Question 1 (1 point)

Under the second wave of the partial shield statute, a partner of a limited liability partnership (LLP) would be unlimitedly liable for:

Question 1 options:

	wrongful acts by employees.
	wrongful acts of agents.
	breaches of ordinary contract obligation.
	malpractice and misconduct of employees.
	negligent acts.

Question 2 (1 point)

Which of the following is true of a publicly held corporation?

Question 2 options:

	It is a governmental organization.
	The stock in a publicly held corporation is widely held.
	It is a corporation not organized for profit.
	The shareholders in a publicly held corporation are fewer in number.
	It is often called a municipal corporation.

Question 3 (1 point)

Under the Employee Retirement Income Security Act, employees are entitled to vested interests in retirement benefits within _____ of beginning employment.

Question 3 options:

	four years
	six months
	twelve months
	two years
	five years

Question 4 (1 point)

Fun Toon Inc., a large chocolate manufacturing company, sells its shares directly to the public at $50 per share. Ron purchases 100 shares of the company. When the price of the shares goes up to $60, Ron decides to sell 50 shares. He approaches a broker who sells these shares to John at $60. This resale of the shares by the broker represents a sale in the _____ market.

Question 4 options:

	primary
	reverse takeover
	stock market launch
	initial public offering
	secondary

Question 5 (1 point)

According to the warranty theory, the general problem is _____.

Question 5 options:

	The claimant must prove that there was a sale.
	The sale was of real estate or services rather than other goods.
	The action must be brought within the 10-year statute of limitations under Article 2-725.
	The action must be brought within the four-year statute of limitations under Article 2-725, when the plaintiff discovers the defect.
	Under UCC, Section 2-607 (3)(a) and Section 2A-516(3)(a), which covers leases, the claimant who fails to give notice of breach about a purchase of spoiled milk, within a reasonable time of having accepted the goods will see the suit dismissed.

Question 6 (1 point)

Tort law deals with _____.

Question 6 options:

	the rights and duties of those who can legally own land
	how ownership can be legally confirmed and protected
	cases that involve some kind of harm between plaintiff and defendant when no contract exists
	cases that involve dispute over illegally owned property
	what kinds of promises courts should enforce

Question 7 (1 point)

One of the real benefits of limited liability companies (LLCs) that is unavailable in corporations is:

Question 7 options:

	free transferability of interest.
	that all members enjoy limited liability.
	the presence of a centralized management.
	that no annual meetings are required.
	that it has a limited period of existence.

Question 8 (1 point)

The historical school of law _____.

Question 8 options:

	emphasized the longstanding domination of men over both women and the rest of the world
	believed that precedent would be more important than moral arguments
	stressed the need for certain laws and doctrines to be altered in order to remain current
	influenced the emergence of critical legal studies
	stated that the social context of law was more important

Question 9 (1 point)

In the case of a partnership, _____ refers to finishing the business at hand, settling accounts, and terminating the firm.

Question 9 options:

	winding up
	dilution
	dissolution
	renunciation
	dissociation

Question 10 (1 point)

When Congress uses its power under the commerce clause, it can expressly state that it wishes to have _____.

Question 10 options:

	exclusive regulatory authority
	absolute police power
	interstate commerce
	judicial review
	a dormant commerce clause

Question 11 (1 point)

Which of the following is true of an S corporation?

Question 11 options:

	Any person from anywhere in the World can become a shareholder of the S corporation.
	It cannot have more than one hundred shareholders.
	It can be incorporated anywhere in the World.
	It is capitalized as a general partnership firm.
	The corporation has two classes of stock: common stock and preferred stock.

Question 12 (1 point)

Which of the following says that infringing products, processes, or machines need not be identical?

Question 12 options:

	Act-of-state doctrine
	Doctrine of equivalents
	Doctrine of indivisibility
	Erie doctrine
	Exclusionary rule

Question 13 (1 point)

Carl and Christine decided to open a small food joint together by investing capital and sharing the profits. However, Christine chose not to participate in the day to day activities of the food joint and Carl was singularly liable to any losses that their food joint made. It can be said that a _____ was formed by Carl and Christine.

Question 13 options:

	sole proprietorship
	closed shop
	hot cargo agreement
	general partnership
	limited partnership

Question 14 (1 point)

The original source of limited partnership law is the _____ that was drafted in 1916.

Question 14 options:

	National Conference of Commissioners on Uniform Laws
	Revised Uniform Limited Partnership Act
	Companies Act
	Limited Liability Partnership Act
	Uniform Limited Partnership Act (ULPA)

Question 15 (1 point)

The _____ Act established a series of controls on internal union procedures, including the method of electing union officers and the financial controls necessary to avoid the problems of corruption.

Question 15 options:

	Norris-LaGuardia
	Wagner
	Landrum-Griffin
	Clayton
	Sherman

Question 16 (1 point)

_____ is the theory that a new partner can only be admitted to a firm with the unanimous consent of all.

Question 16 options:

	employment-at-will
	tenants in partnership
	corporation by estoppel
	delectus personae
	family purpose

Question 17 (1 point)

Gloria purchased 200 shares of New You Inc., a cosmetic company, after Dora-a director of New You Inc.-informed her about the company's new undertaking that might boost the share value in the market. Here, Gloria would be considered as a(n) _____.

Question 17 options:

	tippee
	promisor
	assignor
	promisee
	franchisor

Question 18 (1 point)

Hannah owned 12 percent of the shares of Floating Walls Inc., a furniture manufacturing company, and had significant influence on the members of the board. She was informed about all the important decisions of the company and was also called for various board meetings. On obtaining information-from one of the senior board members-about the fall in the prices of the company's share, Hannah immediately sold 5 percent of her shares in the market. It can be said that Hannah indulged in _____.

Question 18 options:

	insider trading
	a false-swing
	proxy solicitation
	a primary market transaction
	a capital market transaction

Question 19 (1 point)

The legal right given to authors to prevent others from duplicating the expression embodied in a protected work is known as a:

Question 19 options:

	service mark.
	certification mark.
	copyright.
	trademark.
	patent.

Question 20 (1 point)

Which of the following acts makes the theft or misappropriation of a trade secret a federal crime?

Question 20 options:

	Intellectual Property Enforcement Act
	Sarbanes-Oxley Act
	Helms-Burton Act
	Economic Espionage Act
	Uniform Trade Secrets Act