LAW531 Final Exams

LAW531 Final Exams1) 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 CPA’s 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 officer or director’s 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
Mark’s 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. Mark’s 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 parole 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 employee’s 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 plant’s 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 LAW/531 not accept a woman as bank manager,
so the owner promotes one of the males. The owner’s actions would best be
described as what?

24) Which one of the following statutes allows a prevailing
party to recover attorney’s 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, LAW/531 final exams 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 “any statements as set forth in subsections (a) and (b)
of this section knowing that the periodic report accompanying the statement
does not comport . . .” is

30) Which is prohibited
under the Sarbanes-Oxley Ac