Regulations created and enforced by federal regulatory agencies are examples of

Group of answer choices

Securities laws

Administrative laws

Antitrust laws

Labor laws

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Question 5

Much of the origins of the law dealt with issues related to property ownership.

Group of answer choices

True

False

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Question 6

Law today is crucial to business by creating some degree of reliability to be used in business planning and commercial transactions and promoting good faith dealing among merchants.

Group of answer choices

True

False

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Question 7

Modern Corporation operates a steel mill. It has never contributed anything to the local community and it knowingly polluted both the air and the river that runs by its mill. The corporation's reasoning is that the cost of installing pollution control devices would diminish its profits, and it supports the community because it provides jobs and doesn't think it owes anything else to the citizens in it area. Donating to the community would also diminish its profits. Which theory of corporate social responsibility is Modern Corporation exhibiting?

Group of answer choices

The hybrid view or citizen's hand theory

The moderate view or government's hand theory

The broad view or management's hand theory

The narrow view or invisible hand theory

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Question 8

Tyke's Bikes is a bicycle sales and repair shop in a small city. It sells new and used bikes with a narrow profit margin and does repairs at minimal costs. Frequently, if a child comes into the shop with a broken part or a flat tire, Tyke's makes the repair for free if the child has no money. Tyke's also provides a free one-hour repair class for those who want to learn how to fix their bikes. At large local organized bike rides, Tyke's provides free services, asking only for voluntary donations. Which theory of corporate social responsibility is Tyke's exhibiting?

Group of answer choices

The narrow view, or invisible hand theory.

The moderate view, or government's hand theory.

The broad view, or good corporate citizenship.

The hybrid view, or citizen's hand theory.

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Question 9

The Bill of Rights recognizes fundamental constitutional right of citizens.

Group of answer choices

True

False

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Question 10

Substantive due process requires that a state statute must be published for public inspection and be clear and specific.

Group of answer choices

True

False

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Question 11

Which of the following does not occur in appellate court trials?

Group of answer choices

Oral arguments by each side's attorneys.

Review of lower court transcripts and rulings.

Consideration of briefs prepared by each side's attorneys that outline the law and applicable precedent pertinent to the case.

Presentation of testimony and new evidence.

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Question 12

An Oregon corporation and a New Hampshire corporation have entered into a contract and agreed that any legal disputes will be conducted using New Hampshire law. This agreement is called a

Group of answer choices

venue selection clause.

site selection clause.

state selection clause.

forum selection clause.

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Question 13

The filing of the complaint begins which stage of litigation?

Group of answer choices

discovery

the trial

voir dire

the pleadings

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Question 14

Scoop Masters Inc. has been charged by Fab Flavors Corp. with stealing Fab Flavors' patented process for making ice cream. Fab Flavors' attorney speaks with the company's president and creates a written memorandum of their discussion. During discovery, Fab Flavors must provide the written memorandum to Scoop Masters.

Group of answer choices

True

False

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Question 15

Josiah is a huge fan of Justin Bieber. He pays him $140.00 to purchase his hair clippings from a recent haircut. Which statement is correct according to contract law?

Group of answer choices

Under the theory of freedom to contract, the courts will support the agreement if it is in writing.

Josiah's agreement will be evaluated by the courts to determine if it was wise before courts will enforce it.

Under the theory of freedom to contract, the courts will support the rights of the individual to contract and not interfere.

Under the theory of good faith and fair dealings, the court will support the agreement as long as they determine that Justin Bieber did not take advantage of Josiah.

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Question 16

In the United States, the law presumes that every contract is entered into with

Group of answer choices

Reasonableness

Wisdom

Equal Benefit

Good faith

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Question 17

A promise that can be accepted only by the performance of the person to whom it is offered is an example of a unilateral contract.

Group of answer choices

True

False

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Question 18

A contract that lacks one or more of the basic required elements of a contract or that has not been formed in conformance with the law from the outset of the agreement is considered

Group of answer choices

Voidable

enforceable

Void

valid

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Question 19

Consideration, an element of contractformation, requires that both parties

Group of answer choices

Enter into the agreement in good-faith.

Do not act against public policy.

Exchange something of legal value.

Think about the terms of the contract.

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Question 20

In 1971 Poorwa offered to sell her new Ford Mustang to Tom for $2000.00. Tom asked to think about her offer and get back to Poorwa. 40 years later, Tom realizes Poorwa still has the Mustang that is now worth $121,000.00. He calls up Poorwa and says that he has finally had time to think about it and he now accepts Poorwa's offer from 1971 to buy the Mustang at $2000.00. Which statement below is correct?

Group of answer choices

Since Poorwa allowed Tom to think about it, the offer remained open until Tom notified her of his decision.

Since the facts do not indicate that Poorwa ever formally revoked the offer, it remained open and Tom's acceptance created mutual assent.

The offer terminated after a reasonable amount of time had lapsed.

All offers under the Uniform Commercial Code automatically terminate after 10 years.

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Question 21

Stahlhut Corporation's human resource department sends a letter to Nancy stating the following: "We want you to work for us as a sales representative effective July 15 at an annual salary of $45,000.00. Please sign this document and return it in the self-addressed stamped envelope." Nancy signs the document and drops it in the mail. Nancy is

Group of answer choices

The buyer

The contractor

The offeror

The offeree

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Question 22

The age when someone possesses capacity to contract is 21 years.

