Question 1

Debtors who want to repay their debts but need protection from creditors can seek the bankruptcy court's approval of a payment plan under which of the following bankruptcy provisions?

Question 1 options:

Chapter 7

Chapter 15

Chapter 13

Chapter 11

Question 2

Common law refers to unwritten laws that are handed down through court decisions.

Question 2 options:

True

False

Question 3

When answering a complaint the defendant can do all of the following except:

Question 3 options:

declare judgment

admit to the allegations set forth in the complaint

deny the allegations set forth in the complaint

list defenses

Question 4

Intellectual property (IP) is a vital part of the U.S. economy. Which of the following are some of the reasons why?

Question 4 options:

The U.S. economy has become more knowledge based with over 40 million Americans working in IP-intensive industries. These individuals earn average salaries of over $50,000 while their counterparts in non-IP industries earn average salaries of less than $40,000.

The U.S. economy has become more knowledge based with over 50 million Americans working in IP-intensive industries. These individuals earn average salaries of over $60,000 while their counterparts in non-IP industries earn average salaries of less than $35,000.

The U.S. economy has become more industrial based with over 50 million Americans working in IP-intensive industries. These individuals earn average salaries of over $50,000 while their counterparts in non-IP industries earn average salaries of less than $40,000.

The U.S. economy has become more industrial based with over 40 million Americans working in IP-intensive industries. These individuals earn average salaries of over $60,000 while their counterparts in non-IP industries earn average salaries of less than $35,000.

Question 5

Debtors do not have to be insolvent to file bankruptcy through Chapter 11.

Question 5 options:

True

False

Question 6

The revenue from a Chapter C corporations is taxed twice.

Question 6 options:

True

False

Question 7

Which of the following is the correct definition for interlocking directorates?

Question 7 options:

Interlocking directorates occur when the same individual makes business decisions for companies that compete against one another.

Interlocking directorates occur when a sector in the market contains a single business with total control, or close to total control, of the sector.

Interlocking directorates occur when a company buys most, and possibly all, of the stock in a target company in an effort to gain control of the target company.

Interlocking directorates occur when a business deal unites two existing companies to form one new company.

Question 8

All of the following are a type of contract except:

Question 8 options:

Unilateral

Implied

Enduring

Express

Question 9

Examples of antitrust activities include all of the following except for:

Question 9 options:

allocation of markets

standardization among trade association members

concerted refusal to deal

price fixing

Question 10

Federal statute that "bans unfair methods of competition and unfair or deceptive acts or practices."

Question 10 options:

False Communications Act of 1990

World Treaty Exchange Act for Fair Trade of 2001

Federal Trade Commission Act

Sarbanes Oxley Act

Question 11

A business or individual may be able to reorganize and continue operations under which of the following bankruptcy provisions?

Question 11 options:

Chapter 12

Chapter 11

Chapter 7

Chapter 13

Question 12

The federal statute which outlaws every contract, combination, or conspiracy in restraint of trade, and any monopolization, attempted monopolization, or conspiracy or combination to monopolize

Question 12 options:

Briggs Noon Monopoly Prohibition Act

Fair Labor Standards Act

Dodd Franks Act

Sherman Antitrust Act

Question 13

Trade secrets are protected by:

Question 13 options:

copyright registration

nondisclosure agreement

filing a patent

arbitration

Question 14

In a Chapter 7 bankruptcy proceeding, debts owed are are settled and paid according to an order of priority. A Debtor who has filed a Chapter 7 proceeding has the following categories of debt. Number the order in which these will paid out of the Debtor's assets, beginning with "1" being the type of debt paid first.

Question 14 options:

Secured loans

Federal and state taxes.

Wages, salaries, or commissions owed (up to $2,000 per creditor)

Costs incurred for bankruptcy case

Business expenses incurred after bankruptcy case filed

1.

1

2.

2

3.

3

4.

4

5.

5

Question 15

The Statute of Frauds does not apply to which of the following?

Question 15 options:

Promise to pay the debt of another.

None of the above.

Contract can be completed in less than a year.

Sale of land

Contract will take more than a year to complete

Question 16

Match each of the following contract principles with its descriptive term:

Question 16 options:

agreement

consideration

mutuality

capacity

1.

of legal age

2.

both parties must agree

3.

bargained-for exchange

4.

concord of understanding and intent

Question 17

In Association for Molecular Pathology v. Myriad Genetics, (2013), the U.S. Supreme Court addressed the legal issue of:

Question 17 options:

whether human genes can be subjected to scientific research

whether human genes are patentable.

whether human genes can be cloned.

whether certain bacteria strains are patentable