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LAW/531 Final Exam -ANSWER KEY

LAW/531 Final Exam -ANSWER KEY
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LAW/531 Final Exam

1) Which of the following is a distinguishing feature of a common law legal system?
    
2) Which best describes the types of agency authority held by officers of a corporation?
    
3) If an LLC fails to follow formalities such as keeping minutes of meetings, which of the following is true?
    
4) Martha started a flower shop as a sole proprietor. After 1 year, she was forced to close the shop because business was so bad. At that time, the business assets totaled $50,000, but the business liabilities totaled $125,000. Which of the following statements is true?
    
5) Partners of a general partnership
    
6) Which of the following forms of alternative dispute resolution allows both parties to see the strengths and weaknesses of both sides of the case through the presentation of evidence?
    
7) A ___________ is a court-appointed party who conducts a private trial and renders a judgment.
    
8) What is a form of alternative dispute resolution that is often used when the parties involved do not want to face one another?
    
9) Which of the following is true regarding mediation?
    
10) There are no accountants on the board of the Oriole Corporation, a privately held corporation. The board routinely relies on a Certified Public Accountant (CPA) to explain the financial situation of the corporation. The board does not do an independent analysis of the CPAТs report. In these circumstances, the board is
    
11) Self-dealing by a director of a corporation can best be described as
    
12) Which of the following is likely to be a breach of a corporate officerТs or directorТs duty of care?
    
13) In what ways may officers and directors be protected by the corporation from liability for actions taken as an officer or director?
    
14) If a plaintiff voluntarily participates in a risky activity that results in injury, what is the most likely defense to a claim that the plaintiff assumed the risk?
    
15) Mark is the treasurer of Sky-Hi Tech Corporation and, as such, he is responsible for protecting the assets of the corporation. One of MarkТs subordinates, Jill, is in charge of reconciling the monthly corporate bank statements. Over a period of several months, Jill embezzled a large amount of money from Sky-Hi Tech, covering up the theft using her bank reconciliations. If Mark had adequately supervised Jill, she could not have embezzled this money. MarkТs actions (or inactions) constitute a breach of his duty of
    
16) Barry buys a new sports car. The car sits low to the ground and because of the styling, visibility to the rear is limited. About a month after Barry buys the car, he backs over his pet poodle as he is leaving for work. In his strict liability suit against the car manufacturer, Barry will
    
17) If a judge rules that a party lost its case because of the Statute of Frauds, the judge has essentially stated which of the following?
    
18) What does the parol evidence rule do?
    
19) ABC LLC and XYZ Corp. entered into a contract whereby ABC is to supply XYZ with widgets. After receiving the first shipment of widgets, XYZ finds that the widgets, while meeting the physical standards specified in the contract, do not perform as XYZ anticipated. The contract is silent as to performance specifications, but XYZ suspects that ABC knew that it was manufacturing and supplying widgets that would not perform according to industry standard. XYZ initiates a lawsuit against ABC, alleging that ABC knowingly supplied defective widgets. What process will XYZ use to help it develop its case against ABC?
    
20) Under the Employee Retirement Income Security Act (ERISA), an employeeТs benefits must vest
    
21) Which of the following statutes provides that it is legal for employees to organize a union?
    
22) William was a factory worker at the Spruce Industries plant. When management found out that William is gay, he was fired. The plantТs action is

23) Janet is manager of a bank. She has all the qualifications to be promoted to bank manager. In fact, she is better qualified than any of the men being considered for the position. However, the owner of the bank believes that bank customers will not accept a woman as bank manager, so the owner promotes one of the males. The ownerТs actions would best be described as what?
    
24) Which one of the following statutes allows a prevailing party to recover attorneyТs fees in an action against the government for an action of an agency?
    
25) Which of the following would prevent someone from acquiring land by adverse possession?
    
26) Which of the following would be classified as tangible personal property, as opposed to other property categories, such as fixtures or intangible property?
    
27) As the CEO of a high tech company, you become aware that your chief competitor is working on a new computer program that will revolutionize your industry. You know that if you can find out several key functions about the new product, your own programmers will be able to duplicate the function of the program without actually copying its code. Which of the following actions can you ethically take?
    
28) From a practical perspective, what are some of the elements of Sarbanes-Oxley?
    
29) Under Title IX of the Sarbanes-Oxley Act, the penalty for someone who certifies Уany statements as set forth in subsections (a) and (b) of this section knowing that the periodic report accompanying the statement does not comport . . .Ф is
    
30) Which is prohibited under the Sarbanes-Oxley Act?

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