Group of answer choices

True

False

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Question 23

Capacity is the ability to make reasoned wise decisions when contracting.

Group of answer choices

True

False

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Question 24

Once a minor reaches majority, if that person continues with the terms of the contract they have __________ the contract.

Group of answer choices

ratified

renegotiated

affirmed

rescinded

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Question 25

Cliff sells a calculator to Lydia. He states he has only used it for his geometry class which was a lie because he never took geometry. He used it in his basic math class. Since Cliff lied to Lydia, most likely would Lydia be successful in asserting the defense of misrepresentation to get out of the contract?

Group of answer choices

No as most likely the court will rule his lie was unintentional.

No, unless the court determines his lie about the class in which he used the calculator was a lie about a material fact.

Yes if Cliff lied about any fact during the negotiation process.

Yes if he intentionally lied.

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Question 26

Parker runs Auto Oil Change. His arch enemy Stella comes into his business to get her oil changed. Parker intentionally lies when he tells Stella that he refilled her oil, when he actually left it empty. As a result, when Stella drives away her engine block freezes up and destroys her engine. Accordingly, which statement below is true about which damages she may recover because of Parker's fraudulent actions?

Group of answer choices

None, since there was no genuine assent no contract exists and therefore she cannot recover any damages.

Only out of pocket costs for the lost oil.

Pain and suffering as the courts want to discourage this unethical conduct and the emotional stress it would cause.

Consequential damages because intentional lies allow an injured party to request them.

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Question 27

When a contract is entered into that is so grossly unfair that it shocks the conscience it is called

Group of answer choices

Deceptive

Fraudulent

Unconscionable

Undue Influence

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Question 28

When parties agree to an accord and satisfaction, the original obligation subject to the accord is immediately discharged.

Group of answer choices

True

False

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Question 29

Substantial performance will be enforced only if the deviation from complete performance is not material to the contract.

Group of answer choices

True

False

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Question 30

Larry has booked a hotel room for a conference at a rate of $100 per day for five days. When he arrives to check in, Larry is told that the hotel was overbooked and it cannot supply him with a room. Larry is forced to go to the only hotel in town with available rooms and pay $150 per night. If Larry sues the original hotel for damages and wins

Group of answer choices

he will be entitled to compensatory damages in the amount of $250.

he will be entitled to liquidated damages in the amount of $250.

he will not be entitled to any damages because the additional costs were not foreseeable.

he will be entitled to consequential damages in the amount of $250.

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Question 31

Pete has been fired from his job and believes that he has been wrongfully terminated. As he decides how to fight the perceived injustice, how can he best mitigate his damages?

Group of answer choices

Actively seek new employment as soon as possible.

Call his former employer to determine the real reason he was fired.

File for unemployment insurance as quickly as possible so that he doesn't sink too far into debt.

File his suit as soon as possible while the evidence is available and witnesses' recollections are fresh.

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Question 32

A sole proprietorship automatically is dissolved when the owner dies

Group of answer choices

True

False

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Question 33

One disadvantage of a sole proprietorship business entity is that it is restricted to a single location and cannot expand.

Group of answer choices

True

False

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Question 34

The duty of a partner to act in the best interests of the partnership is called __________ duty.

Group of answer choices

Ethical

Commercial

Legal

Fiduciary

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Question 35

LLCs are frequently governed by an agreement of the parties called an LLC agreement or

Group of answer choices

Operating agreement

UCC-1 report

Bylaw

Partnership agreement

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Question 36

A corporation exists as an independent person separate from its principals.

Group of answer choices

True

False

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Question 37

The United States Postal System is an example of what type of corporation?

Group of answer choices

Private

Public

Publicly traded

Professional

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Question 38

Which of the following is NOT a right enjoyed by shareholders of a corporation?

Group of answer choices

The right to veto a board decision to pursue venture capital financing.

The right to veto a board decision to issue more capital stock.

The right to elect and remove officers.

The right to approve structural changes in the corporation through the amending of the articles of incorporation.

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Question 39

Carl Critic has just announced his choices of the worst Hollywood actresses of the year, and Stella Starr has been named the worst of the worst. Carl's announcement, made in his weekly column titled "Random Musings by Carl Critic" and published in the local paper, claims that he believes her to have the least amount of talent in the movie industry and that she "can't act her way out of a paper bag." When Stella reads Carl's column, she immediately starts to cry hysterically and then decides to sue him. Does she have a valid case of libel?

Group of answer choices

Yes, but only if his statements cause her to lose money by losing movie roles.

No, this was merely Carl's opinion.

Yes, her crying proves injury.

No, Carl committed slander, not libel.

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Question 40

The FDA is proposing new rules for over-the-counter pain medication. The agency expects to hear from various pharmaceutical groups in favor of the regulation and from several medical associations on the public health consequences of the proposed change. This is an example of what rule-making phase?

Group of answer choices

Public comment.

Study and research.

Revision.

Publication of the rule.

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Question 41

__________ environmental laws are primarily administered, implemented, and enforced by the U.S. Environmental Protection Agency (EPA).

Group of answer choices

Municipal

Federal

State

Local