity requires that the parties expressly declare their intent to be bound by the contract
18. "Promissory Estoppel" is best described as which of the following?
A multiple-choice question with one possible answer.(Required)
- persons must be "stopped" from making illegal promises
- persons must promise each other not to breach their duty of care in addition to their other contractual duties
- a person may be legally required by a court to keep his/her promise if the promise was clearly made and the person to whom the promise was made (the "promisee") reasonably relied on the promise to his/her detriment
- a doctrine that allows a Plaintiff to sue the Defendant both in tort and contract for failing to keep his/her promise
19. The following are examples of equitable remedies EXCEPT:
A multiple-choice question with one possible answer.(Required)
- punitive damages
- specific performance
- compelling performance
- injunction
20. Which of the following is NOT an element of a valid contract:
A multiple-choice question with one possible answer.(Required)
- consideration
- offer and acceptance
- inebriation
- meeting of the minds
21. Acontract can be shown to be "unconscionable" and thus, unenforceable due to the following EXCEPT:
A multiple-choice question with one possible answer.(Required)
- unequal bargaining power
- duress
- statute of frauds
- undue influence
CONTRACT LAW IN BUSINESS
22. "FIDIC" contracts refer to which of the following?
A multiple-choice question with one possible answer.(Required)
- fiduciary relationships
- confidentiality agreements
- franchise agreements
- construction contracts
23. All of the following are true about franchise agreements, EXCEPT:
A multiple-choice question with one possible answer.(Required)
- 1.the franchisee is the direct employee of the franchisor and not an independent contractor
- 2.the franchisor may contractually require the franchisee to use specific ingredients, decorate the business premises in a certain way and make the employees wear special uniforms
- 3.the franchisor provides the franchisee with technical expertise, marketing and advertising advice and product control
- 4.the franchisor reduces the franchisee's business risk by providing "instant goodwill"
24. All of the following are true about Joint Venture Agreements, EXCEPT:
A multiple-choice question with one possible answer.(Required)
- Joint Ventures can be for a limited purpose or for a long-term purpose
- a Joint Venture Agreement usually contains an equity (percentage of ownership) interest provision
- a Joint Venture can never be formed as a corporation
- a Joint Venture can be international, that is, the Joint Venture companies can be from different countries
25. Which of the following can prove the existence of a verbal business agreement?
A multiple-choice question with one possible answer.(Required)
- witnesses testifying about the parties' conversations
- evidence of the parties' past dealings
- evidence of a party's action that implies the existence of an agreement
- all of the above
26. Which of the following is NOT true about business contract negotiations?
A multiple-choice question with one possible answer.(Required)
- 1.the parties can execute a non-disclosure agreement (NDA) and/or a memorandum of understanding (MOU) that are legally binding whether or not the parties execute the final contract
- 2.the parties may have to perform environmental impact studies or negotiate with banks and insurance companies even though there is no final contract
- 3.everything the parties say to each other during negotiations can be presented in court to prove the parties` intentions for the final contract
- 4.simply agreeing to separate terms during negotiations does not constitute a "mini offer and acceptance"
27. Which of the following is an example of a written business contract:
A multiple-choice question with one possible answer.(Required)
- a covenant not to compete
- signing up for iPhone services
- a franchise agreement
- all of the above
28. Which of the following can constitute appendices to final main business contract:
A multiple-choice question with one possible answer.(Required)
- 1.technical specifications
- 2.deadly animals` characteristics in an animal-handling contract
- 3.drawings, blueprints, dimensions
- 4.all off the above
29. The fee paid under a licensing agreement allowing for the use of intellectual property is called:
A multiple-choice question with one possible answer.(Required)
- royalty
- patent
- dividend
- ADR
30. Aclause in a business contract that allows for a party to be excused for temporary non-performance of its contractual duties due to natural disasters, strikes, accidents, etc. is called:
A multiple-choice question with one possible answer.(Required)
- mediation clause
- Force Majeure clause
- confidentiality clause
- none of the above
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