Question 5

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Which of the following best defines property law?

• A system for excluding certain groups from property ownership
• A method of acquiring, retaining, and transferring property peacefully
• A means of dividing wealth in a society
• A process for assigning property value

Question 8

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Which of the following most clearly represents anillegaltermination of employment?

• A store clerk is fired after violating several provisions of the employee handbook. The clerk has no formal employment contract, but she is only given two weeks' notice.
• A janitor misses work for three days to serve on a jury and is fired by his employer for exceeding his vacation time.
• The owner of a small greeting card company suddenly files for bankruptcy and closes the business, letting go all of his employees.
• A test prep tutor is fired by the company that hired her because its revenue is falling. The employee has performed well since she was hired.

Question 10

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Which of the following is true of agency relationships?

• Legally binding agency relationships may be formed between a principal who is a minor and an agent, if the agent is a fully capable adult.
• Agency relationships require an exchange of consideration to be formed.
• Agency relationships are created between a principal and an employee, who represents the principal to an agent.
• Agency relationshipsare created between a principal and an agent, who represents the principal to a third party.

Question 11

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Which of the following is an important purpose of intellectual property rights?

• To give Congress the power to decide which discoveries are useful
• To encourage inventors to share their discoveries with the public
• To ensure quality and efficiency in the marketplace
• To make new products affordable for consumers